RSA 481:8-a · Municipal Obligations

481:8-a Municipal Obligations. – The obligations of a political subdivision consisting of a municipality as defined in RSA 33:1 in a contract with the department under this chapter shall be binding on such municipality to the same extent as other debts lawfully contracted by it and said municipality shall annually appropriate a sum which together with any other funds available therefor shall be sufficient to pay such obligations; provided, however, no such obligation shall at any time be deemed indebtedness of such municipality for the purpose of ascertaining its borrowing capacity under the provisions of RSA 33:5-a or any other limitation upon its borrowing capacity. Source. 1965, 105:1. 1986, 202:6, I(k). 1996, 228:106, eff. July 1, 1996.

Copy link