Section 53-B:8-a Capital Reserve Fund. - New Hampshire Statutes

   I. A district may establish a capital reserve fund for the orderly replacement and closure of any existing facility, including associated buildings and equipment, which has been approved under RSA 53-B:7, VI. The district committee shall invest all monies in said fund in the same manner as capital reserve funds of towns are invested pursuant to the requirements of RSA 35:9. The members of said committee shall serve as the trustees of the capital reserve fund. The trustees of the fund shall post bond in such amount and in such form as the New Hampshire commissioner of revenue administration shall prescribe.
   II. The proposed annual contributions to the capital reserve fund shall be set forth in the budget of the district, and the trustees shall annually within 3 months of the close of the fiscal year of the district file an account with the selectmen of the towns and the city council of the cities comprising the district setting forth the amounts held by the trustees, the manner in which they are invested, and the purposes for which they are held. The trustees may, from time to time, vote to expend any funds held by them for the replacement or closure of any existing facility, including associated buildings and equipment, required by the district without further vote of the municipalities comprising the district.

Source. 1977, 302:1. 1994, 367:11, eff. Aug. 8, 1994.