SB475: relative to design of a climate-controlled storage facility for the New Hampshire state library.

SB 475-FN - AS INTRODUCED

2024 SESSION

24-2902

11/10

SENATE BILL 475-FN

AN ACT relative to design of a climate-controlled storage facility for the New Hampshire state library.

SPONSORS: Sen. Innis, Dist 7; Sen. Rosenwald, Dist 13; Sen. D'Allesandro, Dist 20; Rep. D. Paige, Carr. 1; Rep. Wolf, Merr. 7

COMMITTEE: Capital Budget

ANALYSIS

This bill makes a capital appropriation to the department of natural and cultural resources toward the design of a climate-controlled storage facility to properly preserve precious state materials stored within the New Hampshire state library.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

24-2902

11/10

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Twenty Four

AN ACT relative to design of a climate-controlled storage facility for the New Hampshire state library.

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

1 Appropriation; State Library.

I. There is hereby appropriated a sum not to exceed $1,000,000 to be deposited in the state historic sites fund under RSA 12-A:10-f for the design phase of a climate-controlled facility to protect the cultural resources currently contained at the state library.

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 $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.

III. Any unspent funds for design shall be allocated to the construction of the facility.

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

LBA

24-2902

12/1/23

SB 475-FN- FISCAL NOTE

AS INTRODUCED

AN ACT relative to design of a climate-controlled storage facility for the New Hampshire state library.

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

$0

$115,000

$111,700

Funding Source(s)

General Fund

Appropriations

$0

$1,000,000

$0

$0

Funding Source(s)

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 $1,000,000 to the New Hampshire Historic Sites Fund to design a climate controlled storage facility to protect and store the cultural resources currently contained in the State Library. If the design is less than the appropriation, any remaining balances shall be applied towards the construction of the new facility. The bill allows the State Treasurer to borrow on the credit of the State a sum not exceeding $1,000,000 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 $1,000,000 of principal and $522,500 of interest over the life of the bond. General fund expenditures would increase by $115,000 in FY 2026 and $111,700 in FY 2027.

AGENCIES CONTACTED:

Treasury Department