§11-432 Use of public funds. (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]
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