SB476 (2024) Detail

Making a capital appropriation to the department of corrections toward the replacement of the New Hampshire state prison for men.


SB 476-FN - AS INTRODUCED

 

 

2024 SESSION

24-2908

11/10

 

SENATE BILL 476-FN

 

AN ACT making a capital appropriation to the department of corrections toward the replacement of the New Hampshire state prison for men.

 

SPONSORS: Sen. Gray, Dist 6; Sen. Ward, Dist 8; Sen. Watters, Dist 4; Sen. Bradley, Dist 3; Sen. Avard, Dist 12; Sen. Pearl, Dist 17; Sen. D'Allesandro, Dist 20; Sen. Innis, Dist 7; Sen. Rosenwald, Dist 13; Sen. Soucy, Dist 18; Sen. Ricciardi, Dist 9; Sen. Gendreau, Dist 1; Sen. Murphy, Dist 16; Sen. Carson, Dist 14; Sen. Fenton, Dist 10; Sen. Chandley, Dist 11; Rep. Wallace, Rock. 8; Rep. Horrigan, Straf. 10

 

COMMITTEE: Capital Budget

 

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ANALYSIS

 

This bill makes a bonded appropriation of funds for architectural, engineering, programming, and design and construction documents for the New Hampshire state prison for men.

 

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

24-2908

11/10

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Twenty Four

 

AN ACT making a capital appropriation to the department of corrections toward the replacement of the New Hampshire state prison for men.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

1  Replacement of the New Hampshire State Prison For Men; Appropriation and Bonds Authorized.  

I.  There is hereby appropriated $40,000,000 to be deposited in the New Hampshire state prison fund under 21-H:17 for architectural, engineering, programming, and design and construction documents for a replacement correctional facility of the New Hampshire state prison for men.

II.  To provide funds for the appropriation in paragraph I, the state treasurer is hereby authorized to borrow upon the credit of the state not exceeding the sum of $40,000,000 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.  

2  Effective Date.  This act shall take effect 30 days its passage.

 

LBA

24-2908

12/1/23

 

SB 476-FN- FISCAL NOTE

AS INTRODUCED

 

AN ACT relative to establishing bonding authority for and appropriation of funds for

 

FISCAL IMPACT:      [ X ] State              [    ] County               [    ] Local              [    ] None

 

 

Estimated State Impact - Increase / (Decrease)

 

FY 2024

FY 2025

FY 2026

FY 2027

Revenue

$0

$0

$0

$0

Revenue Fund(s)

None

 

Expenditures

$0

$4,600,000

$4,468,000

$4,336,000

Funding Source(s)

General Fund

 

Appropriations

$0

$40,000,000

$0

$0

Funding Source(s)

None

General Obligation Bond

Does this bill provide sufficient funding to cover estimated expenditures? [X] Yes

Does this bill authorize new positions to implement this bill? [X] No

 

METHODOLOGY:

This bill appropriates $40,000,000 to the New Hampshire State Prison Fund for the purpose of architectural, engineering, programming, and design and construction documents for a replacement facility of the men's state prison.  The bill allows the State Treasurer to borrow on the credit of the State a sum not exceeding $40,000,000 and issue bonds and notes.

 

To determine the potential increase in general fund expenditures the Treasury Department makes the following assumptions:

  • the bond would be issued in the Spring of 2025,
  • a fixed interest of 5.5%
  • amortization over 20 years with debt service payments structured to accommodate the first principal payment in the following fiscal year after the debt issuance
  • pay down 60% of bonded principal amount in first 10 years and the remaining 40% in the remaining 10 years.

Based on these assumptions, the Department has calculated the total cost to bond would be $40,000,000 of principal and $20,900,000 of interest over the life of the bond. General fund expenditures would increase by $4,600,000 in FY 2025, $4,468,000 in FY 2026 and $4,336,000

 

AGENCIES CONTACTED:

Treasury Department

 

Links


Date Body Type
Feb. 1, 2024 Senate Hearing
Feb. 15, 2024 Senate Floor Vote
March 21, 2024 Senate Floor Vote
April 9, 2024 House Hearing
April 17, 2024 House Exec Session

Bill Text Revisions

SB476 Revision: 40256 Date: Dec. 13, 2023, 11:24 a.m.

Docket


April 10, 2024: Executive Session: 04/17/2024 01:30 pm LOB 201


April 10, 2024: Full Committee Work Session: 04/17/2024 01:00 pm LOB 201


April 5, 2024: Public Hearing: 04/09/2024 10:00 am LOB 201


April 2, 2024: Introduced (in recess of) 03/28/2024 and referred to Public Works and Highways HJ 10


March 21, 2024: Ought to Pass: RC 19Y-4N, MA; OT3rdg; 03/21/2024; SJ 7


March 5, 2024: Committee Report: Ought to Pass, 03/21/2024, Vote 5-2; SC 11


Feb. 15, 2024: Ought to Pass: RC 23Y-0N, MA; Refer to Finance Rule 4-5; 02/15/2024; SJ 4


Feb. 2, 2024: Committee Report: Ought to Pass, 02/15/2024, Vote 4-1; SC 7


Jan. 24, 2024: Hearing: 02/01/2024, Room 103, SH, 10:15 am; SC 5


Dec. 13, 2023: To Be Introduced 01/03/2024 and Referred to Capital Budget; SJ 1