Section 31-A:5 Time of Payment.
Payment of revenues returnable to the city and towns shall be made as follows:
I. In 1970, the state treasurer shall pay over to each city or town the amount due to it on December 15, 1970.
II. (a) If a city or town has adopted a fiscal year ending in June, the state treasurer in the year 1983 shall make payments in installments as follows: 1/4 on March 15; 1/4 on June 15; and 1/2 on December 15. There is hereby appropriated for such fiscal year a sum sufficient to make the payments provided for by this section. The governor is authorized to draw his warrant for the sums appropriated by this section out of any money in the treasury not otherwise appropriated.
(b) If a city or town adopted a fiscal year ending in June, the state treasurer in the year 1984 shall make payments in installments as follows: 1/4 on June 15; 1/4 on July 15; and 1/2 on December 15. There is hereby appropriated for such fiscal year a sum sufficient to make the payments provided for by this section. The governor is authorized to draw his warrant for the sums appropriated by this section out of any money in the treasury not otherwise appropriated.
(c) If a city or town has adopted a fiscal year ending in June, the state treasurer, starting with the year 1985 and each year thereafter, shall make payments in installments as follows: 1/2 on July 15; and 1/2 on December 15. There is hereby appropriated for each fiscal year a sum sufficient to make the payments provided for by this section. The governor is authorized to draw his warrant for the sums appropriated by this section out of any money in the treasury not otherwise appropriated.
(d)(1) Notwithstanding any other provision of law to the contrary, any city or town which has adopted a fiscal year ending in June is hereby authorized, at its option, to include as part of its revenue sharing distribution under this chapter for any fiscal year, ending on June 30, all or any part of the revenue sharing distribution installment due under this chapter on the July 15 next following the fiscal year in which the option is exercised, for tax rate setting purposes.
(2) The commissioner of revenue administration shall recognize said inclusion for purposes of his establishment and approval of the tax rate for such city or town, pursuant to RSA 21-J:3, XV, for each fiscal year such option is exercised.
(3) Any fiscal year city or town is authorized for each fiscal year in which it exercises such option to issue revenue anticipation notes in an amount not to exceed the amount of the July 15 payment and the maturity date of which shall not exceed 60 days from the receipt of the July 15 payment.
Source. 1970, 5:16. 1971, 8:1. 1981, 568:38, I. 1982, 42:60, 116, I. 1983, 469:24. 1985, 204:7.