Bill > HB292

This bill establishes a revolving loan fund, called the "school district adequacy revolving loan fund," administered by the state treasury to provide temporary financial assistance to school districts facing cash flow issues, particularly in anticipation of state adequacy payments. The fund can be replenished by moneys from the education trust fund, and loans will bear interest based on the state's borrowing costs, with repayment automatically deducted from future adequacy payments. School districts must meet specific conditions to receive loans, including governing body authorization, disclosure of financial activities, and adherence to loan terms, with failure to comply potentially leading to withholding of future funds or default. The bill also clarifies priority guidelines for education freedom accounts (EFAs), listing students residing in districts participating in this revolving loan fund as a priority group, and amends rules regarding unprofessional conduct for educators to include gross financial mismanagement. Notably, the provisions establishing the revolving loan fund are set to be repealed on July 1, 2030, and no school district can apply for these loans for more than three consecutive academic years or after June 30, 2030.

Education

https://gc.nh.gov/bill_Status/billinfo.aspx?id=659&inflect=2