Chapter 6: State Treasurer and State Accounts

I. The state treasurer shall be chosen biennially in the manner directed in the constitution and in accordance with RSA 14:2-b and shall hold office until a successor is elected and assumes the duties of the office.

II. The term of office for the new state treasurer shall begin on the first Wednesday following the first Tuesday in January. The new state treasurer shall assume the duties of office upon taking the oath of office.

III. It shall be the duty of the outgoing state treasurer to make available to the new treasurer all official documents and vital information necessary for a full and complete understanding of the operation of the office of state treasurer.

The annual salary of the state treasurer shall be that prescribed by RSA 94:1-4.

Before entering upon the duties of the office, the state treasurer shall give bond in the sum of $200,000, with sufficient sureties, to be approved by the governor and council, conditioned for the faithful discharge of the duties of the office of state treasurer. Upon the failure of the legislature to elect a state treasurer on the first Wednesday of December of the biennium, the state treasurer previously elected shall give a new bond in the sum of $200,000 with sureties, to be approved by the governor and council, which bond shall be conditioned upon the satisfactory discharge of the duties of said office until a successor is elected.

The treasurer may adopt rules under RSA 541-A and after a public hearing pursuant to:

I. Payments to the treasurer.

II. Deposits and investments.

III. Disbursements.

IV. Custodial duties.

V. Administration of RSA 471-C.

VI. Notifications required under RSA 6-B:3.

VII. Access to confidential records.

The state treasurer shall provide, at the expense of the state, suitable books, records, electronic files, and other such documents, in which shall be entered detailed and correct records of all sums of money received into and paid from the treasury and of all other official acts pursuant to RSA 5:33.

The state treasurer may procure registered mail, certified mail or other shipping insurance to protect the state against losses, due to fire or other casualty, of negotiable securities shipped or mailed from and by the treasurer's office.

Subject to the state personnel regulations, and within the limits of available appropriations and funds, the state treasurer may employ such clerical assistance as may be necessary.

The state treasurer may destroy documents, cancelled checks, papers, and electronic records filed in the office of the treasurer pursuant to RSA 5:33.

The treasurer may deposit any portion of public moneys, in the treasurer's possession, in federally insured banks authorized to accept deposits under RSA 6:8, I and I-a. At the discretion of the treasurer, balances may be collateralized if those balances are deemed to be significant in relation to the equity position of the federally insured bank. Other conditions being equal, those federally insured banks shall receive preference which allow interest on balances. As used in this section the term "public moneys" shall include the general funds of the state and any funds of which the state treasurer acts as custodian or agent.

The state treasurer may pay for the cost of bank services, securities transactions fees, and investment management fees from income generated by the treasury department. If the income generated is insufficient to pay for the cost of bank services, security transaction fees, and investment management fees, payment may be made from funds not otherwise appropriated until such time as the income generated is sufficient to pay for the costs and fees. If the income generated is insufficient to pay for the costs and fees at the end of the fiscal year, the governor may draw a warrant from funds not otherwise appropriated in an amount to cover the deficiency.

I. All funds over which the state has exclusive control, aside from such sums of money as the treasurer may deem necessary to hold or deposit for meeting current expenses, shall be invested by the treasurer, with the approval of the governor and council, in obligations of the United States government, in obligations of any county government, municipal government, or district or division thereof within the state of New Hampshire, in obligations which are legal investments for depository banks pursuant to RSA 383-B:3-303, in participation units in the public deposit investment pool established pursuant to RSA 6:45, or in deposits, including money market accounts, or certificates of deposit, or repurchase agreements, and all other types of interest bearing accounts, of federally insured banks chartered under the laws of New Hampshire, the federal government with a branch within the state, or any other state with a branch in this state as provided in paragraph I-a.

I-a. In order for a bank chartered under the laws of another state to be eligible to accept deposits of public funds, the following conditions shall be satisfied:

(a) The state in which the out-of-state bank is chartered must permit a New Hampshire-chartered bank to accept public funds in deposit in that state in substantially the same manner and subject to substantially the same terms and conditions as is permitted for banks chartered in that state.

(b) The out-of-state bank engages in lending activity in New Hampshire in an aggregate amount that is not less than the average amount of the deposits of all of its state, county, municipal, and other public deposits in the state in each calendar year.

(c) The out-of-state bank pays the business enterprise tax or business profits tax based on its business activity in the state during its fiscal year.

(d) Before accepting such deposits, the out-of-state bank shall furnish to the state treasurer an opinion of legal counsel that the condition of subparagraph (a) has been met. The treasurer shall confirm receipt of the opinion in writing not later than 60 days of receipt of the opinion, and shall make the opinion publicly available on the department's website. Thereafter, the out-of-state bank shall certify in writing under oath to the treasurer not later than March 31 in each year that it has complied with the requirements of subparagraphs (b) and (c) for the prior calendar or fiscal year and shall disclose the average amount of such deposits accepted and the number and aggregate amount of all loans made in such calendar year. A violation of this paragraph shall be a misdemeanor.

II. The treasurer may also invest public funds in interest-bearing deposits which meet all of the following conditions:

(a) The funds are initially invested through a federally insured bank authorized to accept deposits in New Hampshire under paragraphs I and I-a of this section, selected by the treasurer.

(b) The selected bank arranges for the redeposit of funds which exceed the federal deposit insurance limitation of the selected bank in deposits in one or more federally insured financial institutions located in the United States, for the account of the treasurer.

(c) The full amount of principal and any accrued interest of each such deposit is covered by federal deposit insurance.

(d) The selected bank acts as custodian with respect to each such deposit for the account of the treasurer.

(e) On the same date that the funds are redeposited by the selected bank, the selected bank receives an amount of deposits from customers of other federally insured financial institutions equal to or greater than the amount of the funds initially invested through the selected bank by the treasurer.

(f) Notwithstanding the other provisions of this paragraph, all investments and their management shall be governed by the fiduciary duty to maximize benefits for the state or the beneficiaries of the state's trust funds managed by the treasurer. The treasurer shall report on a quarterly basis to the office of legislative budget assistant regarding compliance with the duty to make investment decisions based upon the fiduciary duty to maximize short or long term financial benefits for the state. The report shall note the existence of any investment funds that may have mixed, rather than pure, fiduciary interest investment motivations.

The treasurer is authorized to enter into an agreement with a bank or banks for the purpose of providing a payment and custodial service for bonds and coupons issued by the state. The agreement shall provide that the said bank or banks will maintain an accounting of all bonds and coupons paid and will provide periodic statements indicating the unpaid items. The agreement shall further provide that the bank or banks will hold the paid bonds and coupons until they may be destroyed pursuant to this section. After the close of each fiscal year, the bank or banks shall provide for the destruction of those bonds and coupons which were paid in the fiscal year ending one year prior to the fiscal year just closed and shall file a destruction certificate with the state treasurer and the secretary of state.

I. In connection with the issuance by the state of original or replacement bonds or notes in registered form, the treasurer is authorized to contract for and engage the services of banks, trust companies, banking or financial institutions or other persons within or without the state to perform authentication, registration, transfer, exchange and record or book entry functions, and prepare and maintain reports and accounts and perform related duties relative to the payment of those bonds or notes and the interest thereon. The treasurer may also enter into agreements with custodian banks and financial intermediaries and nominees of any of them in connection with the establishment and maintenance by others of a central depository system for the transfer of bonds and notes or of interests therein.

II. Any agreement entered into under this section shall include provisions for indemnifying the state for losses sustained by it on account of the negligence of a designated bank, trust company, banking or financial institution or on account of the failure of such designated bank, trust company, banking or financial institution to perform faithfully its duties and obligations under the agreement. The agreement may include additional provisions, necessary or desirable, to protect the state and may provide for the limitation of liabilities of the parties, indemnification or payment of liquidated damages.

I. In this section:

(a) "Obligations" means bonds, notes or other evidences of indebtedness, or lease, installment purchase, or other similar agreements or certificates of participation therein.

(b) "Swap agreement" means:

(1) An agreement, including terms and conditions incorporated by reference therein, which is a rate swap agreement, basis swap, forward rate agreement, commodity swap, interest rate option, forward foreign exchange agreement, rate cap agreement, rate floor agreement, rate collar agreement, currency swap agreement, cross-currency rate swap agreement, currency option, or any other similar agreement, including any option to enter into any of the foregoing;

(2) Any combination of the agreements in subparagraph (1); or

(3) A master agreement for any of the agreements in subparagraphs (1) and (2), together with all supplements.

II. The treasurer, with the approval of the governor and council, may from time to time enter into and amend any swap agreements that the treasurer determines to be necessary or desirable for the purpose of managing an interest rate, currency, commodity price, investment or similar risk that arises in connection with, or is incidental to, the issuance, carrying or securing of obligations or the acquisition or carrying of investments. Swap agreements entered into by the state shall contain such provisions, including payment, term, security, default and remedy provisions, and shall be with such parties, as the treasurer shall determine to be necessary or desirable after due consideration to the creditworthiness of those parties.

III. In connection with entering into any swap agreement the treasurer, with the approval of the governor and council, may enter into credit enhancement or liquidity agreements on behalf of the state, with such payment, security, default, remedy, and other terms and conditions as the treasurer determines.

I. In this section:

(a) "Exchange-Traded Product" or "ETP" means any financial instrument that is approved by the Securities and Exchange Commission, the Commodities Future Trading Commission, or the state securities commissioner that is traded on a United States-regulated exchange and derives its value from an underlying pool of assets, such as stocks, bonds, commodities, or indexes.

(b) "Precious metal" means any of the following, whether in coin, bullion, or other form:

(1) Silver;

(2) Gold; or

(3) Platinum.

(c) "Qualified custodian" means any federal or state-chartered bank, trust company, or special purpose depository institution or a company regulated by the state which custodies digital assets for an approved exchange-traded product.

(d) "Secure custody solution" means a technological product or blended product and service which has all of the following characteristics:

(1) The cryptographic private keys that secure digital assets are exclusively known by and accessible by the government entity.

(2) The cryptographic private keys that secure digital assets are exclusively contained within an encrypted environment and accessible only via end-to-end encrypted channels.

(3) The cryptographic private keys that secure digital assets are never contained by, accessible by, or controllable via a smartphone.

(4) Any hardware that contains the cryptographic private keys that secure digital assets is maintained in at least 2 geographically diversified specially designated secure data centers.

(5) The secure custody solution enforces a multi-party governance structure for authorizing transactions, enforces user access controls, and logs all user-initiated actions.

(6) The provider of the secure custody solution has implemented a disaster recovery protocol that ensures customer access to assets in the event the provider becomes unavailable.

(7) The secure custody solution undergoes regular code audits and penetration testing from audit firms.

II. Notwithstanding RSA 6:8, the state treasurer may invest a portion of public funds in precious metals and any digital assets with a market capitalization of over $500 billion averaged over the previous calendar year from the general fund, the revenue stabilization fund established in RSA 9:13-e, and any other funds as authorized by the legislature.

