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Heating pre-buy protection at risk over flood payments owed to some NH towns
“You want to hold our communities hostage,” Sanborn said. “This continues to show the state is not complying with its laws and not keeping its word.”
But Leishman reminded Sanborn that he and other senators voted for a budget that failed to fund the communities for two years.
Sanborn said $500,000 was not a compromise, but money due the towns in the compact that the House wants to use for something else.
The pre-buy bill allows heating fuel dealers to use inventories to meet current requirements that dealers have 75 percent of the pre-buy fuel covered through futures’ contracts, surety bond or letter of credit.
The bill gained momentum this winter when customers of Fred Fuller Oil and Propane Co. Inc. failed to meet scheduled deliveries of heating oil when promised or when tanks were low.
He said the real problem is how to secure pre-buy contracts. Despite the changes in the bill, “we’re still left with insufficient security with customers’ money,” he said. And he fears requiring dealers to register with the Secretary of State will give consumers a false sense of security.
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