TITLE III TOWNS, CITIES, VILLAGE DISTRICTS, AND UNINCORPORATED PLACES
CHAPTER 33 MUNICIPAL FINANCE ACT
Section 33:8-f
33:8-f Procedures to Limit or Rescind Bonding Authority for Bonds or Notes. –
I. In any vote to approve bonding authority, a town may limit the length of time the bond authorization remains valid. If, after the expiration of any such period, no bond or note has been issued, the bonding authority shall be considered for all purposes as rescinded.
II. A town may vote at an annual meeting to rescind an authorized but unissued bond or note following the same procedures as would be required to adopt such bond or note, provided that:
(a) A vote to rescind shall not take place less than 5 years after the vote to authorize the bond or note;
(b) The vote to rescind must pass by the same majority required, at the time of the rescission vote, to adopt a bond or note; and
(c) Notwithstanding RSA 33:8-a, II, a warrant article proposing the rescission of a bond or note in excess of $100,000 need not be acted upon prior to other business.