New Hampshire Revised Statutes 33:8-f – Procedures to Limit or Rescind Bonding Authority for Bonds or Notes
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I. In any vote to approve bonding authority, a town may limit the length of time the bond authorization remains valid. If, after the expiration of any such period, no bond or note has been issued, the bonding authority shall be considered for all purposes as rescinded.
II. A town may vote at an annual meeting to rescind an authorized but unissued bond or note following the same procedures as would be required to adopt such bond or note, provided that:
(a) A vote to rescind shall not take place less than 5 years after the vote to authorize the bond or note;
(b) The vote to rescind must pass by the same majority required, at the time of the rescission vote, to adopt a bond or note; and
(c) Notwithstanding N.H. Rev. Stat. § 33:8-a, II, a warrant article proposing the rescission of a bond or note in excess of $100,000 need not be acted upon prior to other business.
II. A town may vote at an annual meeting to rescind an authorized but unissued bond or note following the same procedures as would be required to adopt such bond or note, provided that:
Terms Used In New Hampshire Revised Statutes 33:8-f
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
(a) A vote to rescind shall not take place less than 5 years after the vote to authorize the bond or note;
(b) The vote to rescind must pass by the same majority required, at the time of the rescission vote, to adopt a bond or note; and
(c) Notwithstanding N.H. Rev. Stat. § 33:8-a, II, a warrant article proposing the rescission of a bond or note in excess of $100,000 need not be acted upon prior to other business.