CONCORD, N.H.—Gov. John Lynch has signed a law that authorizes New Hampshire to borrow the money needed to balance its budget.
Lynch signed a budget bill Tuesday that allows the state to borrow up to $40 million of school construction aid in 2008 and up to $40 million in 2009 if revenues drop below a certain point and the money is needed to ensure a balanced budget.
The law also will require the Pease Development Authority to repay about $10.5 million it has owed the state for many years and authorize the community college system to borrow $5.5 million to complete the sale of its Stratham campus and renovate its Pease campus.
The Legislature passed the bill in a special session last week as part of an effort to address the impact of the economic downturn.