III. The state treasurer shall not invest more than 5 percent of the total amount of public funds in any of the authorized investments under paragraph II.

IV. Any digital assets acquired by any fund listed in paragraph II shall be held:

(a) Directly by the state treasurer through the use of a secure custody solution;

(b) On behalf of the state by a qualified custodian; or

(c) In the form of an exchange traded product issued by a registered investment company.

V. Any precious metals acquired under this chapter shall be held:

(a) As an exchange traded product;

(b) In physical form by a qualified custodian; or

(c) Directly by the state in physical form or in conjunction with another state in a rule to be established by the treasurer.

The treasurer shall pay, out of any moneys not otherwise appropriated, all sums due by virtue of general or special appropriations of the legislature, on warrants drawn by the governor, and the principal or interest on all loans which may at any time become due. All bills and obligations of the state shall be paid from the office of the treasurer. In the performance of this duty, the treasurer shall accept checks prepared by the office of information technology. The chief information officer shall be responsible for any overpayment, duplicate payment, or any other unauthorized payment resulting from the use of such checks caused intentionally or inadvertently by any personnel, or failure or error of programming, or procedures of office of information technology.

The state treasurer is authorized and directed to cancel of record, and refuse to honor, all state checks, except those drawn on special funds created under RSA 282-A, which have not been presented for payment within one year from the date of issue. The records of all checks outstanding, as maintained by the state treasurer during the period prior to cancellations, shall be exempt from the provisions of RSA 91-A.

All state funds held on deposit for the payment of such checks shall, upon cancellation of the record of the checks by the treasurer, be reported as unclaimed property, to the extent that such amounts are not determined to be de minimus by the state treasurer, and be held subject to the provisions of RSA 471-C.

Upon the application of the person entitled thereto, the state treasurer, with the approval of the governor and council, shall pay to such person, out of any funds in the treasury not otherwise appropriated, the sum represented by any such check.

Whenever the treasurer shall pay a general or special appropriation from the general fund on behalf of any state agency and the source of funds for such appropriation is from a fund separate from the general fund, such agency shall reimburse the treasurer concurrently. If such agency fails to reimburse the treasurer concurrently, the treasurer may transfer funds from the agency's account to cover the payment and lost interest.

I. The treasurer shall establish deposit procedures for all state departments and institutions receiving money for the state. Such procedures shall include, but shall not be limited to, deposits to a department's or institution's bank accounts, related transfers to treasury bank accounts, electronically collecting state moneys, and concurrence of the treasurer for the opening of department and institution bank accounts.

II. If more than $500 is in the possession of any state department or institution such funds shall be on deposit in the related department's bank account or in a treasury bank account. The treasurer shall transfer moneys from state departments and institutions to the treasurer's account in the most expeditious manner possible, including, but not limited to, the use of electronic transfers. If any facility of any state department or institution is in a location where there is no bank or other depository institution within 10 miles of that facility, that state department or institution shall make deposits at least on a weekly basis or when funds remitted total $1,500 or more.

III. All state departments and institutions, except the university system of New Hampshire, the building projects revolving fund of the state board of education, and the supreme court for the purposes of the escrow account for judicial branch facility improvements under RSA 490:26-c, receiving money for the state shall deposit the full amount of all such moneys into a state treasurer's bank account or into a state department's bank account from which the treasurer shall collect funds by automated means, unless the treasurer determines that such means cannot be implemented or concurs with department procedures for deposits and collection.

IV. All state departments and institutions, except those state departments and institutions which are exempted in RSA 6:11, III, which are not depositing directly into a treasury bank account or which are not included in a treasury electronic collection system may deposit state moneys into a department's bank account and shall either:

(a) Remit to treasury daily all moneys in excess of an amount established by each department with the concurrence of the treasurer; or

(b) Deposit all moneys at the department of treasury daily in accordance with rules established under RSA 6:3-a, I.

V. All state departments and institutions, except those state departments and institutions which are exempted in RSA 6:11, III, depositing moneys directly into a treasury bank account shall prepare and submit to treasury the appropriate accounting documentation. Such departments and institutions shall make every effort to ensure that the documentation is received by treasury on the same day as the day of deposit.

VI. All state departments and institutions depositing moneys into a department's bank account shall, in a timely manner, prepare and submit to treasury the appropriate accounting documentation related to treasury's daily automated collections as provided in RSA 6:11, III or a department's remittances as provided in RSA 6:11, IV(a).

VII. All payments due to the state of New Hampshire for services provided shall be paid for in United States dollars. Any payment received in any other currency shall be returned to the payor. All outstanding obligations are subject to the terms and conditions of said payment. Exceptions to the provisions of this paragraph are subject to the approval of the treasurer.

I. Any payment received by any state department or institution for a fee, license, or product which is returned to the state department or institution as uncollectable shall be returned to the sender and not deposited with the state treasurer. Whenever payment of any fee or for any other purpose is returned to any state department or institution as uncollectable, the department or institution may charge a fee of $25 or 5 percent of the face amount of the check, whichever is the greater, plus all protest and bank fees, in addition to the amount of the initial payment to the person presenting the payment to the department or institution to cover the costs of collection.

II. A payment received by any state department or institution for a fee, license, or product shall be returned to the sender and not deposited with the state treasurer and any application received by a state department or institution may be returned to the sender under any of the following circumstances:

(a) The amount of the payment is incorrect.

(b) The application is required to be submitted with the payment of a fee and is not so submitted or is improperly or incorrectly submitted.

(c) A license applicant has not complied with one or more statutory requirements entitling him to make such application.

(d) The requested product is unavailable.

III. The department or institution may charge a fee, if appropriate, of at least $25 plus all protest and bank fees, if any, to the person presenting an application or payment which is unacceptable to a state department or institution, as provided in paragraph II.

I. The requirement that the state treasurer shall establish and maintain an account or fund separately in the accounting records of the state shall be met by the department of administrative services in the following manner:

(a) The department of administrative services shall establish and maintain an account or fund in the accounting system of the state.

(b) Moneys received by the state treasurer, as provided in RSA 6:11, shall be accounted for in the state's accounting system as general revenue of the state, with the exception of the following dedicated funds or accounts:

(1)(a) Funds received pursuant to RSA 6:12-c, which shall be maintained under the terms of the referenced trust or permanent or endowment fund.

(1)(b) Funds received pursuant to RSA 6:12-d, which shall be maintained under the terms of the referenced custodial or escrow account.

(1)(c) Any dedicated fund or account not included in RSA 6:12-c or 6:12-d.

(1) Moneys received by the state lottery commission, which shall be credited to the sweepstakes special fund.

(2) Moneys received by the fish and game department, which shall be credited to the fish and game fund.

(3) Fines received for violations of RSA 214:12 and any monetary damages recovered pursuant to RSA 211:74, which shall be credited to the fish and game fund.

(4) Fees collected by the department of safety under RSA 107-B, which shall be credited to the New Hampshire nuclear planning and response fund.

(5) [Repealed.]

(6) [Repealed.]

(7) [Repealed.]

(8) [Repealed.]

(9) Revenues from fees, rentals, and the sale of products from lands under the jurisdiction of the department of natural and cultural resources, which shall be credited as provided under RSA 227-G.

(10) [Repealed.]

(11) [Repealed.]

(12) Moneys received under RSA 457:29, 457:32-b, and 631:2-b, V which shall be credited to the special fund for domestic violence programs established in RSA 173-B:15.

(13) The share of the normal yield tax going to the department of natural and cultural resources under RSA 79:14, which shall be credited to the unincorporated towns and unorganized places forest conservation fund.

(14) [Repealed.]

(15) Money received under RSA 125-F:22, 143:11, 143:22-a, 143-A:6, and 184:85, which shall be credited to the public health services special fund established in RSA 143:11, III.

(16) [Repealed.]

(17) Money received under RSA 481:32, which shall be credited to the dam maintenance fund established under RSA 482:55.

(18) [Repealed.]

(19) Money received under RSA 318-B:17-b, V, which shall be credited as specified in RSA 318-B:17-b, V to:

(A) The drug forfeiture fund;

(B) The state law enforcement agency account; or

(C) The department of health and human services office of alcohol and drug abuse prevention account.

(20) [Repealed.]

(21) The money received under RSA 230:52, II, which shall be credited to the division of travel and tourism development, department of business and economic affairs.

(22) [Repealed.]

(23) The assessments collected under RSA 106-L:10 and 651:63, V shall be credited to the victims' assistance fund until that fund exceeds $900,000, at which time moneys in excess of $900,000 shall be credited to the general fund.

(24) [Repealed.]

(25) The money received under RSA 125-F:8-a, which shall be credited to the New Hampshire low-level radioactive waste management fund.

(26) Additional fees received under RSA 263:34-i, which shall be credited to the motorcycle rider safety fund established in RSA 263:34-e.

(27) Money received under RSA 485-A:7-a and 7-c, which shall be deposited in the wastewater plant operator certification fund established in RSA 485-A:7-a, II.

(28) [Repealed.]

(29) [Repealed.]

(30) [Repealed.]

(31) Moneys received as operational permit fees under RSA 485:41, VIII, which shall be credited to the operational permits account.

(32) [Repealed.]

(33) Money received in accordance with RSA 216-A:3-i which shall be credited to the state park fund.

(34) Moneys received under RSA 125-C:12, IV-d and V which shall be credited to the air resources fund established in RSA 125-C:12, IV-d.

(35) Moneys received under RSA 147-A:4, RSA 147-A:6, RSA 147-A:16, RSA 147-A:17, RSA 147-A:17-a, RSA 147-B:8, and RSA 147-B:11, which shall be credited to the hazardous waste cleanup fund established under RSA 147-B:3.

(36) Moneys received by the commissioner of the department of health and human services, for the purchase of vaccines, which shall be credited to the vaccine purchase fund established in RSA 141-C:17-a.

(37) Money received by the commissioner of safety under RSA 263:56-d, which shall be credited to the default bench warrant fund.

(38) Moneys received by the department of state under RSA 5-C:14, RSA 5-C:34, RSA 5-C:10, and RSA 5-C:11, which shall be credited to the vital records improvement fund established in RSA 5-C:15.

(39) [Repealed.]

(40) Moneys received under RSA 106-H which shall be credited to the enhanced 911 system fund established in RSA 106-H:9.

(41) The fees collected by the secretary of state under RSA 660:1 which shall be credited to the recount administrative account established under RSA 660:31.

(42) Moneys received under RSA 233-A:13 and RSA 270-E: 5, II(d) which shall be credited to the statewide public boat access fund established in RSA 233-A:13.

(43) Moneys received by the department of agriculture, markets, and food under RSA 466:9 which shall be credited to the fund established in RSA 466:9, II.

(44) One-half the registration fees collected under RSA 435:20 and all fees collected under RSA 431:4, RSA 431:6, RSA 431:27, and RSA 433-A:6, which shall be credited to the agricultural products regulatory fund, established under RSA 435:20, IV.

