DIB – Trust Funds

Per NH Statute 198:20-c, and RSA 35:1-c, any town, school district, county, or village district may establish a reserve fund for the maintenance and operation of a specific public facility or type of facility, a specific item or type of equipment, or for any other distinctly-stated, specific public purpose that is not foreign to its institution or incompatible with the objects of its organization.

Such funds shall be subject to all provisions and limitations of this chapter as are applicable to capital reserve funds. The ConVal School District may at any annual or special meeting appropriate such sums of money as it deems necessary to create expendable trust funds for specific purposes for the maintenance and operation of schools and for any other public purpose that is not foreign to the school district’s institution or incompatible with the objects of their organization.

The School Board may be named agents to expend such trust funds. Expenditure from such trust funds shall be made only for the purpose for which the trust fund was established.

To that end, expenditures from the District’s various trust funds may not be used solely to reduce the District assessment as a result of the proposed budget for a given year.

Legal Reference:

NH Statute 198:20-c, Trust Funds Created for Specific Purposes; Expenditures;
Administration
RSA35:1-c, Establishment of Reserves Authorized

Category: O

1st Read: February 3, 2015
2nd Read: March 3, 2015
Adopted: March 3, 2015