School bond and tax elections in New Hampshire

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School bonds
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School bond and tax elections in New Hampshire are not required in order to issue new bonds or to raise new taxes in relation to education in New Hampshire.

Laws affecting school finance

New Hampshire School Building Program

New Hampshire requires school districts to seek approval from the New Hampshire School Building Authority in order to issue new bonds or to seek any related state or federal funding for capital projects. The New Hampshire School Building Authority has a dedicated fund mandated under law. New Hampshire's government guarantees $95 million per a fiscal cycle to issue new bonds.[1]

The School Building Authority is a five person board that consists of the New Hampshire Treasurer, the New Hampshire Commissioner of Education, and three other individuals that are nominated by the Governor of New Hampshire. The School Building Authority has been in place since 1967.[2]

School districts that seek approval from the New Hampshire School Building Program are only guaranteed up to 75 percent of the total project costs as a state law mandates the seventy-five percent guarantee.[3] Despite guaranteed bonds from the state, school districts must demonstrate financial need along with proper financial management, this is done as the authority issues new bonds on a declining balance basis. The basis for the declining balance fund mandate is for school districts to prove to the state that they have paid off past financial obligations before being eligible for future assistance.[4]

School districts that have applications approved for new funding must have their applications reviewed against similar projects in other districts. This allows the Authority to determine how much funding is needed in respect to maintain the state mandated funding guarantee.[5]

New Hampshire excess education payment

New Hampshire mandates school districts if they take in too much property tax revenue than what is supposed to be collected, then the district must issue an excess payment credit to the state.[6]

See also

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References

  1. "New Hampshire General Court" New Hampshire School Bond law(Referenced Statute 195-C:2 New Hampshire Code)
  2. "New Hampshire General Court" New Hampshire School Bond law(Referenced Statute 195-C:1 New Hampshire Code)
  3. "New Hampshire General Court" New Hampshire School Bond law(Referenced Statute 195-C:3 New Hampshire Code)
  4. "New Hampshire General Court" New Hampshire School Bond law(Referenced Statute 195-C:4 New Hampshire Code)
  5. "New Hampshire General Court" New Hampshire School Bond law(Referenced Statute 195-C:1 (II) New Hampshire Code)
  6. "New Hampshire General Court" New Hampshire Education Law(Referenced Statute 198:46 New Hampshire Code)