Revision: Jan. 31, 2013, midnight
SB 39-FN-A – AS AMENDED BY THE SENATE
01/31/13 0040s
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
01/31/13 0040s
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 Repeal. 2011, 253:1, XVIII, relative to the source of funding for the Pease development authority, division of ports and harbors, is repealed.
2 Capital Budget 2011; Bonds Authorized; Totals Adjusted. Amend 2011, 253:5 as amended by 2012, 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 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 and highway funds $9,423,187; with other funds [$78,387,482] $73,008,172.
3 Purpose Amended; 1991 Appropriation; Port Authority. Amend 1991, 351:5, as amended by 1992, 260:20, 1994, 204:1, 2000, 15:1, 2000, 292:10, 2003, 240:27, and 2004, 2:4 to read as follows:
351:5 Appropriation; Port Authority. The expansion of the Port of Portsmouth funded in this section shall include an expansion of the port, the construction of an up to 750-foot pier, dredging projects including associated mitigation to maintain channels and harbor, a hydrodynamic study of Hampton and Seabrook, renovation of any commercial fish piers that may be transferred to the port authority, and the rip-rap project on River Street in Seabrook. The sums hereinafter detailed are hereby appropriated for the project specified:
A. Port of Portsmouth Expansion $18,300,000
Total state appropriation section 5 $18,300,000
(The funds appropriated in subparagraph A for the Port of Portsmouth expansion shall not be expended, encumbered, or obligated in any way unless an action plan, which shall include construction documents, prepared by the New Hampshire Port Authority shall be approved by the capital budget overview committee, the fiscal committee, and the governor and council. $1,500,000 of the total amount appropriated herein is hereby released for the purpose of final design and bid documents. $1,800,000 of the total amount appropriated is designated for wetland mitigation. $400,000 of the total amount appropriated is designated for the Hampton-Seabrook hydrodynamic study. The remaining $14,600,000 is designated for construction, renovation, and dredging projects including associated mitigation. This appropriation shall be nonlapsing until the project is completed. The New Hampshire Port Authority shall not encumber, obligate, or expend any funds from this appropriation for renovation or dredging projects without the prior approval of the capital budget overview committee. The total amount that may be expended for renovation and dredging projects including associated mitigation shall not exceed a total of $1,000,000. In addition, for the biennium beginning July 1, 2003, the sum of $1,000,000 shall be expended for the dredging of Hampton – Seabrook harbor. In addition, for the biennium ending June 30, 2013, $1,379,310 of the total amount appropriated shall be expended for Hampton and Seabrook harbors dredging, and $1,500,000 of the total amount appropriated shall be expended for the Hampton harbor marine facility.)
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