HB1655 (2006) Detail

Making rail system development a complement to the Interstate Route 93 highway expansion project.


HB 1655-FN-A – AS INTRODUCED

2006 SESSION

06-2921

06/04

HOUSE BILL 1655-FN-A

AN ACT making rail system development a complement to the Interstate Route 93 highway expansion project.

SPONSORS: Rep. G. Katsakiores, Rock 5; Rep. P. Cote, Hills 25; Rep. Nowe, Rock 9; Rep. John Flanders, Rock 8

COMMITTEE: Public Works and Highways

ANALYSIS

This bill requires the department of transportation to make the development, construction and implementation of a viable rail system a complement to the expansion of Interstate Route 93. This bill authorizes bonds for the rail system project and makes an assessment on tickets to repay the bonds.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

06-2921

06/04

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Six

AN ACT making rail system development a complement to the Interstate Route 93 highway expansion project.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 New Sections; Rail System. Amend RSA 228 by inserting after section 71 the following new sections:

228:71-a Rail System. The commissioner of transportation shall undertake the development, construction, and implementation of a rail system corridor to complement the project for widening Interstate Route 93. Development, construction, and implementation of a rail system shall comply with the rules, regulations, and administrative requirements of the Federal Transit Administration and shall comply with all laws relative to railroad development.

228:71-b Rail System Bond Assessment. The commissioner of transportation shall collect an amount to be decided from the purchase price of each ticket issued for use of the Interstate Route 93 rail system, which shall paid into the rail system fund established under RSA 228:68-a.

2 Appropriation. There is hereby appropriated to the commissioner of transportation for the purposes of section 1 of this act the sum of $109,000,000 to be expended for the development, construction, and implementation of a rail system corridor as a complement to the Interstate Route 93 widening project.

3 Bonds Authorized. To provide funds for the appropriation made in section 2 of this act, the state treasurer is hereby authorized to borrow upon the credit of the state not exceeding the sum of $109,000,000 and for said purpose may issue bonds and notes in the name of and on behalf of the state of New Hampshire in accordance with RSA 6-A. Payments of principal and interest of the bonds and notes shall be made from the rail system fund and any payments not covered by the rail system fund shall be made from the general funds of the state. The bonds shall be 20-year bonds.

4 New Section; Rail System Fund. Amend RSA 228 by inserting after section 68 the following new section:

228:68-a Rail System Fund Established. The state treasurer shall establish a non-lapsing special fund to be known as the rail system fund. He or she shall deposit in said fund proceeds, the amount to be decided, from the purchase price of each ticket issued for use of the Interstate Route 93 complementary rail system under RSA 228:71-a. The moneys in this account shall be used to offset payments of principal and interest on the bonds issued to develop, construct, and implement the rail system that is complementary to Interstate Route 93.

5 New Subparagraph; Special Fund; Rail System Fund. Amend RSA 6:12, I(b) by inserting after subparagraph (242) the following new subparagraph:

(243) Moneys credited to the rail system fund created under RSA 228:68-a.

6 Effective Date. This act shall take effect July 1, 2006.

LBAO

06-2921

12/7/05

HB 1655-FN-A - FISCAL NOTE

AN ACT making rail system development a complement to the Interstate Route 93 highway expansion project.

FISCAL IMPACT:

      The Department of Transportation indicates this bill will increase state restricted revenues and state expenditures by an indeterminable amount in fiscal years beyond FY 2010 and each year thereafter. There will be no fiscal impact on county and local revenue or expenditures. This bill increases bonded indebtedness supported by the rail system fund and general fund by $109,000,000.

METHODOLOGY:

    The Department of Transportation (DOT) states this bill requires DOT to make the development, construction and implementation of a viable rail system a complement to the expansion of Interstate Route 93 and authorizes $109,000,000 of bonds for the rail system project and makes an assessment on tickets to repay the bonds. DOT assumes that design and construction of the rail improvements would commence after completion of the I-93 widening, and therefore, there would be no fiscal impact until after FY 2010. DOT further states that revenue to pay for the debt service on these bonds will be provided by some portion of the purchase price of each ticket issued for the use of the I-93 complementary rail system. If the ticket revenue is not sufficient to pay the entire bond debt service, the general funds of the state will be used to make up the difference.