(45) Money received under RSA 146-C:12, II which shall be credited to the oil pollution control fund established in RSA 146-A:11-a.

(46) Moneys received by the department of natural and cultural resources for the forest management and protection fund established under RSA 227-G:5.

(47) [Repealed.]

(48) [Repealed.]

(49) [Repealed.]

(50) [Repealed.]

(51) The moneys collected under RSA 130-A, which shall be credited to the lead poisoning prevention fund established in RSA 130-A:15.

(52) Money received under RSA 21-J:24-a, which shall be credited to the revolving fund established for municipal officers and employees education and training.

(53) Moneys that are credited to the investor education fund pursuant to RSA 421-B:6-601(h).

(54) Moneys received under RSA 4:9-b for the design, construction and maintenance of a law enforcement memorial, which shall be credited to the special account established in that section.

(55) [Repealed.]

(56) Moneys deposited in the motor vehicle industry board fund established in RSA 357-C:12.

(57) Moneys received pursuant to RSA 651:63, V designated for the department of corrections shall be deposited into an account to fund the operating appropriation of the division of field services, department of corrections.

(58) Moneys deposited in the navigation safety fund established in RSA 270-E:6-a.

(59) Moneys received under RSA 466:4, I(c), RSA 466:6, III, and RSA 437-A which shall be credited to the companion animal neutering fund, established in RSA 437-A:4-a.

(60) The designated portion of moneys received under RSA 261:97-a, which shall be credited to the conservation number plate fund established in RSA 261:97-b.

(61) [Repealed.]

(62) Money received under RSA 485-A:4, XVI-c, which shall be deposited in the sampling and analysis of sludge or biosolids samples fund.

(63) Moneys collected pursuant to RSA 430:50, II which shall be deposited in the integrated pest management fund.

(64) Moneys deposited in the harbor dredging and pier maintenance fund established in RSA 12-G:46.

(65) Money received under RSA 77-A, RSA 77-E, RSA 78, RSA 78-A, RSA 78-B, RSA 83-F, RSA 284:44 and RSA 284:47, and from the sweepstakes fund, which shall be credited to the education trust fund under RSA 198:39.

(66) [Repealed.]

(67) [Repealed.]

(68) Moneys collected pursuant to RSA 227-C:28, which shall be deposited in the barn preservation fund.

(69) [Repealed.]

(70) [Repealed.]

(71) [Repealed.]

(72) Moneys deposited in the addiction, treatment, and prevention fund established in RSA 176-A:1, as administered by the governor's commission on addiction, treatment, and prevention in accordance with RSA 12-J:1.

(73) Moneys deposited in the fire standards and training and emergency medical services fund established in RSA 21-P:12-d.

(74) Moneys deposited in the training fund established by RSA 282-A:182.

(75) Moneys received for deposit in the travel and tourism development fund established by RSA 12-O:16.

(76) [Repealed.]

(77) [Repealed.]

(78) [Repealed.]

(79) Moneys deposited in the publications revolving fund under RSA 12-O:60, I.

(80) Moneys deposited in the historical fund under RSA 177:8.

(81) [Repealed.]

(82) Moneys deposited in the court facilities escrow fund under RSA 490:26-c.

(83) [Repealed.]

(84) [Repealed.]

(85) Moneys deposited in the law library revolving fund under RSA 490:25.

(86) Moneys deposited in the supreme court publications and materials revolving fund under RSA 490:18-a.

(87) [Repealed.]

(88) Moneys deposited in the Pease Development Authority Airport Fund under RSA 12-G:36.

(89) Moneys deposited in the audit set aside fund under RSA 124:18.

(90) Moneys deposited in the salary adjustment fund under RSA 99:4.

(91) Moneys deposited in the state and municipal employee personnel education and training fund under RSA 21-I:42, XVII.

(92) Moneys deposited in the 2 surplus funds under RSA 21-I:11, I(a)(6)(B):

(A) The surplus distribution section administrative assessments fund; and

(B) The federal surplus food fund.

(93) Moneys deposited in the eastern states exposition building fund under RSA 425:18.

(94) Moneys deposited in the pesticides control fund under RSA 430:34, V.

(95) [Repealed.]

(96) Moneys deposited in the driver training fund under RSA 263:52.

(97) Moneys deposited in the insurance administration fund under RSA 400-A:39.

(98) Moneys deposited in the contingent fund under RSA 282-A:140.

(99) Moneys deposited in the unemployment compensation and employment service administration fund under RSA 282-A:138.

(100) Moneys deposited in the unemployment compensation fund under RSA 282-A:103.

(101) Moneys deposited in the automated information system account under RSA 201-A:19, II.

(102) Moneys deposited in the damaged and lost book account under RSA 201-A:19, I.

(103) Moneys deposited in the granite patron of the arts fund under RSA 19-A:9.

(104) Moneys deposited in the Cannon Mountain capital improvement fund under RSA 12-A:29-c.

(105) Moneys deposited in the Hampton Beach parking meter fund under RSA 216:3, II.

(106) Moneys deposited in the international trade promotion fund under RSA 12-O:39.

[Paragraph I(b)(107) repealed by 2026, 292:12, II, effective July 1, 2028.]

(107) Moneys deposited in the mining and reclamation fund under RSA 12-E:8, III.

(108) Moneys deposited in the Mount Washington fund under RSA 227-B:9.

(109) Moneys deposited in the New Hampshire economic development fund under RSA 12-O:21.

(110) Moneys deposited in the OHRV and snowmobile fund under RSA 215-A:3, VII and RSA 215-C:2, VIII.

(111) Moneys deposited in the travel and tourism revolving fund under RSA 12-O:13.

(112) [Repealed.]

(113) Moneys deposited in the firemen's relief fund under RSA 402:66.

(114) [Repealed.]

(115) [Repealed.]

(116) Moneys deposited in the trust fund for the New Hampshire land and community heritage investment trust program under RSA 227-M:7.

(117) [Repealed.]

(118) [Repealed.]

(119) Moneys deposited in the revenue stabilization reserve account under RSA 9:13-e, II.

(120) Moneys deposited in the children's benefit fund under RSA 621:30, I.

(121) Moneys deposited in the resident personal funds fund under RSA 621:30, II.

(122) Moneys deposited in the special projects fund under RSA 621:30, III.

(123) Moneys deposited in the certificate program fund under RSA 332-E:4, III.

(124) Moneys deposited in the environmental services education and training assistance fund under RSA 21-O:1-a.

(125) Moneys deposited in the lab equipment and replacement fund under RSA 131:4.

(126) Moneys deposited in the lake restoration and preservation fund under RSA 487:25.

(127) Moneys deposited in the oil discharge and disposal cleanup fund under RSA 146-D:3.

(128) Moneys deposited in the oil pollution control fund under RSA 146-A:11-a.

(129) [Repealed.]

(130) Moneys deposited in the water pollution control and drinking water revolving loan fund under RSA 486:14.

(131) Moneys deposited in the water resources fund established under RSA 482-A:3, III.

(132) Moneys deposited in the water pollution control facilities' replacement fund under RSA 485-A:51.

(133) [Repealed.]

(134) [Repealed.]

(135) Moneys deposited in the university system of New Hampshire fund under RSA 187-A:7.

(136) Moneys deposited in the department of education printed materials revolving fund under RSA 186:13, XII.

(137) Moneys deposited in the sign language interpreter's certification revolving fund under RSA 200-C:20-a.

(138) [Repealed.]

(139) [Repealed.]

(140) [Repealed.]

(141) [Repealed.]

(142) Moneys deposited in the consumer credit administration license fund under RSA 399-A:24.

(143) Moneys deposited in the New Hampshire emergency response and recovery fund established by RSA 21-P:46.

(144) Moneys deposited in the asbestos management and control funds maintained by the department of environmental services under RSA 141-E:12.

(145) [Repealed.]

(146) [Repealed.]

(147) [Repealed.]

(148) [Repealed.]

(149) Moneys deposited in the class III railroad and cog railroad capital rail line rehabilitation and equipment revolving loan fund under RSA 228:66-a.

(150) Moneys deposited in the rural airport capital revolving loan fund under RSA 423:11.

(151) Moneys deposited in the special railroad fund under RSA 228:68.

(152) Moneys deposited in the department of safety inventory fund under RSA 228:25.

(153) [Repealed.]

(154) [Repealed.]

(155) Moneys deposited in the highway and bridge betterment account under RSA 235:23-a.

(156) [Repealed.]

(157) [Repealed.]

(158) Moneys deposited in the turnpike system revenue and reserve accounts under the November 9, 1987 bond resolution.

(159) [Repealed.]

(160) Moneys deposited in the fish and game search and rescue fund under RSA 206:42.

(161) [Repealed.]

(162) Moneys deposited in the nongame species account under RSA 212-B:6.

(163) Moneys deposited in the prepaid fish and game license fund under RSA 214:9-c, IV and RSA 214:9-cc, IV.

(164) Moneys deposited in the publications, specialty items and fund raising revolving fund under RSA 206:22-a.

(165) [Repealed.]

(166) Moneys deposited in the member annuity savings fund and the state annuity accumulation fund under RSA 100-A:16.

(167) [Repealed.]

(168) [Repealed.]

(169) Moneys deposited in the municipal and regional training fund under RSA 12-O:60, II.

(170) Moneys deposited in the criminal records check account under RSA 106-B:7, II.

(171) Moneys deposited in the air resources fund under RSA 125-C:12, V.

(172) [Repealed.]

(173) Moneys deposited in the brownfields cleanup revolving loan fund under RSA 147-F:20.

(174) Moneys deposited in the dependent children support enforcement administrative expense account under RSA 161-C:25.

(175) [Repealed.]

(176) [Repealed.]

(177) [Repealed.]

(178) Moneys deposited in the school building authority account under RSA 195-C:1.

(179) Moneys deposited in the state library donations and gifts fund under RSA 201-A:10, I.

(180) Moneys deposited in the pheasant stamp account under RSA 206:35-a.

(181) [Repealed.]

(182) [Repealed.]

(183) [Repealed.]

(184) Moneys deposited in the operation game thief account under RSA 207:62.

(185) [Repealed.]

(186) Moneys deposited in the wildlife habitat account under RSA 214:1-f, V.

(187) Moneys deposited in the fisheries habitat account under RSA 214:1-g, II.

(188), (189) [Repealed.]

(190) Moneys deposited in the supply depot inventory account under RSA 219:21.

(191) [Repealed.]

(192) Moneys deposited in the land and community heritage investment program administrative fund under RSA 227-M:7-a.

(193) Moneys deposited in the highway surplus account under RSA 228:11.

(194) [Repealed.]

(195) [Repealed.]

(196) [Repealed.]

(197) [Repealed.]

(198) [Repealed.]

(199) [Repealed.]

(200) Moneys deposited in the tri-state lotto prize account under RSA 287-F:9.

(201) [Repealed.]

(202) [Repealed.]

(203), (204) [Repealed.]

(205) Moneys deposited in the default fund under RSA 597:38-a.

