New Hampshire Revised Statutes 52-A:11 – Assessment Funds
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I. The funds received from the collection of special assessments shall be kept as a separate fund to be known as the special assessment fund. The fund shall be allowed to accumulate from year to year, shall not be commingled with municipal tax revenues, and shall not be deemed part of the municipality’s general fund accumulated surplus. The fund shall be expended only for the purposes of this chapter.
II. Except when a capital reserve fund is established pursuant to paragraph III, all special assessment funds shall be held in the custody of the municipal treasurer. Estimates of anticipated assessments and anticipated expenditures from the assessment funds shall be submitted to the governing body under N.H. Rev. Stat. § 32:6 if applicable, and shall be included as part of the municipal budget submitted to the legislative body for approval. The treasurer shall pay out amounts from the assessment funds only upon order of the governing body. Expenditures shall be within amounts appropriated by the legislative body.
III. All or part of any surplus in the special assessment fund may be placed in one or more capital reserve funds under N.H. Rev. Stat. Chapter 35 and placed in the custody of the trustees of trust funds. If such a reserve fund is created, the governing body may expend such funds pursuant to N.H. Rev. Stat. § 35:15 without prior approval or appropriation by the local legislative body.
II. Except when a capital reserve fund is established pursuant to paragraph III, all special assessment funds shall be held in the custody of the municipal treasurer. Estimates of anticipated assessments and anticipated expenditures from the assessment funds shall be submitted to the governing body under N.H. Rev. Stat. § 32:6 if applicable, and shall be included as part of the municipal budget submitted to the legislative body for approval. The treasurer shall pay out amounts from the assessment funds only upon order of the governing body. Expenditures shall be within amounts appropriated by the legislative body.
Terms Used In New Hampshire Revised Statutes 52-A:11
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- governing body: shall mean the board of selectmen in a town, the board of aldermen or council in a city or town with a town council, the school board in a school district or the village district commissioners in a village district, or when used to refer to unincorporated towns or unorganized places, or both, the county commissioners. See New Hampshire Revised Statutes 21:48
- legislative body: shall mean a town meeting, school district meeting, village district meeting, city or town council, mayor and council, mayor and board of aldermen, or, when used to refer to unincorporated towns or unorganized places, or both, the county convention. See New Hampshire Revised Statutes 21:47
III. All or part of any surplus in the special assessment fund may be placed in one or more capital reserve funds under N.H. Rev. Stat. Chapter 35 and placed in the custody of the trustees of trust funds. If such a reserve fund is created, the governing body may expend such funds pursuant to N.H. Rev. Stat. § 35:15 without prior approval or appropriation by the local legislative body.