Section 485-A:51 - Replacement Fund EstablishedI. There is established a nonlapsing, revolving fund to provide capital for repair and replacement of major components of the water pollution control facilities administered under this subdivision which cannot be absorbed as regular budgetary items. The replacement fund is to be capitalized by contributions from the members served by the facilities based on each member's projected usage of the facilities.II. The fund shall be capitalized at an amount equal to 5 percent of the value of the equipment and other depreciable assets of the treatment facilities. The value of the equipment and other depreciable assets shall be computed every 5 years, beginning in 1990, and shall be based on current replacement costs.III. Each member's share of the total fund capital shall be contributed over a period of 10 years after the initial establishment of the fund and shall be paid as a yearly surcharge to the member's operating charges. Thereafter, each member's surcharge shall be prorated as membership and design changes require.IV. Once a member has fully funded its share of the replacement fund capital, the member shall make no further contributions until the fund is utilized for repair or replacement of a facility used by that member or the asset valuation increases such that the fund capitalization increases as established in paragraphs II and III. Following any expenditure from the fund, 50 percent of the expenditure shall be replenished by contributions from those members that utilize the facilities receiving funding based on each member's proportional usages of said facilities, and 50 percent of the expenditure shall be shared among all members using their respective percentage assessment for replacement fund contributions pursuant to paragraph III. The expenditures shall be reimbursed by the members over a 10-year period in addition to the members yearly contribution to the fund until the member's share of the fund is fully restored.V. If a repair or replacement cost exceeds the value of the fund established for that particular facility, the repair cost shall be paid out of the portion of the fund established for other facilities, however, reimbursement to the fund shall always be assessed back to members in accordance with the apportionment set forth in paragraph IV.VI. As new facilities, if any, are added to the system, additional assessments shall be made to the members benefiting from these facilities, prorated on the basis of projected use.VII. If a new member joins the system, the assessments shall be modified to reflect the new member's proportional benefit from the facilities, and excess prior payments made by other members, if any, shall be credited to their accounts.VIII. All contracts paid for using the fund shall be submitted to the governor and council for approval.IX. This nonlapsing, revolving special purpose fund is continually appropriated to be used by the department in accordance with this subdivision. All moneys shall be deposited with the state treasurer who shall keep this money in a separate fund, notwithstanding RSA 6:12. The state treasurer shall invest the moneys deposited with him as provided by law. Interest received on investments made by the state treasurer shall also be credited to the fund. All such interest shall be added to each member's share of the fund based on each member's contribution to it.Amended by 2022 , 193: 1, eff. 8/16/2022. 1989, 339:1. 1996, 228:106, eff. July 1, 1996.