This bill, HB 1066, amends existing laws concerning municipal lease agreements by introducing a new definition of "Lease" in RSA 32:3, which now encompasses lease-purchase and installment sales. It modifies public hearing procedures for lease agreements exceeding $100,000, requiring adherence to specific guidelines in RSA 33:7-f. Additionally, it clarifies that appropriations for these leases will not lapse until the completion of the financed project. The bill also establishes RSA 33:7-f, which outlines that leases up to $100,000 can be approved by a simple majority, while those above this threshold necessitate a public hearing and a 3/5 majority vote for approval.

Moreover, the bill classifies certain lease agreements as debt, impacting municipal borrowing limits and enhancing transparency in financial decisions. It removes provisions related to financing building or facility improvements through lease agreements, ensuring these improvements are excluded from the new lease definitions. The fiscal impact of the bill remains indeterminable for local revenues and expenditures, as the New Hampshire Municipal Association indicates that the new supermajority requirement may either raise the approval threshold for lease agreements or classify some leases as debt, leading to varying financial implications for municipalities over time. The act is set to take effect 60 days after passage.

Statutes affected:
Introduced: 32:3, 32:5, 32:7, 33:1, 33:2, 33:7-e
HB1066 text: 32:3, 32:5, 32:7, 33:1, 33:2, 33:7-e