HB 1446-FN - AS INTRODUCED
2000 SESSION
HOUSE BILL 1446-FN
AN ACT establishing a citizens' investment trust account.
SPONSORS: Rep. Marple, Merr 11
This bill establishes a citizens' investment trust account, into which state government surpluses shall be deposited, to provide an annuity pension fund for the taxpayers of this state. The fund shall be managed by a board of volunteers consisting of actuaries, certified public accountants, and certified financial planners.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
00-2041
09/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand
AN ACT establishing a citizens' investment trust account.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Chapter; Citizens' Investment Trust Account. Amend RSA by inserting after chapter 6-C the following new chapter:
CHAPTER 6-D
CITIZENS' INVESTMENT TRUST ACCOUNT
6-D:1 Citizens' Investment Trust Account Established. There is established a citizens' investment trust account which shall serve as an annuity pension fund for the taxpayers of this state. The citizens' investment trust account shall be developed based on the model citizens' investment trust account authorized by Walter J. Burien, Jr. of Prescott, Arizona for the city of Prescott, Arizona. The initial balance of the trust account shall be obtained from surpluses held by the state government in any of its funds or accounts. These surpluses shall be identified by the board of trustees chosen pursuant to RSA 6-D:2.
6-D:2 Board of Trustees. The citizens' investment trust account board of trustees shall consist of 10 volunteers who shall be actuaries, certified public accountants, or certified financial planners. No legislator or executive department official or employee shall serve on the board of trustees. Each trustee shall serve for a 2-year term. Trustees shall be appointed by the speaker of the house and the senate president, who shall solicit the volunteer trustees by placing an invitation on the Internet. The initial board of trustees shall be appointed within 60 days of the effective date of this chapter.
6-D:3 Management of Fund.
I. The board of trustees shall identify profit funds and surplus investment funds operated by the government. After the identification of these funds, they shall not be available for the state budget, but shall be placed in the citizens' initiative trust fund for reappropriation to the citizens of this state.
II. The board of trustees shall be responsible for the establishment, management and investment of the fund.
6-D:4 Report. The board of trustees shall prepare and publish an annual report on the citizens' investment trust fund on or before March 1 of each year. The report shall be submitted to the governor, the state treasurer, the speaker of the house, and the senate president and shall be made available to the public.
2 Effective Date. This act shall take effect 60 days after its passage.
LBAO
00-2041
12/10/99
HB 1446-FN - FISCAL NOTE
AN ACT establishing a citizens' investment trust account.
FISCAL IMPACT:
The Legislative Budget Assistant indicates this bill will have an indeterminable fiscal impact on state expenditures in FY 2000 and each year thereafter. There is no fiscal impact on state, county, and local revenue or county and local expenditures.
METHODOLOGY:
The fiscal impact of this bill could not be determined because the definition of surplus to fund the trust fund established in this bill is left to the discretion of the Board of Trustees. It is not possible to determine at this time what the Board's definition of surplus funds will be and therefor, the amount of the surplus to apply to the trust fund.