New Hampshire HB 292: relative to including brokers fees in the calculation of the insurance premium tax.

Bill Text

HB 292 - AS AMENDED BY THE SENATE

26Mar2025... 1030h

01/07/2026 3101s

2025 SESSION

 25-0652

 02/06

HOUSE BILL 292

AN ACT establishing a revolving loan fund for school districts.

SPONSORS: Rep. Ladd, Graf. 5

Committee: Education Policy and Administration

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AMENDED ANALYSIS

 This bill establishes a revolving loan fund for school districts.

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 Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

26Mar2025... 1030h

01/07/2026 3101s 25-0652

 02/06

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Twenty Five

AN ACT establishing a revolving loan fund for school districts.

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

 1 New Subparagraph; The State and Its Government; State Treasurer; Application of Receipts. Amend RSA 6:12, I(b) by inserting after subparagraph (410) the following new subparagraph: 

 (411) Moneys deposited in the school district adequacy revolving loan fund established in RSA 194:63. 

 2 New Subdivision; School District; Funding. Amend RSA 194 by inserting after section 61 the following new subdivision: 

School District; Funding

 194:62 Declaration of Intent. The intent of this subdivision is to provide a targeted, temporary fiscal stabilization mechanism through the establishment of a school district adequacy revolving loan fund administered by the state treasury to assist the district with cash flow in anticipation of adequacy payments owed to them by the state pursuant to RSA 198:40-a and paid under the schedule set forth in RSA 198:42. 

 194:63 School District Adequacy Revolving Loan Fund. There is hereby established in the department of treasury a fund to be known as the school district adequacy revolving loan fund, which shall be kept separate and distinct from all other funds. Moneys in the fund shall be nonlapsing and shall be continually appropriated to the treasury, and shall be used to provide loans to school districts. 

 194:64 Outstanding Loan Amount. At no time shall the total outstanding amount of loans made under this subdivision exceed 75 percent of total adequacy funding to be distributed to school districts, pursuant to RSA 198:41, in any given year. 

 194:65 Certification of Disclosure. Notwithstanding any other provision of law to the contrary, the school district adequacy revolving loan fund shall be considered an allowable use of the education trust fund pursuant to RSA 198:39. Moneys may be appropriated from the education trust fund to the school district adequacy revolving loan fund, with such funds then being loaned to school districts. Prior to the school district drawing upon the adequacy revolving loan fund, the governing body of the school district shall authorize such use of the fund by an affirmative vote of a majority of its members present and voting. Additionally, prior to drawing any funds from the revolving loan fund, the school board and superintendent shall file with the department of education a certification disclosing any activity in the preceding 2 fiscal years relative to reimbursement anticipation notes issued pursuant to RSA 198:20-d. The governor is authorized to draw a warrant from the education trust fund to be placed in the school district adequacy revolving loan fund within a fiscal year not to exceed the sum of the following: 

 I. Seventy-five percent of total adequacy funding to be distributed to the applying school district pursuant to RSA 198:41 within the fiscal year of the warrant; and

 II. Seventy-five percent of the district's total adequacy funding estimated by the department of education to be distributed on September 1 of the following fiscal year pursuant to RSA 198:41, IV and RSA 198:42, I.

 194:66 Loan Terms and Interest. Loans issued from the school district adequacy revolving loan fund shall bear interest at a rate established by the state treasurer, which shall be based on the state’s current cost of borrowing. A quorum of a school district's governing body, the commissioner of the department of education, and the state treasurer shall all agree to the terms of the loan which shall include terms requiring the school district to report monthly deficit, status, cashflows, audits and status of any outstanding audits to the treasury, the department of revenue and the department of education, and timely submit all required reports consistent with RSA 198:4-d to the department of education. When an adequacy payment is due to be distributed pursuant to RSA 198:42: 

 I. The portion of the adequacy payment equivalent to the outstanding principal and interest balance of