SB 206-FN-A - AS INTRODUCED
2015 SESSION
\t15-0958
\t09/01
SENATE BILL\t\t206-FN-A
COMMITTEE:\tCapital Budget
\tThis bill makes a capital appropriation for a facility in Milford for a circuit court and a division of motor vehicles office.
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Explanation:\tMatter added to current law appears in bold italics.
\t\tMatter removed from current law appears [in brackets and struckthrough.]
\t\tMatter which is either (a) all new or (b) repealed and reenacted appears in regular type.
\t15-0958
\t09/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Fifteen
AN ACT\tmaking a capital appropriation for a facility in Milford for a circuit court and a division of motor vehicles office.
Be it Enacted by the Senate and House of Representatives in General Court convened:
\t1 Capital Appropriation; Milford Facility for Circuit Court and Division of Motor Vehicles Office. The sum of $3,700,000 is hereby appropriated to the judicial branch and the department of transportation – division of public works for construction, in accordance with the existing design plan, of a facility in Milford on currently state-owned land to be used for a circuit court and a division of motor vehicles office.
\t2 Bonds Authorized. To provide funds for the appropriation made in section 1 of this act, the state treasurer is hereby authorized to borrow upon the credit of the state not exceeding the sum of $3,700,000 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 as follows:
\t\tI. 2/3 shall be from the general fund. This amount shall be offset by savings in rental costs.
\t\tII. 1/3 shall be from the highway fund.
\t3 Effective Date. This act shall take effect July 1, 2015.
\t\t\t\t\t\t\t\t\t\t\tLBAO
\t\t\t\t\t\t\t\t\t\t\t15-0958
\t\t\t\t\t\t\t\t\t\t\tRevised 01/07/15
SB 206-FN-A - FISCAL NOTE
AN ACT\tmaking a capital appropriation for a facility in Milford for a circuit court and a division of motor vehicles office.
FISCAL IMPACT:
METHODOLOGY:
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, 2014 is $956 million. The amount of net general obligation bonded indebtedness (general improvement plus University System of New Hampshire bonds), as of June 30, 2014 is $693 million. The estimated amount of net general obligation bonds authorized, but unissued, as of June 30, 2014 is $229.5 million.
The Treasury has assumed that one-half the proposed bond authorization will be issued in FY 2016 and one-half in FY 2017. 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 2019, is displayed below (in thousands):
\t\t\t\t\t
\t\tFiscal\t\tExisting \t\tAdditional \t\tTotal\t\t\t\t\tYear\t\tDebt Obligation\tDebt Obligation\tDebt Obligation\t\t\t2016\t\t$88,245 \t\t $93\t\t\t$88,338
\t\t2017\t\t$87,445 \t\t $401\t\t\t$87,846
\t\t2018\t\t$85,976 \t\t $390\t\t\t$86,366
\t\t2019\t\t$83,732 \t\t $379\t\t\t$84,111