(206) Moneys deposited in the industries inventory account under RSA 622:28-a.

(207) Moneys deposited in the employee benefit adjustment account under RSA 9:17-c.

(208) [Repealed.]

(209) [Repealed.]

(210) [Repealed.]

(211) Moneys deposited in the laboratory accreditation fund under RSA 485:46.

(212) [Repealed.]

(213) Moneys deposited in the education credentialing fund under RSA 186:11, X.

(214) [Repealed.]

(215) [Repealed.]

(216) [Repealed.]

(217) Moneys deposited in the radiation user and laboratory fees fund under RSA 125-F:8-b.

(218) Moneys deposited in the national guard's chargeable transient quarters (QTC) and billeting fund and the army national guard state training center program management fund under RSA 110-B:32-a.

(219) [Repealed.]

(220) [Repealed.]

(221) [Repealed.]

(222) [Repealed.]

(223) Moneys received under RSA 216-J:4 which shall be credited to the Hampton Beach master plan fund.

(224) [Repealed.]

(225) [Repealed.]

(226) Moneys deposited in the election fund under RSA 5:6-d.

(227) [Repealed.]

(228) Fees collected by the department of education, division of educator support and higher education pursuant to RSA 188-G:9.

(229) [Repealed.]

(230) [Repealed.]

(231) Moneys deposited in the fish and game department gifts, donations, and raffles account under RSA 206:33-a.

(232) [Repealed.]

(233) [Repealed.]

(234) [Repealed.]

(235) Moneys received under RSA 228-A, which shall be deposited in the federal highway grant anticipation bond trust fund.

(236) Moneys deposited in the state house visitor's center revolving fund under RSA 17-E:7.

(237) [Repealed.]

(238) [Repealed.]

(239) [Repealed.]

(240) Moneys deposited in the natural heritage bureau fund established in RSA 217-A:7-a.

(241) [Repealed.]

(242) Moneys received from fees charged for newborn screening tests under RSA 132:10-a, which shall be credited to the newborn screening fund.

(243) [Repealed.]

(244) [Repealed.]

(245) [Repealed.]

(246) Moneys used for scholarships to orphans of veterans program established in RSA 193:19.

(247) [Repealed.]

(248) Moneys deposited in the fish and game department wildlife legacy initiative account under RSA 206:33-d.

(249) [Repealed.]

(250) [Repealed.]

(251) Moneys received under RSA 487:37, II which shall be credited to the New Hampshire healthy tidal waters and shellfish protection fund established under RSA 487:37.

(252) Moneys deposited in the aquatic resource compensatory mitigation fund established by RSA 482-A:29.

(253) Moneys deposited in the renewable energy fund established under RSA 362-F:10.

(254) Moneys deposited in the game management account established in RSA 206:34-b.

(255) [Repealed.]

(256) [Repealed.]

(257) All funds deposited in the employee and retiree benefit risk management fund established pursuant to RSA 21-I:30-e.

(258) Moneys deposited in the estate administration fund established under RSA 167:13, IV.

(259) [Repealed.]

(260) [Repealed.]

(261) [Repealed.]

(262) [Repealed.]

(263) Moneys deposited in the medico-legal investigation fund pursuant to RSA 611-B:28.

(264) Moneys deposited in the mediation and arbitration fund, established under RSA 490-E:4.

(265) Moneys deposited in the debt recovery fund by the treasurer under RSA 7:15-a, IV.

(266) [Repealed.]

(267) [Repealed.]

(268) Moneys deposited in the dairy premium fund established under RSA 184:109.

(269) [Repealed.]

(270) [Repealed.]

(271) Moneys deposited in the state energy investment fund established in RSA 21-I:19-f.

(272) Moneys deposited in the energy efficiency fund established in RSA 125-O:23.

(273) [Repealed.]

(274) [Repealed.]

(275) Moneys deposited in the Pease development authority ports and harbors fund established in RSA 12-G:37.

(276) Moneys deposited in the recycling fund established under RSA 9-C:6.

(277) Moneys deposited in the women, infants, and children program (WIC) fund, established under RSA 132:12-e.

(278) [Repealed.]

(279) Moneys deposited in the public works employee memorial account established in RSA 4:9-j.

(280) [Repealed.]

(281) [Repealed.]

(282) Funds deposited in the motor vehicle air pollution abatement fund established in RSA 125-S:3.

(283) Moneys deposited into the state workforce innovation fund established in RSA 12-O:45.

(284) Moneys deposited in the judicial branch information technology fund established under RSA 490:26-h.

(285) Moneys deposited in the liquor commission fund established in RSA 176:16.

(286) Moneys deposited into the Hampton Beach capital improvement fund established under RSA 216:3, IV(a).

(287) Moneys deposited in the rivers management and protection fund established in RSA 483:13.

(288) [Repealed.]

(289) Moneys deposited in the probation and parole receipts fund established in RSA 504-A:13, IV(b).

(290) Moneys deposited in the state historic sites fund under RSA 12-A:10-f.

(291) [Repealed.]

(292) Moneys deposited in the septage management fund, under RSA 485-A:30, I-c.

(293) [Repealed.]

(294) [Repealed.]

(295) [Repealed.]

(296) Moneys accruing to blind services through vending machine income under RSA 186-B:14.

(297) [Repealed.]

(298) Moneys deposited into the AIDS drug assistance program fund established under RSA 141-F:12.

(299) [Repealed.]

(300) The designated portion of fees collected under RSA 5:10 which shall be credited to the notary fee account established by RSA 5:10-b.

(301) Moneys deposited in the New Hampshire medal of honor fund, established in RSA 110-B:81-b.

(302) [Repealed.]

(303) Moneys deposited in the natural heritage bureau fund established in RSA 217-A:7-a.

(304) Civil fines collected under RSA 151:16-b, which shall be deposited as provided in such section.

(305) [Repealed.]

(306) [Repealed.]

(307) Moneys deposited in the department of labor restricted fund established in RSA 273:1-b.

(308) Moneys deposited in the state aeronautical fund pursuant to RSA 422:35.

(309) Moneys deposited in the state park gifts and donations fund established in RSA 216-A:3-o.

(310) Moneys deposited in the health care associated infections fund under RSA 151:36, V.

(311) [Repealed.]

(312) The higher education fund established in RSA 21-N:8-a, III.

(313) [Repealed.]

(314) Moneys deposited in the registry identification card and certificate fund established in RSA 126-X:11.

(315) Moneys deposited into the recreation camp and youth skill camp fund established in RSA 170-E:57.

[Paragraph I(b)(316) is repealed by 2013, 273:4, I, effective on the date when all moneys in the New Hampshire disaster fund have been disbursed as provided by 2013, 273:5.]

(316) Moneys designated for the New Hampshire disaster relief fund, established in RSA 21-P:46-a.

(317) [Repealed.]

(318) [Repealed.]

(319) Moneys deposited in the site evaluation committee fund established in RSA 162-H:21.

(320) [Repealed.]

(321) [Repealed.]

(322) [Repealed.]

[Paragraph I(b)(323) effective as provided in 2014, 290:4.]

(323) Moneys deposited in the state infrastructure bank fund established in RSA 21-L:21.

(324) The robotics education fund established in RSA 188-E:24.

(325) [Repealed.]

(326) [Repealed.]

(327) [Repealed.]

(328) Moneys deposited in the salt application fund established in RSA 489-C:5, IV.

(329) Moneys deposited in the payment and procurement card fund under RSA 9-D:3.

(330) Moneys deposited into the grants in aid to health care providers servicing medically underserved populations fund established in RSA 404-C:17, IV(b).

(331) Moneys deposited in the transitional housing unit maintenance fund established in RSA 21-H:14-d.

(332) [Repealed.]

(333) Moneys deposited under the FRM victims' contribution recovery fund, established in RSA 359-P:2.

(334) Moneys deposited in the public school infrastructure fund established in RSA 198:15-y.

(335) Moneys deposited in the Internet crimes against children fund established in RSA 21-M:17.

(336) Moneys deposited into the governor's scholarship fund established in RSA 195-H:12.

(337) Money deposited in the revenue information management system account under RSA 21-J:1-b.

(338) Moneys deposited in the uncompensated care and Medicaid fund established in RSA 167:64, I.

(339) [Repealed.]

(340) Moneys deposited in the office of professional licensure and certification fund established in RSA 310:5.

(341) [Repealed.]

(342) Moneys deposited into the New Hampshire fallen state troopers' memorial account established in RSA 4:9-o.

[Paragraph I(b)(343) repealed by 2018, 342:24, VII effective December 31, 2030.]

(343) Moneys deposited in the New Hampshire granite advantage health care trust fund under RSA 126-AA:3.

(344) The special legislative account established in 2011, 224:217, as amended by 2013, 144:102, 2015, 276:214, and 2017, 156:129.

(345) The statewide telecommunications fund established in RSA 21-R:9-a.

(346) [Repealed.]

(347) [Repealed.]

(348) Moneys deposited in the CART provider and sign language interpreter net tuition repayment fund under RSA 200-M:4-a.

(349) [Repealed.]

(350) Moneys deposited in the building maintenance fund established under RSA 21-I:11-d.

(351) Moneys deposited in the cost of care reimbursement fund under RSA 622:58-a.

(352) Moneys deposited in the developmental services fund established under RSA 171-A:8-b, I.

(353) Money deposited in the acquired brain disorder services fund established under RSA 171-A:8-b, II.

(354) Money deposited in the in-home support waiver fund established under RSA 171-A:8-b, III.

(355) Moneys deposited in the public bathing facility program fund under RSA 485-A:26.

(356) Moneys deposited in the community development fund for New Hampshire established in RSA 162-L:4-a.

(357) Moneys deposited in the special account for agriculture development rights under RSA 432:30-a.

(358) Moneys deposited in the coastal resilience and cultural and historic reserve district fund established in RSA 12-A:69.

(359) Moneys deposited in the cost of care fund established in RSA 437-B:1.

(360) Moneys deposited in the opioid abatement trust fund, established in RSA 126-A:83.

(361) Moneys deposited in the PFAS response fund established in RSA 485-H:10.

(362) Moneys deposited in the police psychological stability screening fund established in RSA 106-L:16.

(363) Moneys deposited in the New Hampshire health professionals' program administration fund established in RSA 310-A:1-e, I-a.

(364) [Repealed.]

(365) [Repealed.]

(366) [Repealed.]

(367) Moneys received by the department of administrative services, division of procurement and support services, bureau of graphic services which shall be credited to the graphic services fund established in RSA 21-I: 12, I (f).

(368) Moneys deposited in the emergency services for children, youth and families fund established in RSA 170-G:4-h.

(369) Moneys deposited in the meals and rooms municipal revenue fund established in RSA 78-A:26, IV.

(370) Moneys credited to the body-worn and dashboard camera fund established in RSA 105-D:3.

(371) Moneys deposited in the animal records database fund established in RSA 437:8-a, V.

