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Board Description
The purpose of the Capital Equipment Reserve Fund is to provide a means of systematically replacing all capital equipment by annual appropriations to the fund as well as the financing of all or part of the cost of the reappraisal of real estate in the City of tax assessment purposes.
The Capital Reserve Fund was established in Nashua in 1968 under the provisions of Chapter 34 of the Revised Statutes Annotated of the State of New Hampshire. The purpose of the fund is to provide a means of systematically replacing all capital equipment by annual appropriations to this fund. In 1983 the purpose of this fund was amended to include the financing or all or part of the cost of the reappraisal of real estate in the City for tax assessment purposes. The members of the capital reserve fund committee consist of the mayor, the president of the board of aldermen, the finance officer, and two other members appointed by the mayor subject to the approval of the board of aldermen. The appointed members shall hold office for a period of two years. Each trustee shall hold office until his successor is appointed and qualified unless sooner removed. [NRO 5-123]
