Bill Text - SB324 (2012)

Relative to the use of funds generated by the Hampton Beach parking facilities.


Revision: May 22, 2012, midnight

SB 324-FN – AS AMENDED BY THE HOUSE

25Apr2012… 1678h

16May2012… 2111h

2012 SESSION

12-3012

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

COMMITTEE: Finance

AMENDED ANALYSIS

This bill revises the allocation of funds between the Hampton Beach parking meter fund and the Hampton Beach capital improvement fund. The bill also changes the funding for the Hampton Beach north seawall repair under the state capital budget.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.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

16May2012… 2111h

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 $200,000 shall be transferred from this fund to the Hampton Beach capital improvement fund established in paragraph IV.

2 Capital Budget; Resources and Economic Development; Hampton Beach Seawall. Amend 2011, 253:1, XII to read as follows:

XII. Department of Resources and Economic Development A. Fire Tower Maintenance $170,000

B. State Park Repairs* 1,500,000

C. Mt. Washington State Park-Sherman Adams Bldg. Concrete Repair 180,000

D. North Hampton State Beach Redevelopment 450,000

E. Hampton Beach North Seawall Repair** 1,000,000

Less Other Funds**** (500,000)

Net state appropriation subparagraph E 500,000

F. Cannon Upgrades/Snowmaking 500,000

Less Other Funds*** (500,000)

Net state appropriation subparagraph F 0

Total state appropriation paragraph XII [$3,300,000 ] $2,800,000

* No funds appropriated in subparagraph XII, B shall be used for the Nansen Wayside ski jump and officials tower.

** The appropriation made in subparagraph XII, E, may be used as matching money for eligible federal funds to build further sections of the Hampton Beach Seawall.

*** To provide funds for the appropriations made in subparagraph XII, F, the state treasurer is hereby authorized to borrow upon the credit of the state not exceeding the sum of $500,000 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 Cannon Mountain capital improvement fund established in RSA 12-A:29-c.

**** To provide funds for the appropriation made in subparagraph XII, E, the state treasurer is hereby authorized to borrow upon the credit of the state not exceeding the sum of $500,000 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 Hampton Beach parking meter fund under RSA 216:3, II.

3 Capital Budget; Total Adjusted. Amend 2011, 253:1, Total state appropriation section 1, to read as follows:

Total state appropriation section 1 [$88,365,294] $87,865,294

4 Capital Budget; Bonds Authorized. Amend 2011, 253:5 to read as follows:

253:5 Bonds Authorized.

[I.] To provide funds for the total of the appropriations of state funds made in sections 1 and 2 of this act, the state treasurer is hereby authorized to borrow upon the credit of the state not exceeding the sum of [$97,778,481] $97,278,481 and for said purposes may issue bonds and notes in the [names] name and on behalf of the state of New Hampshire in accordance with the provisions of RSA 6-A. The source of funds shall be as follows: general fund [$88,365,294] $87,865,294 and highway funds $9,423,187; with other funds [$77,887,482] $78,387,482.

5 Effective Date. This act shall take effect upon its passage.

LBAO

12-3012 Amended 05/22/12

SB 324 FISCAL NOTE

AN ACT relative to the use of funds generated by the Hampton Beach parking facilities.

FISCAL IMPACT:

      The Office of Legislative Budget Assistant states this bill, as amended by the House (Amendment #2012-2111h), will increase state restricted expenditures and decrease state general fund expenditures by an indeterminable amount in FY 2012 and each year thereafter. This bill will have no fiscal impact on state, county, and local revenue, or county and local expenditures.

METHODOLOGY:

    The Department of Resources and Economic Development state this bill will transfer $200,000 from the Hampton Beach 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 Office of Legislative Budget Assistant states this bill amends Chapter 253:1, XII, E (HB 25) relative to the capital appropriation for the Hampton Beach North Seawall Repair by changing the source of funds of said appropriation. The $1,000,000 capital appropriation will be funded using $500,000 from the Hampton Beach parking meter fund, and $500,000 from the state general fund. The capital appropriation was previously funded with 100% state general funds. Based on previous Treasury Department fiscal note responses, it is assumed that one-half the proposed bond authorization will be issued in FY 2012 and one-half in FY 2013. 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). As a result, it is estimated that state restricted expenditures will increase and state general fund expenditures will decrease by approximately $25,000 in FY 2012, $58,333 in FY 2013, $56,667 in FY 2014, $55,000 in FY 2015, and $53,333 in FY 2016. However, any fiscal impact is dependent upon the timing of the bond issuance which is unknown at this time.