NH lawmakers spare NH Public Deposit Investment Pool, urged by town leaders

CONCORD — The New Hampshire House on Thursday killed a bill opponents said would have killed the New Hampshire Public Deposit Investment Pool (PDIP).

“This is not a Republican bill. This is not a Democratic bill. This is a municipal bill, which will take money from the municipalities,” said Rep. Steven Bogert, R-Laconia, urging his fellow representatives to vote against the bill on the House floor.

Supporters of the bill said that PDIP dollars aren’t being used to help New Hampshire, and that this bill would encourage more of that money to be invested or deposited in New Hampshire banks.

But many town officials, including Todd Selig, the town administrator for Durham, opposed the bill in hearings, saying that this bill would effectively kill the PDIP, which they said is an important tool for smaller communities.

In the end, Selig and the towns won as the House sent SB 553 to interim study on a near unanimous voice vote.

This article originally appeared on Portsmouth Herald: NH lawmakers spare NH Public Deposit Investment Pool