Bill Text: NH HB369 | 2013 | Regular Session | Introduced
Bill Title: Relative to investment of excess funds by the county treasurer.
Spectrum: Bipartisan Bill
Status: (Failed) 2013-02-20 - Inexpedient to Legislate: Motion Adopted Voice Vote; House Journal 21, PG.467 [HB369 Detail]
Download: New_Hampshire-2013-HB369-Introduced.html
HB 369 – AS INTRODUCED
2013 SESSION
10/01
HOUSE BILL 369
AN ACT relative to investment of excess funds by the county treasurer.
SPONSORS: Rep. Shattuck, Hills 1; Rep. Vaillancourt, Hills 15
COMMITTEE: Municipal and County Government
This bill clarifies the investment duties of the county treasurer and repeals a duplicate authority.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
13-0722
10/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Thirteen
AN ACT relative to investment of excess funds by the county treasurer.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 County Treasurer; Duties. Amend RSA 29:1, IV to read as follows:
IV. Whenever the county treasurer has in custody an excess of funds which are not immediately needed for the purpose of expenditure, the treasurer [shall] may, with the approval of the commissioners and the county executive committee and upon such terms as shall be approved by the county commissioners, invest the same in obligations of the United States government, in participation units in the public deposit investment pool established pursuant to RSA 383:22, or in [deposits, including market mutual accounts] units of pooled money market accounts which invest solely in obligations of the United States Treasury, or certificates of deposit, or repurchase agreements, and all other types of interest bearing accounts, of federally insured banks chartered under the laws of the state of New Hampshire or the federal government with a branch within the state. The obligations may be held directly or in the form of securities of or other interests in any open-end or closed-end management-type investment company or investment trust registered under 15 U.S.C. section 80a-1 et seq., if the portfolio of the investment company or investment trust is limited to such obligations and repurchase agreements fully collateralized by such obligations. Any person who directly or indirectly receives any such funds or moneys for deposit or for investment in securities of any kind shall, prior to acceptance of such funds, make available at the time of such deposit or investment, an option to have such funds secured by collateral having a value at least equal to the amount of such funds. Such collateral shall be segregated for the exclusive benefit of the county. Only securities defined by the bank commissioner in rules adopted pursuant to RSA 386:57 shall be eligible to be pledged as collateral. At least yearly, the county treasurer, with the approval of the county commissioners, shall review and adopt an investment policy for the investment of public funds in conformance with the provisions of applicable statutes.
2 Repeal. RSA 29:3, relative to excess funds, is repealed.
3 Effective Date. This act shall take effect 60 days after its passage.
