HB1147

Allows capital reserve funds to be used for multiple payments under a financing agreement, including lease/purchase agreements.

The bill amends RSA 35:15, III(a) to allow capital reserve funds of counties, towns, districts, and water departments to be used for multiple payments under a financing agreement, including lease/purchase agreements. It specifies that if the financing agreement is a lease/purchase agreement, it must not contain an "escape clause" or "non-appropriation clause" and must be ratified by the legislative body by a vote of two-thirds of all voters present and voting at an annual or special meeting. This act will take effect 60 days after its passage.