HB 264-FN-A – AS INTRODUCED
2005 SESSION
10/04
HOUSE BILL 264-FN-A
AN ACT making a capital appropriation for the purchase of a boat storage and repair facility in the town of Belmont.
SPONSORS: Rep. Whalley, Belk 5; Rep. Thomas, Belk 5; Rep. Russell, Belk 6; Sen. Clegg, Dist 14; Sen. Johnson, Dist 2; Sen. Gallus, Dist 1
COMMITTEE: Public Works and Highways
This bill makes a bonded appropriation to the department of safety for the purchase of a boat storage and repair facility in the town of Belmont.
This bill is a request of the department of safety.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
05-0610
10/04
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Five
AN ACT making a capital appropriation for the purchase of a boat storage and repair facility in the town of Belmont.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Department of Safety; Capital Appropriation; Boat Facility in Belmont; Bonds Authorized.
I. There is hereby appropriated to the department of safety a sum not to exceed $870,000 for the purchase of land and buildings at 3 Higgins Drive in the town of Belmont identified as tax map 126, lot 11 for use as a boat storage, maintenance, and repair facility and office space.
II. To provide funds for the appropriation made in paragraph I, the state treasurer is hereby authorized to borrow upon the credit of the state not exceeding the sum of $870,000 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 navigation safety fund established in RSA 270-E:6-a. The bonds shall be 20-year bonds.
2 Effective Date. This act shall take effect July 1, 2005.
LBAO
05-0610
1/19/05
HB 264-FN-A - FISCAL NOTE
AN ACT making a capital appropriation for the purchase of a boat storage and repair facility in the town of Belmont.
FISCAL IMPACT:
The Treasury Department has determined that this bill will increase state restricted expenditures by $21,750 in FY 2006, $94,395 in FY 2007, $91,785 in FY 2008 and $89,175 in FY 2009. The Department of Safety states this bill will increase state restricted expenditures by $8,800 in FY 2006 and each year thereafter. There is no fiscal impact on county and local expenditures or state, county and local revenues. This bill increases bonded indebtedness supported by the navigation safety fund by $870,000.
METHODOLOGY:
The Treasury Department has indicated that the amount of total outstanding direct general obligation bonded indebtedness on behalf of and incurred by the state as of December 31, 2004 is $584 million (not including bond anticipation notes outstanding). The amount of net general obligation bonded indebtedness (general improvement plus University System of New Hampshire bonds), as of December 31, 2004 is $488 million. The estimated amount of net general obligation bonds authorized, but unissued, as of December 31, 2004 is $119.9 million.
The Treasury Department has assumed that one-half of the proposed bond authorization will be issued in FY 2006 and one-half in FY 2007. Current interest bond rates are fixed at 5% and amortized over 20 years (60% of the principal paid in the first ten years, 40% paid in the second 10 years). An estimated debt retirement schedule for all outstanding direct general obligation bonded indebtedness, including the proposed authorization contained in this bill through FY 2009, is displayed below:
FISCAL YEAR EXISTING DEBT ADDITIONAL
ENDING SERVICE DEBT SERVICE TOTAL
2005 $94,979,586 $0 $94,979,586
2006 $92,243,111 $21,750 $92,264,861
2007 $85,552,571 $94,395 $85,646,966
2008 $80,493,319 $91,785 $80,585,104
2009 $78,801,344 $89,175 $78,890,519
The Department of Safety states that in addition to debt service costs, the purchase of this facility will require operating costs, and therefore, increase state restricted expenditures (navigation safety fund) by $8,800 per year beginning in FY 2006. Operating costs were determined assuming heat, light and power costs at $300 per month, and janitorial and other expenses at $100 per week.