Listing of all Trust Funds
TOWN OF NEW CASTLE CAPITAL RESERVE FUNDS (EXPENDABLE):
In Expendable Funds, both principal and interest may be spent. The Department of Justice TYPE classification for these funds is CAPITAL RESERVE.
1. Special Education Fund
a. Purpose: Meeting the unanticipated expenses of educating educationally disabled children
b. DOJ Purpose: Capital Reserve
c. Agent to Expend: School Board
d. Established: March 13, 2002 at New Castle School District meeting, Article 2
e. RSA: 35:1-b
2. Tuition Expendable Trust Fund
a. Purpose: Meeting the expenses of unbudgeted students
b. DOJ Purpose: Educational Purposes
c. Agent to Expend: School Board – Majority vote required
d. Established: March 14, 2017 at New Castle School District meeting Article 4 (replaces previous fund created March 9, 2005)
e. RSA: 198:20-c
3. (School) Grounds Expendable Trust
a. Given name: “Grounds Expendable Trust”
b. Purpose: Renovating, maintaining and performing professional studies to the Maude H. Trefethen School
c. DOJ Purpose: Maintenance & Repair
d. Agent to Expend: School Board, Majority Vote Required
e. Established: March 11, 2009 at New Castle School Board Meeting, Article 4
f. RSA: 35:1
4. Town Vehicle & Equipment Trust Fund
a. Purpose: This fund replaced Fire Truck Capital Reserve Fund
b. DOJ Purpose: Capital Reserve
c. Agent to Expend: Select Board
d. Established: May 14, 1996 at New Castle Town Meeting Article 18, and May 13, 1997 at New Castle Town Meeting Article X, and May 10, 2011 at New Castel Town Meeting, Article V
e. RSA: 35:1
5. Roads and Streets Capital Reserve Fund
a. Purpose: Maintain town roads and streets
b. DOJ Purpose: Maintenance & Repair
c. Agent to Expend: Select Board; Majority vote required
d. Established: May 10, 2016 at Town Meeting, Article XIV
e. RSA: 35:1
6. Government Buildings and Facilities Capital Reserve Fund
a. Purpose: Capital repairs, maintenance, and improvements of town buildings
b. DOJ Purpose: Capital Reserve
c. Agent to Expend: Select Board
d. Established: May 8, 2018 Town Meeting, Article XV, June 25, 2020 Town Meeting, Article VII
e. RSA: 35:1
7a. Sewer (funded by taxes)
a. Given name: Water and Sewer Dept. Depreciation Trust Fund, (designated in the Warrant for Sewer)
b. Purpose: Maintenance, repair and replacement of Sewer Department facilities
c. DOJ Purpose: Capital Reserve
d. Agent to Expend: Select Board, 2/3 vote required
e. Authorized: By the passage of Article IX, at the May 12, 2009 town meeting; replaced the Water and Sewer Department Depreciation Tust Fund
f. RSA: 35:1
7b. Water Department Expendable Trust Fund (funded by taxes)
a. Purpose: Maintenance, repair and replacement of Water Department facilities
b. DOJ Purpose: Capital Reserve
c. Agent to Expend: Select Board
d. Established: May 12, 2009, at Town Meeting, Article X
e. RSA: 31:19a
8a. Sewer Capital Reserve Fund (funded by rates)
a. Purpose: Established only from surplus sewer rentals (rates paid), and no part thereof shall be made from appropriations by the Town
b. DOJ Purpose: Capital Reserve
c. Agent to expend: Water and Sewer Commission
d. Established: January 9, 2019 at Water & Sewer Commission meeting
e. RSA: 35:7 and RSA 35:1 and RSA 35:15
8b. Water Capital Reserve Fund (funded by rates)
a. Purpose: Capital Reserve Fund to be established only from surplus water rentals (rates paid), and no part thereof shall be made from appropriations by the Town.
b. DOJ Purpose: Capital Reserve
c. Agent to expend: Water and Sewer Commission
d. Established: January 9, 2019 at Water & Sewer Commission meeting
e. RSA: 35:7 and RSA 35:1 and RSA 35:15
9. Municipal Transportation Improvement Fund
a. Purpose: Improvements in the local or regional transportation system
b. DOJ Purpose: Capital Reserve
c. Agent to Expend: Select Board
e. Established: May 14, 2019 at Town Meeting warrant article V
f. RSA: 261:153
TOWN OF NEW CASTLE TRUST FUNDS
The Dept. of Justice TYPE classification for these funds is TRUST
1. Sidewalk Trust Fund: This is a Trust Fund, funded with private funds only. It is Expendable.
a. Purpose: Installing new municipal sidewalks and to authorize the Select Board to accept gifts, legacies, devices, or grants, if any, which may be available to said purpose. No public funds are to be solicited, appropriated, or accepted.
b. DOJ Purpose: Discretionary Benefit of the Town
c. Agent to Expend: Select Board
d. Established: May 12, 2015 at Town Meeting
e. RSA: 31:19-a
2. Marchand Fund: This is a Trust created thru a Will
a. Given name: Andree Marchand Fund
b. Purpose: For the common good and welfare, to enhance and appreciate the public grounds of the Town, and, more specifically, that portion known as Great Island Common. Acquire by purchase seeds, flowering plants, shrubs, bushes and trees to be used only at the Great Island Common. No man-made construction authorized.
c. Non-expendable: Only income may be used for authorized expenditures. Any accrued income not expended for a period of three (3) years shall become principal.
d. Agent to Expend: Trustees of Trust Funds
e. Established: November 15, 1971 by Charles B. Cohen
3. Cemetery Maintenance - This is a Common Trust Fund
a. Purpose: Three categories of funds: Cemetery Perpetual care, Lot Purchase/Right to Inter, Rights to Inter with Maintenance and Capital improvements
b. Non-Expendable: Different rules for the three different categories
c. Agent to Expend: Cemetery Trustees
d. Established: February 27, 1900
e. RSA: Title XXVI, Cemeteries; Burials; Dead Bodies, Ch 289, Cemetery Trustees, Sec 289:9
4. Library
a. Purpose: Interest to be issued on a quarterly, semi-annual or annual basis for the purchase of books. Principal to be made available to Library Trustees with appropriate notice.
b. DOJ Purpose: Library
c. Agent to Expend: Library Trustees
d. Established: May 31,1996
e. RSA: Sec 202-a:3, Sec 202-a:22
5. Ocean Street Property Trust
a. Purpose: General Municipal Purposes as determined by the Select Board, each year $175,000 may be withdrawn from the trust subject to provisions set forth in Memorandum of
b.Nonexpendable: Select Board will certify that withdrawals are in compliance with Memorandum of gift as set forth by Ocean Street property donor.
c. Agent to Expend: Select Board
d. Established: October 2, 2023
e. RSA: 31:19