HB110: making a capital appropriation for the reconstruction and repair of the Monadnock Mill State Office Building in Claremont.

HB 110-A - AS INTRODUCED

2003 SESSION

03-0175

05/10

HOUSE BILL HB 110-A

AN ACT making a capital appropriation for the reconstruction and repair of the Monadnock Mill State Office Building in Claremont.

SPONSORS: Rep. Cloutier, Sull 22; Rep. Jones, Sull 19; Rep. S. Harris, Sull 22; Rep. Donovan, Sull 22; Sen. Odell, Dist 8; Sen. Below, Dist 5

COMMITTEE: Public Works and Highways

ANALYSIS

This bill makes a capital appropriation for the reconstruction and repair of the Monadnock Mill State Office Building in Claremont.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

03-0175

05/10

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Three

AN ACT making a capital appropriation for the reconstruction and repair of the Monadnock Mill State Office Building in Claremont.

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

1 Capital Appropriation; Reconstruction and Repair of the Monadnock Mill State Office Building. The sum of $500,000 is appropriated to the department of administrative services for the reconstruction and repair of the Monadnock Mill State Office Building in Claremont, New Hampshire. The department of transportation shall commit to a proposal from an experienced and qualified construction firm for the reconstruction and repair of the Monadnock Mill State Office Building.

2 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 $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.

3 Effective Date. This act shall take effect July 1, 2003.

LBAO

03-0175

12/13/02

HB 110-A - FISCAL NOTE

AN ACT making a capital appropriation for the reconstruction and repair of the Monadnock Mill State Office Building in Claremont.

FISCAL IMPACT

The Treasury Department has determined that this bill will increase state general fund expen-ditures by $12,500 in FY 2004, $54,250 in FY 2005, $52,750 in FY 2006 and $51,250 in FY 2007. There is no fiscal impact on county and local expenditures or on state, county and local revenues. This bill increases general fund bonded indebtedness by $500,000.

METHODOLOGY:

The Treasury Department has indicated that the amount of total projected outstanding direct general obligation bonded indebtedness on behalf of and incurred by the state as of December 31, 2002 is $561 million. The projected amount of net general obligation bonded indebtedness (general improvement plus University System of New Hampshire bonds), as of December 31, 2002 is $454 million. The amount of net general obligation bonds authorized, but unissued as of December 1, 2002 is $106,310,671.

The Treasury Department has assumed that one-half of the proposed bond authorization will be issued in FY 2004 and one-half in FY 2005. 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 general fund bonded indebtedness, including the proposed authorization contained in this bill through FY 2007, is displayed below:

FISCAL YEAR ENDING

DEBT

SERVICE

ADDITIONAL

DEBT SERVICE

TOTAL

2003

$74,091.322

$0

$74,091,322

2004

$74,968,323

$12,500

$74,980,823

2005

$71,125,988

$54,250

$71,180,238

2006

$65,576,996

$52,750

$65,629,746

2007

$60,657,540

$51,250

$60,708,790