CHAPTER 97
SB 172-FN-LOCAL – FINAL VERSION
2013 SESSION
06/03
SENATE BILL 172-FN-LOCAL
AN ACT relative to public funds.
SPONSORS: Sen. Forrester, Dist 2; Sen. Boutin, Dist 16; Sen. Reagan, Dist 17; Sen. Carson, Dist 14; Sen. Cataldo, Dist 6; Sen. Gilmour, Dist 12; Sen. Larsen, Dist 15; Sen. Lasky, Dist 13; Sen. Morse, Dist 22; Sen. Odell, Dist 8; Sen. Rausch, Dist 19; Sen. Soucy, Dist 18; Sen. Watters, Dist 4; Rep. Ladd, Graf 4; Rep. Suzanne Smith, Graf 8; Rep. Vadney, Belk 2
COMMITTEE: Public and Municipal Affairs
This bill modifies the investment options of the state treasurer and the treasurers of the political subdivisions of the state.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
13-0870
06/03
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Thirteen
AN ACT relative to public funds.
Be it Enacted by the Senate and House of Representatives in General Court convened:
97:1 State Treasurer; Investment of Funds. Amend RSA 6:8, II to read as follows:
II. The treasurer may also invest public funds in [certificates of deposit] interest-bearing deposits which meet all of the following conditions:
(a) The funds are initially invested through a federally insured bank chartered under the laws of New Hampshire or the federal government with a branch within the state, selected by the treasurer.
(b) The selected bank arranges for the [deposit] redeposit of [the] funds which exceed the federal deposit insurance limitation of the selected bank in [certificates of deposit] deposits in one or more federally insured financial institutions located in the United States, for the account of the treasurer.
(c) The full amount of principal and any accrued interest of each such [certificate of] deposit is covered by federal deposit insurance.
(d) The selected bank acts as custodian with respect to each such [certificates of] deposit [issued] for the account of the treasurer.
(e) [At the same time] On the same date that the funds are [deposited and the certificates of deposit are issued] redeposited by the selected bank, the selected bank receives an amount of deposits from customers of other federally insured financial institutions equal to or greater than the amount of the funds initially invested through the selected bank by the treasurer.
97:2 Duties of County Treasurer. Amend RSA 29:1, V to read as follows:
V. As an alternative to the option of collateralization for excess funds provided in paragraph IV, the county treasurer may also invest public funds in [certificates of deposit] interest-bearing deposits which meet all of the following conditions:
(a) The funds are initially invested through a federally insured bank chartered under the laws of New Hampshire or the federal government with a branch within the state, selected by the treasurer.
(b) The selected bank arranges for the [deposit] redeposit of [the] funds which exceed the federal deposit insurance limitation of the selected bank in [certificates of deposit] deposits in one or more federally insured financial institutions located in the United States, for the account of the treasurer.
(c) The full amount of principal and any accrued interest of each such [certificate of] deposit is covered by federal deposit insurance.
(d) The selected bank acts as custodian with respect to each such [certificates of] deposit [issued] for the account of the treasurer.
(e) [At the same time] On the same date that the funds are [deposited and the certificates of deposit are issued] redeposited by the selected bank, the selected bank receives an amount of deposits from customers of other federally insured financial institutions equal to or greater than the amount of the funds initially invested through the selected bank by the treasurer.
97:3 Duties of Elected and Appointed Town Treasurers. Amend RSA 41:29, V(b) to read as follows:
(b) As an alternative to the option of collateralization for excess funds provided in subparagraph (a), the town treasurer may also invest public funds in [certificates of deposit] interest-bearing deposits which meet all of the following conditions:
(1) The funds are initially invested through a federally insured bank chartered under the laws of New Hampshire or the federal government with a branch within the state, selected by the treasurer.
(2) The selected bank arranges for the [deposit] redeposit of [the] funds which exceed the federal deposit insurance limitation of the selected bank in [certificates of deposit] deposits in one or more federally insured financial institutions located in the United States, for the account of the treasurer.
(3) The full amount of principal and any accrued interest of each such [certificate of] deposit is covered by federal deposit insurance.
(4) The selected bank acts as custodian with respect to each such [certificates of] deposit [issued] for the account of the treasurer.
(5) [At the same time] On the same date that the funds are [deposited and the certificates of deposit are issued] redeposited by the selected bank, the selected bank receives an amount of deposits from customers of other federally insured financial institutions equal to or greater than the amount of the funds initially invested through the selected bank by the treasurer.
97:4 Duties of City Treasurer. Amend RSA 48:16, VI to read as follows:
VI. As an alternative to the option of collateralization for excess funds provided in paragraph V, the treasurer may also invest public funds in [certificates of deposit] interest-bearing deposits which meet all of the following conditions:
(a) The funds are initially invested through a federally insured bank chartered under the laws of New Hampshire or the federal government with a branch within the state, selected by the treasurer.
(b) The selected bank arranges for the [deposit] redeposit of [the] funds which exceed the federal deposit insurance limitation of the selected bank in [certificates of deposit] deposits in one or more federally insured financial institutions located in the United States, for the account of the treasurer.
(c) The full amount of principal and any accrued interest of each such [certificate of] deposit is covered by federal deposit insurance.
(d) The selected bank acts as custodian with respect to each such [certificates of] deposit [issued] for the account of the treasurer.
(e) [At the same time] On the same date that the funds are [deposited and the certificates of deposit are issued] redeposited by the selected bank, the selected bank receives an amount of deposits from customers of other federally insured financial institutions equal to or greater than the amount of the funds initially invested through the selected bank by the treasurer.
97:5 School District Officers; Duties of Treasurer. Amend RSA 197:23-a, V to read as follows:
V. As an alternative to the option of collateralization for excess funds provided in paragraph IV, the treasurer may also invest public funds in [certificates of deposit] interest-bearing deposits which meet all of the following conditions:
(a) The funds are initially invested through a federally insured bank chartered under the laws of New Hampshire or the federal government with a branch within the state selected by the treasurer.
(b) The selected bank arranges for the [deposit] redeposit of [the] funds which exceed the federal deposit insurance limitation of the selected bank in [certificates of deposit] deposits in one or more federally insured financial institutions located in the United States, for the account of the treasurer.
(c) The full amount of principal and any accrued interest of each such [certificate of] deposit is covered by federal deposit insurance.
(d) The selected bank acts as custodian with respect to each such [certificates of] deposit [issued] for the account of the treasurer.
(e) [At the same time] On the same date that the funds are [deposited and the certificates of deposit are issued] redeposited by the selected bank, the selected bank receives an amount of deposits from customers of other federally insured financial institutions equal to or greater than the amount of the funds initially invested through the selected bank by the treasurer.
97:6 Effective Date. This act shall take effect 60 days after its passage.
Approved: June 20, 2013
Effective Date: August 19, 2013