- (a) Public funds shall be deposited in a depository institution, as defined in section 412:1-109, duly authorized to do business in the State, such as a bank, savings bank, savings and loan association, depository financial services loan company, credit union, intra-Pacific bank, or similar financial institution, the deposits or accounts of which are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration.
- (b) No expenditures of any public funds shall be made except by checks drawn on such checking account.
(c) Public funds shall be only used to:
- (1) Defray expenditures of the candidate or the candidate committee authorized by the candidate; and
- (2) Repay loans, the proceeds of which were used to defray expenditures.
- (d) Public funds shall not be transferred to another candidate for any election.
- (e) Unexpended public funds shall be returned to the commission by the deadline for filing the final report for the election for which the funds were received.
[L 2010, c 211, pt of §2]