Revision: April 27, 2012, midnight
SB 324-FN – AS AMENDED BY THE HOUSE
25Apr2012… 1678h
2012 SESSION
04/03
SENATE BILL 324-FN
AN ACT relative to the use of funds generated by the Hampton Beach parking facilities.
SPONSORS: Sen. Stiles, Dist 24; Rep. Waddell, Rock 15; Rep. Nevins, Rock 15; Rep. K. Sullivan, Rock 15
This bill revises the allocation of funds between the Hampton Beach parking meter fund and the Hampton Beach capital improvement fund.
This bill is a request of the department of resources and economic development.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
25Apr2012… 1678h
12-3012
04/03
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twelve
AN ACT relative to the use of funds generated by the Hampton Beach parking facilities.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Operation of Beach Parking Facilities. Amend RSA 216:3, II to read as follows:
II. The state treasurer shall establish a special nonlapsing fund, which shall only lapse pursuant to paragraph III, for the revenues from the state parking facilities at Hampton Beach. [Fifty percent of the payments for principal and interest of bonds and notes that are issued for the project of replacing the steel seawall with a concrete seawall in the Hampton Beach area shall be paid from this fund. If the revenues from the parking facilities at Hampton Beach exceed $1,025,000 for the fiscal year, all revenues in excess of $1,025,000 shall be transferred prior to the close of the fiscal year from this fund to the Hampton Beach capital improvement fund established in paragraph IV.] Each fiscal year, the sum of $350,000 shall be transferred from this fund to the Hampton Beach capital improvement fund established in paragraph IV. The remaining balance of the fund shall only be used to cover the reasonable costs of operating the seacoast area state parks to include appropriate levels of staffing to meet the service needs of seacoast area state parks.
2 Operation of Beach Parking Facilities. Amend RSA 216:3, IV(a) to read as follows:
(a) There is established a nonlapsing revolving fund to be known as the Hampton Beach capital improvement fund in the department of resources and economic development. The revolving fund shall be used for capital improvements and capital equipment for the Hampton Beach-area state parks' parking and beach facilities. Payments for principal and interest on bonds and notes issued for the purpose of replacing the steel seawall with a concrete seawall in the Hampton Beach area shall be paid from this fund.
3 Effective Date. This act shall take effect upon its passage.
LBAO
12-3012 Revised 02/02/12
SB 324 FISCAL NOTE
AN ACT relative to the use of funds generated by the Hampton Beach parking facilities.
FISCAL IMPACT:
The Department of Resources and Economic Development and Treasury Department state this bill has no fiscal impact on state, county and local expenditures and revenue.
METHODOLOGY:
The Department of Resources and Economic Development state this bill will transfer $350,000 from the parking meter fund to the capital improvement fund to be used for debt service and capital expenditures. The Departments states the remaining balance in the parking meter fund is to be used for operation of the seacoast area state parks. The Department states this will have no fiscal impact as it only reallocates revenues.
The Treasury Department states the proposed transfer of $350,000 between the Hampton Beach parking meter fund and the Hampton Beach capital improvement fund, to cover debt service and capital expenditures, will have no fiscal impact.