RSA 33 Municipal Finance Act
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Change 1
33:3-a Use of Bond Proceeds.
I. The proceeds of any sale of bonds or notes shall be used only for the purposes for which the loan was incurred except as otherwise authorized by this section; provided, however, that any premium received shall not be used to increase the amount to be spent for the purpose for which the loan was originally incurred. The purposes for which the loan was incurred may include the payment of principal of and interest on any temporary indebtedness incurred under RSA 33:7-a and interest on any temporary indebtedness incurred under RSA 33:7-b. II. If after notes or bonds have been issued and no expenditure of the proceeds has been made for the purpose or purposes for which the debt was incurred, or if a balance remains after the completion of the project or projects for which the debt was authorized, a city by a vote of 2/3 of the city council or a town, school district, or village district by a vote of 2/3 of the voters present and voting at an annual meeting, a county by a 2/3 vote of all the members of the county convention, a political subdivision which has adopted official ballot voting procedures pursuant to RSA 40:13 by a vote of 3/5 of those voting, and a municipality that has adopted an official ballot town council under RSA 49-D:3, I-a by a vote of 2/3 unless the municipal charter provides for a vote of 3/5, may authorize the expenditure of the sum or sums on hand, including any premiums received, for any purpose or purposes for which bonds or serial notes may be issued for an equal or longer period of time at any time which said sum or any portion thereof remains available; provided, however, that if the sum obtained by issuance of bonds or notes, as aforesaid, or any balance thereof, including any premium, is not appropriated as aforesaid, then the same shall be used to pay the principal of the loan as it matures. Only "yes" or "no" votes shall be included in the calculation of any majority. III. Notwithstanding the provisions hereof, no appropriation for a loan or balance thereof shall be made which will increase the amount available from borrowed money for any purpose to an amount in excess of any limit imposed by general law or special act for such purpose. Source. 1963, 151:1. 1981, 300:4, eff. June 16, 1981. 2006, 12:1, eff. Mar. 13, 2006.
33:3-a Use of Bond Proceeds.
I. The proceeds of any sale of bonds or notes shall be used only for the purposes for which the loan was incurred except as otherwise authorized by this section; provided, however, that any premium received shall not be used to increase the amount to be spent for the purpose for which the loan was originally incurred. The purposes for which the loan was incurred may include the payment of principal of and interest on any temporary indebtedness incurred under RSA 33:7-a and interest on any temporary indebtedness incurred under RSA 33:7-b. II. If after notes or bonds have been issued and no expenditure of the proceeds has been made for the purpose or purposes for which the debt was incurred, or if a balance remains after the completion of the project or projects for which the debt was authorized, a city by a vote of 2/3 of the city council or a town, school district, or village district by a vote of 2/3 of the voters present and voting at an annual meeting, a county by a 2/3 vote of all the members of the county convention, a political subdivision which has adopted official ballot voting procedures pursuant to RSA 40:13 by a vote of 3/5 of those voting, and a municipality that has adopted an official ballot town council under RSA 49-D:3, I-a by a vote of 2/3 unless the municipal charter provides for a vote of 3/5, may authorize the expenditure of the sum or sums on hand, including any premiums received, for any purpose or purposes for which bonds or serial notes may be issued for an equal or longer period of time at any time which said sum or any portion thereof remains available; provided, however, that if the sum obtained by issuance of bonds or notes, as aforesaid, or any balance thereof, including any premium, is not appropriated as aforesaid, then the same shall be used to pay the principal of the loan as it matures. Only "yes" or "no" votes shall be included in the calculation of any majority. III. Notwithstanding the provisions hereof, no appropriation for a loan or balance thereof shall be made which will increase the amount available from borrowed money for any purpose to an amount in excess of any limit imposed by general law or special act for such purpose. Source. 1963, 151:1. 1981, 300:4, eff. June 16, 1981. 2006, 12:1, eff. Mar. 13, 2006.
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