New Hampshire Revised Statutes 481:8-a – Municipal Obligations
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Terms Used In New Hampshire Revised Statutes 481:8-a
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the department of environmental services. See New Hampshire Revised Statutes 481:2
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
The obligations of a political subdivision consisting of a municipality as defined in N.H. Rev. Stat. § 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 N.H. Rev. Stat. § 33:5-a or any other limitation upon its borrowing capacity.