HB 412-FN-A – AS INTRODUCED
2007 SESSION
06/09
HOUSE BILL 412-FN-A
AN ACT relative to a new bridge connecting Hampton and Seabrook and making an appropriation therefor.
SPONSORS: Rep. Stiles, Rock 15; Rep. M. Preston, Rock 14; Rep. Weare, Rock 14; Rep. McGuirk, Rock 15; Sen. Fuller Clark, Dist 24; Sen. Hassan, Dist 23
COMMITTEE: Public Works and Highways
This bill makes an appropriation for a bridge connecting Hampton and Seabrook.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
07-0026
06/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Seven
AN ACT relative to a new bridge connecting Hampton and Seabrook and making an appropriation therefor.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Appropriation. The sum of $8,000,000 is hereby appropriated to the department of transportation for the design and construction of a fixed span bridge over the Hampton River connecting Hampton and Seabrook and allowing for free traffic flow for both boats and vehicles. The first $100,000 of this sum shall be appropriated to pay for the design of the bridge. This $8,000,000 appropriation shall be a 20 percent share of the cost of the bridge. An 80 percent share shall be provided by the federal government.
2 Bonds Authorized. To provide funds for the appropriation made in section 1 of this act, the state treasurer is hereby authorized to borrow upon the credit of the state not exceeding the sum of $8,000,000 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 on the bonds and notes shall be made from the general fund of the state. The bonds shall be 20-year bonds.
3 Effective Date. The act shall take effect July 1, 2007.
LBAO
07-0026
1/17/07
HB 412-FN-A - FISCAL NOTE
AN ACT relative to a new bridge connecting Hampton and Seabrook and making an appropriation therefor.
FISCAL IMPACT:
The Treasury Department indicates this bill will increase state expenditures by $220,000 in FY 2008, $906,800 in FY 2009, $880,400 in FY 2010 and $854,000 in FY 2011. There is no fiscal impact on county and local expenditures or state, county and local revenues. This bill increases bonded indebtedness supported by the general fund by $8,000,000.
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 June 30, 2006 is $645 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 June 30, 2006 is $546 million. The estimated amount of net general obligation bonds authorized, but unissued, as of July 1, 2006 is $219.7 million.
The Treasury Department has assumed that one-half of the proposed bond authorization will be issued in FY 2008 and one-half in FY 2009. Current interest bond rates are fixed at 5.5% 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 2011, is displayed below:
FISCAL YEAR EXISTING DEBT ADDITIONAL
ENDING SERVICE DEBT SERVICE TOTAL
2007 $100,668,497 $0 $100,668,497
2008 $95,248,164 $220,000 $95,468,164
2009 $93,177,989 $906,800 $94,084,789
2010 $85,663,920 $880,400 $86,544,320
2011 $79,170,535 $854,000 $80,024,535
The $8,000,000 bonded appropriation in this bill represents 20% of the total project cost of $40,000,000, the balance which shall be provided by the federal government. The bill also states that the first $100,000 of the bonded appropriation shall be used to pay for the design of the bridge.