(372) Moneys deposited in the national guard enlistment incentive program fund established in RSA 110-B:61.

(373) Moneys deposited in the broadband matching grant fund under RSA 12-O:63.

(374) Moneys deposited in the FMLI premium fund established in RSA 282-B:4.

(375) Moneys deposited in the FMLI premium stabilization trust fund established in RSA 282-B:5.

(376) Moneys deposited in the forest improvement fund under RSA 227-G:5, II.

(377) Moneys deposited in the forest protection personnel training fund under RSA 227-G:5, III.

(378) Moneys deposited into the derelict fishing gear and coastal cleanup fund established in RSA 211:77.

(379) Moneys credited to the threatened and endangered species compensatory mitigation fund established in RSA 212-A:16.

(380) [Repealed.]

(381) Moneys deposited in the upland invasive species remediation fund established in RSA 430:58.

(382) Moneys deposited in the capital improvement program grant fund established in RSA 425:19-b.

(383) Moneys deposited in the New Hampshire solid waste management fund established in RSA 149-R:3.

(384) [Repealed.]

(385) Moneys deposited in the special fund for administration of opioid treatment programs established in RSA 172:8-c.

(386) Moneys credited to the wireless deployment grant fund established in RSA 12-O:67.

(387) Moneys deposited in the revolving fund for agricultural hearings officers under RSA 425:11-a.

(388) Moneys deposited in the New Hampshire state prison fund under RSA 21-H:17.

(389) Moneys deposited in the InvestNH fund as established in RSA 12-O:69.

(390) Moneys deposited in the bridges house special account fund under RSA 4:9-s.

(391) Moneys deposited in the over-length, over-width, over-height, and over-weight revolving fund under RSA 266:22.

(392) Moneys deposited in the cyanobacteria mitigation loan and grant fund established in RSA 485-A:61.

(393) Moneys deposited in the New Hampshire housing champion designation and grant program fund established in RSA 12-O:74.

(394) Moneys deposited in the career and technical education workforce development and innovation fund established in RSA 188-E:30.

(395) Moneys deposited in the New Hampshire-Ireland trade council fund as established in RSA 12-O:22-a.

(396) Moneys deposited in the Achieving a Better Life Experience (ABLE) administrative fund established in RSA 195-K:6.

(397) Moneys deposited in the disproportionate share hospital fund established in RSA 167:64, XII.

(398) Moneys deposited in the New Hampshire Canadian trade council fund as established in RSA 12-O:22.

(399) Moneys deposited in the veterans court special account fund as established in RSA 490-I:7.

(400) Moneys deposited in the Hampstead hospital and residential treatment facility capital investment fund as established in RSA 126-A:5, XXXVII.

(401) Moneys deposited in the New Hampshire commission on aging fund established in RSA 19-P:5.

(402) Moneys deposited in the wage claim settlement account fund established pursuant to RSA 275:53-a.

(403) Moneys deposited in the epinephrine fund under RSA 200:44-c.

(404) Moneys deposited in the AED fund under RSA 200:40-d.

(405) Moneys collected in the closed charter schools fund established in RSA 194-B:16-a, VIII.

(406) Moneys deposited in the Cannon Mountain ski account fund under RSA 216-A:3-p.

(407) Moneys deposited in the water resources project accounts of the department of environmental services established in RSA 482-A:3, III.

(408) Moneys deposited in the drinking water groundwater trust fund established in RSA 6-D:1.

(409) Moneys deposited in the fox forest trust funds account of the department of natural and cultural resources.

(410) Moneys deposited into the New Hampshire armories or other national guard facilities fund established in RSA 110-B:32-b.

(411) Moneys deposited into the fish and game modernization and sustainability account established in RSA 214:9-c.

(412) Moneys deposited in the trauma kit fund as established in RSA 153-A:33-a, VI.

(413) Moneys deposited in the New Hampshire-Greece trade council fund as established in RSA 12-O:23-b.

(414) Moneys deposited in the department of military affairs and veterans services property fund established in RSA 110-B:28-b.

[Paragraph I(b)(415) added by 2026, 288:2, effective Sept. 8, 2026.]

(415) Moneys deposited in the solid waste evaluation committee fund as established in RSA 149-M:84.

[Paragraph I(b)(416) added by 2026, 304:5, effective Sept. 8, 2026.]

(416) Moneys deposited into the New Hampshire first for veterans trust fund established in RSA 110-B:99.

[Paragraph I(b)(417) added by 2026, 304:5, effective Sept. 8, 2026.]

(417) Moneys deposited into the first for veterans administrative fund established in RSA 110-B:110.

[Paragraph I(b)(418) added by 2026, 290:1, effective January 1, 2027.]

(418) Moneys deposited in the water well board fund as established in RSA 482-B:4-a.

[Paragraph I(b)(419) added by 2026, 239:2, effective July 1, 2027.]

(419) Moneys deposited in the first responders support fund as established in RSA 281-A:17-g.

II. The full amount allowed for the maintenance of each institution and department shall be appropriated by each legislature for the biennial period next following, and the money derived from the sale of farm and minor industrial products of institutions shall be credited to the appropriation for the institution from which derived.

(a) [Repealed.]

(c) [Repealed.]

(e) [Repealed.]

(h) [Repealed.]

(j) [Repealed.]

(l) [Repealed.]

III. In this section:

(a) "Account" means a formal record in the state's accounting system that represents, in words, money, or other unit of measurement, certain resources, claims to such resources, transactions, or other events that result in changes to those resources and claims.

(b) "Fund" means a fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equity or balances and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations. A fund can also be a grouping of related funds that is used to maintain control over resources that have been segregated for specific activities or objectives.

(c) "Dedicated fund or account" means moneys collected by the state from a specific source in the form of taxes, fees, licenses, fines, donations, gifts, or other sources as designated by statute, a requirement of federal law, or other legal arrangements that must be spent for a specific program or purpose.

(d) "Revolving fund or account" means a fund or account that, when initially established, is intended for repeated expending and replenishment of resources for a specific program or purpose.

(e) "Escrow fund or account" means an arrangement whereby moneys or other property are placed into the temporary safekeeping of a neutral and uninterested third party and which may be released only upon the fulfillment of certain predetermined conditions or by agreement of the interested parties.

(f) "Trust" means an arrangement, usually with a formal written agreement, contract, or will of deceased person, whereby money or other property is placed under the legal ownership and control of a person, the trustee, who is responsible for administering it, with specific instructions about how the principal or corpus is to be managed, invested, and disposed, for the benefit of others, the beneficiary or beneficiaries.

(g) "Trustee" means a person named in a trust agreement, as a trusted third party, to nominally own, protect, and manage moneys or other assets for the benefit of a beneficiary in accordance with the terms of the agreement. A trustee is usually charged with investing prudently and productively on behalf of the beneficiary and may be allowed some compensation or recovery of costs incurred in the administration of a trust. Restrictions of a trust may include, but are not limited to, commingling other moneys or assets with that of the trust, entering into any transactions with the trust, and benefiting from the trust. Only when the intention or the purpose of the trust is fulfilled may a trustee be discharged of these duties.

(h) [Repealed.]

(i) "Custodial fund or account" means moneys or other assets owned by a person or entity but which are entrusted to and controlled by another, the custodian. The role of the custodian includes, but is not limited to, holding such moneys or other assets in safekeeping, arranging for the settlement of any purchases or sales of such assets, collecting income from investments, and providing information to the owners of such moneys or other assets. The state, as a holder of these assets, acts in a fiduciary capacity, agrees to remit the assets, income from the assets, or both, to a specified beneficiary at a specified time.

(j) "Endowment fund or account" means moneys or other assets usually donated with a stipulation that the principal or corpus be invested and held in perpetuity or for a defined period of time and that earnings from the investments be utilized for the benefit of others.

(k) "Lapsing fund or account" means moneys in funds or accounts which, if not spent at the end of the fiscal year or biennium, revert back to the general fund.

(l) "Nonlapsing fund or account" means moneys in funds or accounts at the end of the fiscal year or biennium that do not revert back to the general fund but remain in the fund or account to be used in the next fiscal year and that are allowed to accumulate for use in future years.

Whenever it shall appear that a state department or agency has in the course of its administration received funds from sources outside the state treasury designated as revenue, which said funds have been paid into the treasury, and it is later found that certain of said revenue so paid in is in excess of the amounts which should legally be paid to the state, the head of the department or agency concerned may certify the facts of such excess revenue to the commissioner of administrative services and request a repayment thereof to the persons entitled thereto. The governor, with the consent of the council, may, in such instances, draw his warrants for the repayment of such excess revenue from funds in the treasury not otherwise appropriated and the commissioner of administrative services and the treasurer shall credit such repayments to the proper revenue item for the department or agency concerned.

On request of the department of energy, the state treasurer shall maintain custody over funds collected by order of the public utilities commission consisting of only that portion of the system benefits charge directly attributable to programs for low income customers as described in RSA 374-F:4, VIII(c). All funds received by the state treasurer pursuant to this section shall be kept separate from any other funds and shall be administered in accordance with terms and conditions established by the department of energy. Plans for the administration of such funds shall be approved by the fiscal committee of the general court and the governor and council prior to submission to the department of energy. Appropriations and expenditures of such funds in fiscal years 2002 and 2003 shall be approved by the fiscal committee of the general court and the governor and council prior to submission to the department of energy. For each biennium thereafter, appropriations and expenditures of such funds shall be made through the biennial operating budget.

I. The definitions in RSA 6:12 shall apply to this section.

II. All moneys received or held by the state treasurer pursuant to this section shall be kept separate from any other funds and accounts and shall be administered in accordance with RSA 4:8 and the terms and conditions of the referenced trust or account:

(a) [Repealed.]

(b) The Japanese charitable fund of the state treasurer.

(c) The Matthew Elliot memorial trust fund of the division of juvenile justice services, department of health and human services.

(d) The New Hampshire veterans' home benefit fund of the New Hampshire veterans' home.

(e) [Repealed.]

(f) The Harriet Huntress trust of the department of education.

(g) The Hattie Livesey trust of the department of education.

(h) The Laconia state school account.

(i) The New Hampshire hospital account.

(j) The tip-top house fund of the department of natural and cultural resources.

(k) The land conservation investment program trust fund under RSA 162-C.

(l) The community conservation endowment pursuant to RSA 227-M:12.

(m) The New Hampshire excellence in higher education endowment trust fund under RSA 6:38.

(n) The Benjamin Thompson trust fund under RSA 11:6 (repealed).

(o) The Nesmith trust fund under RSA 186-B:8.

(p) The special teacher competence fund under RSA 186:7-a.

(q) The Connecticut lakes headwaters tract monitoring endowment fund under RSA 216:7.

(r) The Connecticut lakes headwaters natural areas stewardship endowment account under RSA 216:9.

(s) The Connecticut lakes headwaters tract road maintenance endowment fund under RSA 216:10.

(t) The Guy Thompson account of the New Hampshire veterans' home.

(u) The youth development center trust funds.

