HB1268: making a capital appropriation for air conditioning in the house of representatives chamber in the state house.

HB 1268-FN-A – AS INTRODUCED

2006 SESSION

06-2111

10/01

HOUSE BILL 1268-FN-A

AN ACT making a capital appropriation for air conditioning in the house of representatives chamber in the state house.

SPONSORS: Rep. Pepino, Hills 11

COMMITTEE: Public Works and Highways

ANALYSIS

This bill makes a bonded appropriation for installing a rooftop air conditioning system in the house of representatives chamber.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

06-2111

10/01

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Six

AN ACT making a capital appropriation for air conditioning in the house of representatives chamber in the state house.

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

1 Capital Appropriation; Air Conditioning System; State House.

I. The sum of $65,000 is hereby appropriated to the department of administrative services for the purposes of installing a rooftop air conditioning system for the house of representatives chamber in the state house.

II. To provide funds for the appropriation made in paragraph I, the state treasurer is hereby authorized to borrow upon the credit of the state not exceeding the sum of $65,000 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. Payment of principal and interest on the bonds and notes shall be made from the general fund.

2 Effective Date. This act shall take effect July 1, 2006.

LBAO

06-2111

10/31/05

HB 1268-FN-A - FISCAL NOTE

AN ACT making a capital appropriation for air conditioning in the house of representatives chamber in the state house.

FISCAL IMPACT:

The Treasury Department indicates this bill will increase state expenditures by $1,788 in FY 2007, $7,368 in FY 2008, $7,153 in FY 2009 and $6,939 in FY 2010. There is no fiscal impact on county and local expenditures or state, county and local revenues. This bill increases bonded indebtedness supported by the general fund by $65,000 in FY 2007.

METHODOLOGY:

The Treasury Department 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, 2005 is $634 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, 2005 is $533 million. The estimated amount of net general obligation bonds authorized, but unissued, as of July 1, 2005 is $303 million.

The Treasury Department has assumed that one-half of the proposed bond authorization will be issued in FY 2007 and one-half in FY 2008. Current interest bond rates are fixed at 5.5% 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 2010, is displayed below:

FISCAL YEAR EXISTING DEBT ADDITIONAL

ENDING SERVICE DEBT SERVICE TOTAL

2006 $99,742,746 $ 0 $99,742,746

2007 $92,879,746 $1,788 $92,881,534

2008 $87,639,414 $7,368 $87,646,782

2009 $85,749,238 $7,153 $85,756,391

2010 $78,415,170 $6,939 $78,422,109