HB197: making an appropriation to the harbor dredging and pier maintenance fund.

HB 197-FN-A - AS INTRODUCED

2003 SESSION

03-0390

03/01

HOUSE BILL 197-FN-A

AN ACT making an appropriation to the harbor dredging and pier maintenance fund.

SPONSORS: Rep. Weare, Rock 84; Rep. Dodge, Rock 80; Rep. O'Neil, Rock 85; Rep. McCann, Rock 84

COMMITTEE: Public Works and Highways

ANALYSIS

This bill appropriates $1,000,000 to the harbor dredging and pier maintenance fund for the dredging of Hampton Harbor and Seabrook Harbor.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

03-0390

03/01

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Three

AN ACT making an appropriation to the harbor dredging and pier maintenance fund.

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

1 Appropriation; Dredging of Hampton Harbor and Seabrook Harbor. The sum of $1,000,000 for the fiscal year ending June 30, 2004 is hereby appropriated to the harbor dredging and pier maintenance fund, established in RSA 12-G:46, for the dredging of Hampton Harbor and Seabrook Harbor. This appropriation is in addition to any other funds appropriated to the harbor dredging and pier maintenance fund.

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 $1,000,000 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. Payments of principal and interest of the bonds and notes shall be made from the general fund of the state.

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

LBAO

03-0390

12/23/02

HB 197-FN-A - FISCAL NOTE

AN ACT making an appropriation to the harbor dredging and pier maintenance fund.

FISCAL IMPACT

The Treasury Department has determined that this bill will increase state general fund expenditures by $25,000 in FY 2004, by $108,500 in FY 2005, $105,500 in FY 2006 and by $102,500 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 $1,000,000.

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

$25,000

$74,993,323

2005

$71,125,988

$108,500

$71,234,488

2006

$65,576,996

$105,500

$65,682,496

2007

$60,657,540

$102,500

$60,760,040