III. (a) The state treasurer may establish one or more other post-employment benefits (OPEB) trusts for the payment of other post-employment benefits for employees or officers of the state after their termination of service. In this paragraph, the term "other post-employment benefits" means employee benefits other than pensions that are received after employment ends, and may include such medical, disability, or other health benefits, as are covered by Statement No. 45 of the Governmental Accounting Standards Board (GASB). The term "trust" means a trust qualified under GASB Statement No. 43.

(b) Deposits to any fund under such a trust and any earnings on those deposits shall be irrevocable and shall be held in trust for the exclusive benefit of retirees and their beneficiaries in accordance with the terms of the plans or programs providing other post-employment benefits, except that funds governed by the trust may be withdrawn for other purposes only when the state's liability owed to former officers or employees for other post-employment benefits has been satisfied or otherwise eliminated pursuant to subparagraph (d)(2). The assets of any trust created pursuant to this paragraph shall be exempt from taxation and execution, attachment, garnishment, or any other process. No public officer, employee, or agency shall divert, use, or authorize the use of such funds for any purpose other than as provided in law for other post-employment benefits covered by the trust and administrative expenses.

(c) The state treasurer shall have the full power to invest, reinvest, and manage the assets of the trust. The state treasurer shall invest the assets of the trust with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. The state treasurer shall also diversify such investments so as to minimize the risk of large losses unless under the circumstances it is clearly prudent not to do so. The state treasurer may engage a trust administrator, investment consultants, or other qualified professionals to assist with management and investment of the funds of the trust and may pay for these services out of the funds of the trust.

(d) The state treasurer may withdraw money from the funds of a trust created pursuant to this paragraph only:

(1) As needed to pay other post-employment benefits owed to former state officers and employees; or

(2) When all other post-employment benefits liability owed to former state officers or employees has been satisfied or otherwise deceased.

(e) The state treasurer shall complete and make available, not later than 120 days after the close of each fiscal year, an annual comprehensive financial report of the OPEB trust for the preceding fiscal year. The comprehensive financial report shall be prepared in a manner consistent with generally accepted accounting principals and shall be audited annually by a qualified independent auditor selected by the state treasurer.

(f) When the balance of any trust established under this paragraph reaches $10,000,000, the state treasurer shall transfer responsibility for administration of the trust to a board of trustees comprised of the state treasurer and 3 members of the public. The governor, the speaker of the house of representatives, and the senate president shall each appoint one trustee, who shall be a qualified person with substantial investment or financial experience, taking into account factors such as educational background, business experience, and professional licensure and designations. The trustees shall serve 3-year terms and until a successor is appointed and qualified, except that the initial appointment by the governor shall be for a term of one year, the initial appointment by the speaker of the house of representatives shall be for a term of 2 years, and the initial appointment by the senate president shall be for a term of 3 years. No trustee, other than the state treasurer, may serve more than 3 full terms.

I. The definitions in RSA 6:12 shall apply to this section.

II. All moneys received or held by the state treasurer pursuant to this section shall be kept separate from any other funds and accounts and shall be administered in accordance with the terms and conditions of the referenced account:

(a) The financial responsibility account of the department of safety.

(b) The road toll bonds account of the department of safety.

(c) [Repealed.]

(d) The special fund for second injuries account of the department of labor.

(e) [Repealed.]

(f) [Repealed.]

(g) The unclaimed and abandoned property account of the state treasurer.

(h) [Repealed.]

(i) The veterans' home members administrative account of the New Hampshire veterans' home.

(j) [Repealed.]

(k) [Repealed.]

(l) [Repealed.]

(m) [Repealed.]

(n) The private postsecondary career school deposit accounts pursuant to RSA 188-G:3, IV(b).

(o) The yellow transportation escrow account of the department of labor.

(p) The crown paper workers compensation escrow account of the department of labor.

(q) The electric assistance program fund established in RSA 6:12-b.

The definitions established in RSA 6:12 shall apply to this section. The administrator of each fund, account, or trust listed in RSA 6:12, RSA 6:12-b, RSA 6:12-c, and RSA 6:12-d shall complete and file an annual report with the commissioner of administrative services on or before October 15 of each fiscal year, covering the most recently ended fiscal year. The commissioner of administrative services shall compile these reports into a document known as the annual compilation of dedicated funds report on or before November 15 of each year and forward it to the governor, the president of the senate, the speaker of the house of representatives, the legislative budget assistant, and the relevant legislative policy committees of the house and senate as indicated on said reports by the administrator of each fund, account, or trust. The compilation shall be made available in a searchable electronic format and an extractable modified version shall be available for sorting. Each annual report shall be retained in the office of the state comptroller and made available as requested, and shall include, but not be limited to:

I. A description of the activities the fund, account, or trust is required or intended to carry out, and an identification of all revenue sources available to said fund, account, or trust.

II. The actual amount of revenue deposited into the fund, account, or trust, the actual amount expended from said fund, account, or trust, and the actual amount of transfers into or out of said fund, account or trust, during the prior 4 fiscal years if said data is available in a suitable format for each of those years.

III. The balance of the fund, account, or trust at the close of the prior 4 fiscal years if said data is available in a suitable format for each of those years.

IV. The amount of funds for each fund, account, or trust which has been expended for or diverted to a purpose other than the original purpose of the fund, account, or trust.

I. The definitions in RSA 6:12 shall apply to this section. Any dedicated fund, account, or trust that is to be maintained separately from the general fund shall be included in RSA 6:12, RSA 6:12-b, RSA 6:12-c, or RSA 6:12-d.

II. The department to which such a dedicated fund, account, or trust is assigned in the enabling statute shall be responsible for:

(a) Submitting a request to the department of administrative services to open an account in the state's financial records, indicating that the assigned department has been assigned such a dedicated fund, account, or trust in an enabling statute; and

(b) Submitting a request to the state treasurer to open and separately manage a new trust, permanent or endowment fund, pursuant to RSA 6:12-c, or a new custodial or escrow account, pursuant to RSA 6:12-d.

III. By November 15, 2009, and each odd-numbered year thereafter, it shall be the responsibility of the commissioner of administrative services to submit a report of funds, accounts, or trusts identified by requests under subparagraph II(b) and not included in RSA 6:12, RSA 6:12-b, RSA 6:12-c, or RSA 6:12-d to the legislative budget assistant and the chairpersons of the ways and means committees of the senate and house of representatives for introduction in the next legislative session in order to include said funds, accounts, or trusts in RSA 6:12, RSA 6:12-b, RSA 6:12-c, or RSA 6:12-d.

Beginning October 1, 2009, and each October 1 thereafter, the commissioner of the department of safety shall provide an annual report relative to the utilization of funds deposited in the dedicated accounts identified in this section. The report shall be filed with the governor, the speaker of the house of representatives, the president of the senate, and the chairpersons of the standing committees of the house and senate responsible for criminal justice, ways and means, transportation, and finance issues. The commissioner shall file an annual report that includes the information specified for the following:

I. The New Hampshire nuclear planning and response fund, established in RSA 107-B:5 and identified in RSA 6:12, I(b)(4), the report for which shall include:

(a) A list of activities funded.

(b) A list of fund recipients.

(c) The amount of funds distributed under subparagraphs (a) and (b).

(d) The source of funds.

II. The motorcycle rider safety fund, established in RSA 263:34-e and identified in RSA 6:12, I(b)(26), the report for which shall include:

(a) A list of activities funded.

(b) The number of participants in each activity.

(c) A statistical analysis of motorcycle fatality and accident rates over the last 10 years.

(d) A list of fund recipients.

(e) The amount of funds distributed under subparagraphs (a) and (d).

(f) The source of funds.

III. The enhanced 911 system fund, established in RSA 106-H:9 and identified in RSA 6:12, I(b)(40), the report for which shall include:

(a) A list of activities funded.

(b) A list of fund recipients.

(c) The amount of funds distributed under subparagraphs (a) and (b).

(d) The source of funds.

IV. The navigation safety fund, established in RSA 270-E:6-a and identified in RSA 6:12, I(b)(58), the report for which shall include:

(a) A list of activities funded.

(b) A list of fund recipients.

(c) The amount of funds distributed under subparagraphs (a) and (b).

(d) The source of funds.

There is hereby established in the office of the treasurer a fund to be known as the community college system debt service fund, which shall be accounted for separately from other funds. All moneys credited to the fund from payments made to the treasurer by the community college system shall be used exclusively for repayment of principal and interest on bonds issued by the treasurer, the proceeds of which fund the construction or renovation of capital projects undertaken by the community college system of New Hampshire self-supporting campus facilities. The moneys in the fund shall be nonlapsing and continually appropriated to the treasurer.

I. A joint committee on dedicated funds is hereby established to review the finances and purpose of all dedicated funds on a rotating basis every 5 years and recommend continuance, amendment, or repeal of relevant provisions. The joint committee shall be composed of 3 members of the house of representatives appointed by the speaker of the house of representatives, 2 from the ways and means committee and one from the finance committee, and 2 members of the senate appointed by the senate president, at least one of whom shall come from the ways and means committee. The speaker of the house of representatives also shall appoint 2 alternate members to the committee and the senate president shall appoint one alternate member. The first meeting shall be within 60 days after the effective date of this paragraph and called by the first-named house member.

II. The joint committee shall file reports with recommendations for legislation to modify or repeal certain funds and to add newly discovered dedicated funds to RSA 6:12, I, on or before November 1 of each year, with the speaker of the house, the senate president, the governor, and the commissioner of revenue administration. Reports required by this section shall be made available to the general public on the general court's website.

I. Every 5 years, the agency responsible for administration of a fund or account listed in RSA 6:12 shall prepare a report that:

(a) In addition to the information contained in the report submitted under RSA 6:12-e, identifies all fund or account expenditures during the prior 4 fiscal years by accounting unit; and

(b) Demonstrates the continued need for the fund or account.

II. The report shall be submitted on or before August 15 of the reporting year to the ways and means committee in the house and senate, the finance committee in the house and senate, the joint committee on dedicated funds, the relevant policy committees in the house and senate, and the legislative budget assistant.

III. If the joint committee on dedicated funds, in consultation with the relevant policy committee, determines that the fund or account no longer serves the statutory purpose for which it was created, or that the purpose has become obsolete, the joint committee shall submit legislation to repeal, merge, or modify the fund or account in the next legislative session.

IV. The joint committee shall also annually request information of the department of administrative services as to dedicated funds which are not yet listed in RSA 6:12, I and submit legislation to add them to this list.

V. The reporting year for each agency responsible for a dedicated fund shall be as follows:

(a) Year 1, beginning November 1, 2016, and every 5 years thereafter:

(1) The department of safety.

(2) The police standards and training council.

(3) The department of employment security.

(4) The department of business and economic affairs.

(5) The department of state.

(b) Year 2, beginning November 1, 2017, and every 5 years thereafter:

(1) The department of environmental services.

(2) The department of justice.

(3) The lottery commission, including the racing and charitable gaming division.

