HB 469-FN-A-LOCAL – AS INTRODUCED
2009 SESSION
05/03
HOUSE BILL 469-FN-A-LOCAL
AN ACT relative to acquisition by the state of 2 parcels of land in Peterborough and making an appropriation therefor.
SPONSORS: Rep. Leishman, Hills 3; Rep. Hammond, Hills 3
COMMITTEE: Resources, Recreation and Development
This bill makes a bonded appropriation for the purchase of 2 parcels of land in Peterborough.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
09-0422
05/03
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Nine
AN ACT relative to acquisition by the state of 2 parcels of land in Peterborough and making an appropriation therefor.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Department of Resources and Economic Development; Authority to Purchase Property in Peterborough. The commissioner of the department of resources and economic development may, in the name of and on behalf of the state, purchase 2 parcels of property in the town of Peterborough, consisting of approximately 130 acres on Wilton Road, with map identification numbers R001-007-000 and R001-002-100. The department of resources and economic development shall manage the property but shall not be required to develop, operate, or maintain any recreational facilities on the property unless sufficient funding for such development, operation, or maintenance is provided.
2 Appropriation. The sum of $100,000, for the fiscal year ending June 30, 2010, is hereby appropriated to the department of resources and economic development for the purchase of land as provided in section 1 of this act. The remainder of the purchase price shall be comprised of funds from other sources, including grants from the federal government, the land and community heritage investment program, municipal appropriations, and private contributions.
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 $100,000 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 general fund of the state.
4 Release of Obligation. The state shall be released of its obligations under this act if the balance of funds from other sources described herein are not raised.
5 Effective Date. This act shall take effect upon its passage.
LBAO
09-0422
01/16/09
HB 469-FN-A-LOCAL - FISCAL NOTE
AN ACT relative to acquisition by the state of 2 parcels of land in Peterborough and making an appropriation therefor.
FISCAL IMPACT:
The Department of Resources and Economic Development and the Treasury Department state this bill increases state general fund expenditures by $2,750 in FY 2010, $11,500 in FY 2011, $11,170 in FY 2012, and $10,840 in FY 2013. This bill increases bonded indebtedness supported by the general fund by $100,000. There is no fiscal impact on state, county and local revenues or county and local expenditures.
METHODOLOGY:
The Department of Resources and Economic Development states this bill makes a bonded appropriation of $100,000 for the purchase of two parcels of land in Peterborough. The Department notes that in addition to the purchase price of the parcels of land they estimate approximately $15,500 in acquisition costs ($4,000 appraisal, $2,000 title work, $8,000 survey and $1,500 level 1 environmental review) required for the purchase. The $100,000 bonded appropriation in this bill represents a portion of the total project cost, the balance which shall be provided by grants from the federal government, the land and community heritage investment program, municipal appropriations and private contributions.
The State Treasury has indicated that the amount of total outstanding general obligation bonded indebtedness on behalf of and incurred by the state as of December 31, 2008 is $794 million. The estimated amount of general obligation bonds authorized, but unissued, as of December 31, 2008 is $150 million (including highway and various other self-supporting authorizations).
The State Treasury assumes that the proposed bond authorization will be issued in FY 2010. Current interest bond rates are assumed to be 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). Estimated debt service for all outstanding general obligation debt (including self-supported debt service paid for with sources other than general fund unrestricted revenues), including incremental debt service resulting from the proposed authorization contained in this bill through FY 2013, is displayed below:
LBAO
09-0422
01/16/09
FISCAL YEAR EXISTING DEBT ADDITIONAL
ENDING SERVICE DEBT SERVICE TOTAL
2009 $112,763,667 $ 0 $112,763,667
2010 $119,408,161 $ 2,750 $119,410,911
2011 $112,463,820 $11,500 $112,475,320
2012 $ 97,836,867 $11,170 $ 97,848,037
2013 $ 87,358,460 $10,840 $ 87,369,300
It is likely this bonded debt request will not impact the State’s debt ratios but must be considered in the context of all other new bonded debt authorizations.