Bill > HB1495

This bill amends existing New Hampshire law to allow school districts and cities with dependent school districts to borrow funds through reimbursement anticipation notes (RANs), which are short-term loans based on expected future reimbursements. The bill permits these districts to recognize the borrowed funds as revenue for property tax rate setting purposes, but requires that the governing body provide written notification to the Department of Revenue Administration about the specific borrowing amount. Importantly, the bill stipulates that the note proceeds can only be used for the same purpose as the anticipated funds, which helps ensure fiscal responsibility. The borrowing is exempt from standard debt limit restrictions, providing school districts with more financial flexibility. The legislation requires the governing body to hold a public hearing before undertaking such borrowing, adding a layer of transparency to the process. The bill will take effect immediately upon passage, allowing school districts to potentially use this financial tool right away to manage their budgets and cash flow.

Education

https://gc.nh.gov/bill_Status/billinfo.aspx?id=1613&inflect=2