(4) The judicial branch.

(c) Year 3, beginning November 1, 2018, and every 5 years thereafter:

(1) The department of agriculture, markets, and food.

(2) The labor department.

(3) The department of corrections.

(4) Pease development authority.

(5) The department of military affairs and veterans services.

(6) The state treasurer.

(7) The insurance department.

(8) The department of transportation.

(d) Year 4, beginning November 1, 2019, and every 5 years thereafter:

(1) The department of natural and cultural resources.

(2) The department of education.

(3) The banking department.

(4) The department of energy, including the administratively attached public utilities commission.

(5) The department of revenue administration.

(6) The department of information technology.

(7) The judicial council.

(8) [Repealed.]

(9) The New Hampshire veterans' home.

(10) The office of professional licensure and certification.

(e) Year 5, beginning November 1, 2020, and every 5 years thereafter:

(1) The department of administrative services.

(2) The general court.

(3) The department of health and human services.

(4) The fish and game department.

VI. The joint committee on dedicated funds may submit legislation at any time after the first review to exempt a fund or account from this section which receives adequate and periodic review elsewhere.

VII. This section shall not apply to trusts as defined in RSA 6:12, III(f).

I. The following are exempted from the reporting and review requirements of RSA 6-12:e and RSA 6:12-j:

(a) RSA 6:12, I, (b)(1), relative to moneys received by the state lottery commission, which shall be credited to the sweepstakes special fund.

(b) RSA 6:12, I, (b)(2), relative to moneys received by the fish and game department, which shall be credited to the fish and game fund.

(c) RSA 6:12, I, (b)(3), relative to fines received for violations of RSA 214:12 and any monetary damages recovered pursuant to RSA 211:74, which shall be credited to the fish and game fund.

(d) RSA 6:12, I, (b)(65), relative to money received under RSA 77-A, RSA 77-E, RSA 78, RSA 78-A, RSA 78-B, RSA 83-F, RSA 284:44 and RSA 284:47, and from the sweepstakes fund, which shall be credited to the education trust fund under RSA 198:39.

(e) RSA 6:12, I, (b)(135), relative to moneys deposited in the university system of New Hampshire fund under RSA 187-A:7.

(f) RSA 6:12, I, (b)(166), relative to moneys deposited in the member annuity savings fund and the state annuity accumulation fund under RSA 100-A:16.

(g) RSA 6:12, I, (b)(193), relative to moneys deposited in the highway surplus account under RSA 228:11.

(h) RSA 6:12, I, (b)(285), relative to moneys deposited in the liquor commission fund established in RSA 176:16.

(i) RSA 6:12, I, (b)(356), relative to moneys deposited in the community development fund for New Hampshire established in RSA 162-L:4-a.

I. When it is anticipated that there will not be sufficient general funds in the treasury for the payment of obligations, the treasurer, under the direction of the governor and council, is authorized to borrow on the state's credit such sums as may be necessary, not to exceed the amount authorized by the governor and council, provided that at no time shall the indebtedness of the state, pursuant to the authority granted by this section exceed the sum of $200,000,000.

II. Unless otherwise provided by the governor and council, the treasurer shall have the authority to borrow at one time, or from time to time, up to the aggregate amount authorized by the governor and council under this section, and to determine the amounts, dates, maturities, and other details of each borrowing.

III. The treasurer, when authorized by the governor and council, may enter into agreements with banks or other financial institutions, within or without the state, in the form of lines or letters of credit or other banking arrangements in connection with any indebtedness incurred under this section or RSA 6-A:4. The agreement may include covenants and provisions for protecting and enforcing the rights, security and remedies of the lenders as, in the discretion of the treasurer, may be reasonable and proper and not in violation of law. Notes issued under this section or RSA 6-A:4 shall bear interest at such rate or rates as the treasurer may deem proper, including rates variable from time to time as determined by any index, banker's loan rate or other method specified in any such agreement.

When it is anticipated that there will not be sufficient fish and game funds in the treasury for the payment of obligations, the treasurer under the direction of the governor and council is authorized to borrow on the state's credit for a period of not more than one year, at the lowest net interest cost to the state, such sums as may be necessary, provided that at no time shall the indebtedness of the state pursuant to the authority granted by this section exceed the sum of $500,000. The short term loans authorized hereunder shall be repaid from the fish and game fund.

When it is anticipated that there will not be sufficient highway funds in the treasury for the payment of obligations, the treasurer under the direction of the governor and council is authorized to borrow on the state's credit for a period of not more than one year, at the lowest net interest cost to the state, such sums as may be necessary, provided that at no time shall the indebtedness of the state pursuant to the authority granted by this section exceed the sum of $15,000,000. The short term loans authorized hereunder shall be repaid from highway income or from federal reimbursement for highway purposes.

I. The state treasurer, as may be requested from time to time by the commissioner of the department of transportation, is hereby authorized to borrow upon the credit of the state not exceeding the sum of $200,000,000 and shall issue general obligation or revenue bonds, or both, in the name and on behalf of the state of New Hampshire in accordance with the provisions of RSA 6-A, to provide funds for the widening of Interstate 93 from Salem, New Hampshire to Manchester, New Hampshire. In addition, authorization is hereby granted to enter into the federal credit program known as the Transportation Infrastructure Finance and Innovation Act (TIFIA), 23 U.S.C. sections 601-609, including appropriate covenants and conditions necessary to secure favorable credit terms, including, without limitation, a pledge of revenue collected from adjustments under RSA 260:32-a for rates that exceed $.18 per gallon, less required "Apportionment A" distributions under RSA 235:23, I, on said revenues and to be used for the purposes set forth in RSA 260:32-b, II(a), III(a), and IV(a).

II. Payment of principal and interest on the bonds issued under paragraph I shall be paid when due from the highway funds collected and appropriated in accordance with RSA 260:32-a for rates that exceed $.18 per gallon and expended in accordance with RSA 260:32-b.

I. The state treasurer, as may be requested from time to time by the commissioner of the department of environmental services, is hereby authorized to borrow upon the credit of the state such sums as may be authorized by law from time to time to be borrowed under this section and may issue general obligation bonds in the name and on behalf of the state of New Hampshire for such authorized purposes and amounts in accordance with the provisions of RSA 6-A. The state treasurer is hereby further authorized to borrow all or any portion of amounts authorized to be borrowed under this section either as a loan from banks or other financial institutions, within or without the state, selected by the state treasurer or under the federal program established under the Water Infrastructure Finance and Innovation Act, 33 U.S.C. chapter 52, as amended, and to enter into agreements containing appropriate covenants and conditions as the state treasurer determines to be necessary or desirable to secure favorable credit terms from said banks or other financial institutions or under said program.

II. Notwithstanding the provisions of RSA 6-A:2, the maturity date of bonds issued pursuant to this section shall be not later than 30 years from the date of issue, as determined by the state treasurer; provided, that in determining the amount of bonds maturing later than 20 years from the date of issue, the state treasurer shall take into account the expected useful life of the projects being financed, as identified by the commissioner of the department of environmental services.

III. Payment of principal and interest on the borrowing authorized under paragraph I shall be paid when due from general fund revenue; provided, however, that pursuant to RSA 485-H:6, I, any borrowing under paragraph I shall be paid at or prior to maturity from any available funds derived from lawsuits against the manufacturers of PFAS, after reimbursement to the department of justice for legal expenses related to the litigation and the transfer of funds to the revenue stabilization reserve account pursuant to RSA 7:6-e. This paragraph shall not apply to any funds from judgments or settlements received by the state resulting from lawsuits against manufacturers of PFAS for impacts to public drinking water systems.

IV. To the extent any borrowing under paragraph I cannot be immediately redeemed or prepaid when such funds are received by the state, the funds shall be held in a nonlapsing reserve to be established by the state treasurer for the future payment of the borrowing in accordance with its redemption or prepayment provisions.

The treasurer is authorized to issue registered bonds of $100 each, and multiples thereof, in exchange for coupon or other registered bonds of the state, respectively bearing the same rate of interest as the bonds received in exchange, and payable at the same time. If the payee of a registered bond duly assigns it to another party, it shall be the duty of the treasurer or a designated agent engaged under RSA 6:8-b to issue to the assignee thereof a new bond as aforesaid, upon request and surrender of the old bond thus assigned. The bonds so issued shall be signed by the treasurer, countersigned by the governor, and attested, under the seal of the state, by the secretary, subject to the provisions of RSA 93-A; provided, that if a transfer agent or similar agent is engaged under RSA 6:8-b, the bonds may be executed with the facsimile signatures of the treasurer, the governor and the secretary and the manual signature of a duly authorized officer of said agent. The treasurer or designated agent shall keep a record of the new bonds, showing the serial number, date, and amount of each, and to whom and when payable.

The state treasurer shall make an annual report showing the details of receipts and disbursements, together with the aggregate amount of funded debt of the state. It shall also show the details of receipts and disbursements of all trust funds and/or funds held by the treasurer as custodian. It shall contain a particular statement of all transactions affecting the funds belonging to or held in trust by the state, including new investments of any portion of the same made during the preceding year.

I. The state treasurer is hereby relieved of all duties in respect to the keeping of records and accounts and of rendering reports except such as are necessary to account for all moneys received, held in custody, invested, and disbursed by the office of the treasurer, or by depositories of public funds acting as fiscal agents of the state.

II. Other provisions of law notwithstanding, the state treasurer is hereby relieved of maintaining any accounts by appropriation or division code and shall only maintain on the state's centralized financial system the fund to which the money belongs.

When endorsing the state's guarantee on any bond or note issued by any political subdivision of the state, the state treasurer may cause such guarantee to be executed with an engraved or printed facsimile of the treasurer's signature in lieu of a signature. Such facsimile shall have the same effect as the manual signature of the state treasurer.

Upon the death, resignation, or removal of the treasurer, the governor, with the advice of the council, shall appoint some suitable person as commissioner, to take charge of the money, books, electronic records, and papers in the office, and to perform all the duties of treasurer until a treasurer is elected and qualified. Before entering upon the discharge of the duties of the treasurer, the commissioner shall give bond as provided for the treasurer in RSA 6:3.

I. The state treasurer shall appoint 2 deputies who shall hold office while the treasurer remains in office unless sooner removed. The treasurer may remove either deputy at pleasure, and the governor and council may remove either of the deputies for cause as they may remove the treasurer. A commissioner shall appoint deputies to hold office in like manner.

II. The treasurer shall designate one deputy as chief deputy who shall perform such duties as may be assigned by the treasurer. During the absence or disability of the treasurer, the chief deputy shall perform all duties of the office of treasurer. The other deputy shall perform such duties as may be assigned by the treasurer.

Before entering upon the duties of their offices, the deputy treasurers shall be sworn and shall be bonded in accordance with RSA 93-B in the amount of $40,000 each with sufficient sureties, conditioned on the faithful discharge of the duties of their offices. The bonds shall be filed and preserved in the office of the secretary of state.

