Revision: Jan. 17, 2013, midnight
SB 39-FN-A – AS INTRODUCED
2013 SESSION
10/03
SENATE BILL 39-FN-A
AN ACT relative to funding of capital projects of the division of ports and harbors, Pease development authority.
SPONSORS: Sen. Stiles, Dist 24; Sen. Morse, Dist 22; Sen. Fuller Clark, Dist 21; Sen. Boutin, Dist 16; Sen. Watters, Dist 4; Rep. F. Rice, Rock 21; Rep. Cushing, Rock 21; Rep. Khan, Rock 20; Rep. Andrews-Ahearn, Rock 37; Rep. Borden, Rock 24
This bill changes the source of the payments of the bonds for certain projects of the division of ports and harbors, Pease development authority.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
13-0899
10/03
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Thirteen
AN ACT relative to funding of capital projects of the division of ports and harbors, Pease development authority.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Capital Budget; Pease Development Authority; Source of Funds. Amend 2011, 253:1, XVIII to read as follows:
XVIII. Pease Development Authority, Division of Ports and Harbors
A. Hampton and Seabrook Harbors Dredging $1,379,310
[Less Other Funds* (1,379,310)
Net state appropriation subparagraph A 0]
B. Hampton Harbor Marine Facility $1,500,000
[Less Other Funds* (1,500,000)
Net state appropriation subparagraph B 0]
Total state appropriation paragraph XVIII [0] $2,879,310
[* To provide funds for the appropriations made in subparagraphs XVIII, A and B, the state treasurer is hereby authorized to borrow upon the credit of the state not exceeding the sum of $2,879,310 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 fees relating to wharfage, dockage, and other marine terminal operations under RSA 12-G:42.]
2 Capital Budget; 2011 Total. Amend 2011, 253:1, total state appropriation section 1, as amended by 2012, 187:3, to read as follows:
Total state appropriation section 1 [$87,865,294] $90,744,604
3 Capital Budget 2011; Bonds Authorized; Totals Adjusted. Amend 2011, 253:5 as amended by 2013, 187:4, to read as follows:
253:5 Bonds Authorized. 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 [$97,278,481] $100,157,791 and for said purposes may issue bonds and notes in the 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 [$87,865,294] $90,744,604 and highway funds $9,423,187; with other funds [$78,387,482] $70,128,862.
4 Effective Date. This act shall take effect upon its passage.
LBAO
13-0899
01/17/13
SB 39-FN-A - FISCAL NOTE
AN ACT relative to funding of capital projects of the division or ports and harbors, Pease development authority.
FISCAL IMPACT:
The Treasury Department states this bill, as introduced, will increase state general fund expenditures and decrease state restricted expenditues by $71,983 in FY 2013, $312,405 in FY 2014, $303,767 in FY 2015, $295,129 in FY 2016, $286,491 in FY 2017. This bill will have no impact on state, county and local revenue, or county and local expenditures.
METHODOLOGY:
This bill changes the source of funds for payment of principal and interest for certain Pease Development Authority bonds. The State Treasury 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, 2012 is $960 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, 2012 is $685.3 million. The estimated amount of net general obligation bonds authorized, but unissued, as of November 30, 2012 is $132 million.
The Treasury Department has assumed that one-half the proposed bond authorization will be issued in FY 2014 and one-half in FY 2015. 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 2017, is displayed below (in thousands):
Fiscal Existing Additional Total Year Debt Obligation Debt Obligation Debt Obligation 2013 $88,534 $72 $88,606
2014 $82,319 $312 $82,631
2015 $78,366 $304 $78,670
2016 $76,646 $295 $76,941
2017 $75,844 $286 $76,130