New Hampshire § 29:3 Excess Funds

New Hampshire Statutes

§ 29:3 — Excess Funds

New Hampshire·Title II COUNTIES·Ch. 29 COUNTY TREASURERS AND COUNTY TAXES

Whenever the county treasurer has in custody an excess of funds which are not immediately needed for the purpose of expenditure the county treasurer may, with the approval of the county commissioners and county executive committee and upon such terms as shall be approved by the county commissioners, invest the same in participation units in the public deposit investment pool established pursuant to RSA 6:45, or in units of pooled money market mutual funds which invest solely in obligations of the United States Treasury, or in obligations fully guaranteed as to principal and interest by the United States government. 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 regi

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Whenever the county treasurer has in custody an excess of funds which are not immediately needed for the purpose of expenditure the county treasurer may, with the approval of the county commissioners and county executive committee and upon such terms as shall be approved by the county commissioners, invest the same in participation units in the public deposit investment pool established pursuant to RSA 6:45, or in units of pooled money market mutual funds which invest solely in obligations of the United States Treasury, or in obligations fully guaranteed as to principal and interest by the United States government. 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 383-B:3-301(e) 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.

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Legislative History

1915, 153:2. PL 39:3. RL 48:3. RSA 29:3. 1959, 197:1. 1991, 268:5, eff. Aug. 9, 1991; 383:2, eff. Aug. 31, 1991. 1996, 209:3, eff. Aug. 9, 1996. 2007, 347:1, eff. Sept. 14, 2007. 2011, 71:1, eff. July 15, 2011. 2015, 272:38, eff. Oct. 1, 2015. 2023, 36:2, eff. July 16, 2023.