The annual salary of the chief deputy state treasurer and deputy state treasurer shall be that prescribed by RSA 94:1-4 for deputy state treasurers.

The legislative budget assistant shall audit the accounts of the state treasurer as provided in RSA 14:31, II.

The state treasurer may appoint assistant state treasurers who shall hold office during good behavior. The governor and council may remove an assistant for cause as they may remove the treasurer.

Before entering upon the duties of the office, an assistant state treasurer shall be sworn and shall give bond to the state in the sum of $40,000, with sufficient sureties to be approved by the governor and council, conditioned on the faithful discharge of the duties of the office. The bond shall be filed and preserved in the office of the secretary of state.

Assistant state treasurers shall perform such duties as may be assigned to them by the state treasurer. During the absence or disability of the treasurer and deputy treasurer they shall perform all the duties of the office of state treasurer.

The annual salary of an assistant state treasurer shall be that established by RSA 94:1-a.

The 10-year limitation does not apply to leases for state facility energy cost reduction projects pursuant to RSA 21-I:19-a through RSA 21-I:19-e, which shall be subject to the term limitation applicable to energy performance contracts, as defined therein. The treasurer may establish financing criteria to be met by any state agency or department before entering into leases for equipment. In no instance shall the term of such lease exceed 10 years. For purposes of this section "leases" shall include lease-purchase, sale and lease back, installment sale, or other similar agreements entered into by various agencies or departments to acquire such equipment from time to time for the agencies or departments; provided that funding for such equipment leases was specifically approved by the legislature in a budget. Payment obligations under any lease entered into under this section shall be subject to annual appropriation and shall not be treated as debt obligations of the state. Nothing in this chapter shall prohibit the treasurer from entering into financing agreements or executing any related documents, including any document creating or confirming any security interest retained by the seller or lessor of the equipment.

Any information return for tax-exempt governmental obligations to be filed with the United States Internal Revenue Service, by or on behalf of the state or any state agency or department resulting from a lease entered into under RSA 6:35, shall first be submitted to the state treasurer for review and execution. This section shall not apply to any return filed for a state authority, political subdivision, or other separate body politic and corporate created by state law.

In this subdivision:

I. "Commission" means the New Hampshire college tuition savings plan advisory commission established in RSA 195-H.

II. "Eligible educational institution" means that which is defined in section 529 of the Internal Revenue Code, as amended.

III. "Trust fund" means the New Hampshire excellence in higher education endowment trust fund as established in this chapter.

[Paragraph I effective until July 1, 2027; see also paragraph effective July 1, 2027, set out below.]

I. There is hereby established in the office of the treasurer the New Hampshire excellence in higher education endowment trust fund which shall be kept distinct and separate from all other funds. During the biennium ending June 30, 2027, annual assessments less any annual administrative costs received from the New Hampshire college tuition savings plan established under RSA 195-H, and less $6,000,000 per year of gross proceeds from assessments collected, which shall be allocated to the general fund, shall be credited to the trust fund to provide scholarships for the benefit of residents of the state pursuing programs of study at eligible educational institutions within the state.

[Paragraph I effective July 1, 2027; see also paragraph effective until July 1, 2027, set out above.]

I. There is hereby established in the office of the treasurer the New Hampshire excellence in higher education endowment trust fund which shall be kept distinct and separate from all other funds. Annual assessments less any annual administrative costs received from the New Hampshire college tuition savings plan established under RSA 195-H shall be credited to the trust fund to provide scholarships for the benefit of residents of the state pursuing programs of study at eligible educational institutions within the state.

II. The state treasurer shall be the trustee of the trust fund established in this chapter, and shall invest the trust fund in accordance with RSA 6:8. Any earnings on trust fund moneys shall be added to the trust fund.

III. All moneys in the trust fund shall be nonlapsing and shall be continually appropriated to the commission for purposes of providing education scholarships under this subdivision.

I. The trust fund shall be administered by the New Hampshire college tuition savings plan advisory commission established in RSA 195-H:2.

II. The commission shall have the authority to institute promotional programs and to solicit and receive gifts or donations of any kind for the purpose of supporting educational scholarships within the trust fund. Notwithstanding any provision of law to the contrary, the commission may accept gifts to the trust fund including, but not limited to, cash gifts and real or personal property, without the approval of the governor and council.

III. All gifts, grants, and donations of any kind shall be credited to the trust fund.

IV. The commission may enter into agreements with existing departments or agencies, as it deems necessary, to administer the scholarship application, qualification, and award process.

V. No more than one percent of the total amount of scholarships awarded from the trust fund in any fiscal year shall be used for administrative expenses, except upon approval of the commission.

The commission shall adopt rules, pursuant to RSA 541-A, relative to:

I. Establishing minimum qualifications of scholarship applicants.

II. Instituting a scholarship application process, which includes but is not limited to requiring that all applicants complete a formal scholarship application on appropriate forms to be developed by the commission and time frames for the application process.

III. Procedures for awarding and disbursing scholarships.

IV. Procedures for determining the amount of funds available to provide annual scholarships through the trust fund.

V. Any other issue which the commission deems relevant to the implementation and administration of the scholarship program.

VI. Requiring disclosure regarding any scholarship funds, or portion thereof, which are or may be returned to the trust fund.

I. The commission shall determine all scholarship awards in a fair and equitable manner to eligible residents of this state who have satisfactorily met the minimum qualifications established by the commission. Scholarships shall be granted on the basis of merit and need.

II. All scholarships awarded by the commission under this subdivision shall be for the period of one academic year or equivalent and in specified amounts of not less than $100 per fiscal year within the limits established by the commission.

III. No scholarship shall be in excess of the tuition assessed to the student for the academic period in which the scholarship is received.

IV. No person to whom a scholarship is awarded shall be restricted as to the choice of institutions or programs within the state provided the institution selected by the student is an eligible educational institution. Scholarships may be used at public or private institutions by full-time or part-time students enrolled in undergraduate or graduate level programs.

By April 1 of each year, the commission shall determine the funding level available for scholarships for the next academic year and shall certify such amount to the state treasurer.

By November 1 of each year, the commission shall prepare a report regarding the status of the trust fund. Such report shall be submitted to the president of the senate, the speaker of the house, the governor, and the state library, and shall be posted to the state government Internet site.

I. All systems, authorities, and organizations established by the state which are not part of the executive, legislative, or judicial branches shall be considered component units of the state government. For the purpose of this section, the following shall be considered component units:

(a) Community college system of New Hampshire.

(b) Community development finance authority.

(c) Judicial retirement plan.

(d) Land and community heritage authority.

(e) Business finance authority.

(f) Health and educational facilities authority.

(g) Housing finance authority.

(h) Municipal bond bank.

(i) Pease development authority.

(j) Retirement system of New Hampshire.

(k) University system of New Hampshire.

II. All component units shall report to the state treasurer, in a manner determined by the treasurer, on a quarterly basis. These quarterly reports shall include interim financial information, performance metrics, and all relevant information on the component unit's activities. The state treasurer shall provide the governor, president of the senate, and speaker of the house of representatives the compiled quarterly reports on an ongoing basis.

I. The state treasurer shall, with the assistance of the advisory committee created under RSA 6:47, establish and operate a public deposit investment pool, for the purpose of investing funds of the state, and funds under the custody of governmental units, pooled risk management programs established pursuant to RSA 5-B, agencies, authorities, commissions, boards, political subdivisions and all other public units within or instrumentalities of the state.

II. The public deposit investment pool shall be operated under contract with a private investment advisor, approved by the state treasurer and advisory committee. The state treasurer and advisory committee shall evaluate investment advisors by requesting proposals from advisors and reviewing such proposals based on criteria established by the state treasurer and advisory committee, subject to a competitive bidding process. Such contract shall be submitted to the governor and executive council for final approval.

[Paragraph II-a repealed by 2024, 368:9 effective December 30, 2030.]

II-a. The investment advisor selected by the state treasurer and advisory committee shall strive to place funds ordinarily held by the public deposit investment pool in bank deposits with state or federally chartered banks that are eligible to accept deposits of public funds under RSA 6:8, I and 6:8, I-a.

[Paragraph II-b repealed by 2024, 368:9 effective December 30, 2030.]

II-b. The investment advisor selected by the state treasurer and advisory committee shall achieve and maintain the highest attainable rating for stable value local government investment pools. The credit rating is an indication of the ability to preserve principal as determined by a nationally recognized statistical ratings organization.

III. The state treasurer shall make available to prospective depositors detailed information on the public deposit investment pool, similar to that information generally contained in a securities prospectus. The state treasurer shall also ensure that periodic statements of accounts and reports on holdings are provided to pool participants relative to their proportionate share of the pool.

IV. The state treasurer shall cause an independent audit of the pool to be conducted on an annual basis. The auditor shall be selected by the advisory committee.

V. The state treasurer shall charge the public deposit investment pool any actual costs incurred by the department for the operation of the pool as well as any expenses of department personnel assisting in the operation of the pool. The private investment advisor retained under paragraph II shall be responsible for processing any invoice submitted for the actual costs incurred by the department and the expenses of department personnel under this paragraph.

The state treasurer may, with the approval of the advisory committee, adopt rules, pursuant to RSA 541-A, relative to:

I. Formulation of a disclosure policy and materials to be included in a prospectus and in periodic reports to participants, including:

(a) A written statement of policy and pool objectives;

(b) Investment objectives designed to meet the pool objectives;

(c) A description of eligible investment instruments;

(d) The credit standard of investment;

(e) Allowable maturity range of investments;

(f) The limits of portfolio concentration permitted for each type of security;

(g) Safekeeping practices and disclosure of percentage of funds that are collateralized;

(h) Definition of pool participant eligibility;

(i) Disclosure of size of accounts, size of transactions and administrative costs;

(j) Disclosure of the amount of funds invested or deposited within the state of New Hampshire; and

(k) Instructions for establishing and utilizing accounts.

II. Investment and administrative policies, practices, and restrictions, including the frequency and method used for calculating valuation, yields, and earnings.

III. Requests for proposals from investment managers and criteria for reviewing such proposals.

I. There is established an advisory committee on the public deposit investment pool, consisting of the following members:

(a) The state treasurer.

(b) The commissioner of the department of revenue administration or designee.

(c) Two members appointed by the New Hampshire Government Finance Officers Association.

(d) Two members appointed by the New Hampshire Bankers Association.

(e) One county finance officer appointed by the New Hampshire Association of Counties.

(f) One city finance officer, appointed by the New Hampshire Municipal Association.

(g) One school district finance officer, appointed by the New Hampshire School Boards Association.

(h) One member appointed by the Municipal Managers Association of New Hampshire.

II. The advisory committee shall assist and advise the treasurer on the establishment and operation of the investment pool, including:

(a) Formulating the disclosure policy.

(b) Determining eligible investment vehicles.

(c) Establishing performance standards.

(d) Monitoring the outflow of funds from financial institutions.

(e) Determining compliance with written investment policies.

(f) Conducting periodic reviews of the public deposit investment pool.