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Bill

HB 1495

allowing a reimbursement anticipation note to be used as collateral in certain circumstances.

2026 Regular Session Introduced by Dan Innis and 3 co-sponsors

HB 1495 permits New Hampshire municipalities to use reimbursement anticipation notes as collateral, potentially expanding local government borrowing flexibility while introducing financial complexity.

Signed by Governor Ayotte 06/12/2026; Chapter 133; eff. 06/12/2026
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Bill Summary · HB 1495

Legislative bill overview

HB 1495 permits reimbursement anticipation notes (RANs)—short-term debt instruments issued by municipalities in anticipation of future revenue—to be used as collateral for loans or other financial obligations. This expands the current uses of RANs beyond their traditional purpose of bridging temporary cash flow gaps between expenditures and revenue collection.

Why is this important

Municipalities use RANs to manage seasonal cash flow timing mismatches. Allowing them as collateral could provide towns with greater financial flexibility and access to credit, but it also introduces complexity into municipal finances and potentially increases risk exposure if not carefully managed. The bill affects how local governments structure their finances and borrowing practices.

Potential points of contention

  • Financial risk concern: Using RANs as collateral could create problematic layering of debt obligations, potentially destabilizing a municipality's finances if revenues don't materialize as expected
  • Creditor priority disputes: Allowing collateralization raises questions about which creditors have claims on municipal assets and could complicate bankruptcy or financial hardship scenarios
  • Regulatory oversight: The bill requires clear safeguards defining which entities can accept RANs as collateral and under what conditions, with unclear specifics in the legislative record

Compiled from official sources — confirm details with the bill’s official record.

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