2004 SESSION

04-3053

04/10

SENATE BILL 352-FN-LOCAL

COMMITTEE: Education

ANALYSIS

This bill excludes amounts transferred to capital reserve from the formula for computing school building aid grant amounts.

This bill is a request of the department of education.

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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

04-3053

04/10

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Four

Be it Enacted by the Senate and House of Representatives in General Court convened:

124:1 School Building Aid; Amount of Annual Grant. Amend RSA 198:15-b, II to read as follows:

II. For the purposes of computing grants hereunder, the amount of the annual payment of principal shall be increased by an amount equal to the amount of capital reserve or the amount raised by taxation which was actually expended for the project at any time, divided by the number of years for which bonds or notes were issued to provide funds for such school building or school administrative unit facilities; provided, however that funds [transferred to capital reserve] received from trusts, bequests [and], gifts or [money received from] insurance policies shall not be eligible for computing grants hereunder. When bonds and notes are issued for a period of less than 5 years, the amount of aid for which the district is eligible shall be paid in no fewer than 5 equal installments.

124:2 Effective Date. This act shall take effect 60 days after its passage.

(Approved: May 19, 2004)

(Effective Date: July 18, 2004)