TOWNS, CITIES, VILLAGE DISTRICTS, AND UNINCORPORATED PLACES
SPECIAL ASSESSMENT DISTRICTS
52-A:11 Assessment Funds.
I. The funds received from the collection of special assessments shall be kept as a separate fund to be known as the special assessment fund. The fund shall be allowed to accumulate from year to year, shall not be commingled with municipal tax revenues, and shall not be deemed part of the municipality's general fund accumulated surplus. The fund shall be expended only for the purposes of this chapter.
II. Except when a capital reserve fund is established pursuant to paragraph III, all special assessment funds shall be held in the custody of the municipal treasurer. Estimates of anticipated assessments and anticipated expenditures from the assessment funds shall be submitted to the governing body under RSA 32:6 if applicable, and shall be included as part of the municipal budget submitted to the legislative body for approval. The treasurer shall pay out amounts from the assessment funds only upon order of the governing body. Expenditures shall be within amounts appropriated by the legislative body.
III. All or part of any surplus in the special assessment fund may be placed in one or more capital reserve funds under RSA 35 and placed in the custody of the trustees of trust funds. If such a reserve fund is created, the governing body may expend such funds pursuant to RSA 35:15 without prior approval or appropriation by the local legislative body.
Source. 2015, 240:2, eff. Sept. 11, 2015.