CHAPTER 69
HB 279-FN-A - FINAL VERSION
5jan00.....2051h
2000 SESSION
HOUSE BILL 279-FN-A
AN ACT relative to refinancing the cost and rehabilitation of the Cheshire Bridge.
SPONSORS: Rep. J. Phinizy, Sull 7; Rep. McGuirk, Ches 1; Rep. Cloutier, Sull 8; Rep. Wiggins, Sull 4; Rep. Tuthill, Sull 5; Sen. Disnard, Dist 8; Sen. Cohen, Dist 24
COMMITTEE: Public Works and Highways
This bill refinances the cost and rehabilitation of the Cheshire Bridge by abolishing the toll and authorizing bond payments from a special account established in the highway fund.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
5jan00.....2051h
99-0002
01/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand
AN ACT relative to refinancing the cost and rehabilitation of the Cheshire Bridge.
Be it Enacted by the Senate and House of Representatives in General Court convened:
69:1 Cheshire Bridge; Payment of Bonds From the Highway Fund Authorized. 1988, 251:3 as amended by 1991, 318:3 is repealed and reenacted to read as follows:
251:3 Payment. The payment of principal and interest of the bonds and notes issued for the purchase and rehabilitation of the Cheshire Bridge authorized in section 1 of this act shall be made from the highway fund of the state.
69:2 Elimination of Toll Booths; Lapse of Account. 1988, 251:4-a as inserted by 1991, 318:5 is repealed and reenacted to read as follows:
251:4-a Elimination of Toll Booths; Lapse of Account.
I. Upon the effective date of the amendment of this paragraph toll collection on the Cheshire Bridge shall cease.
II. All funds remaining from toll collections after the removal of the toll booths pursuant to paragraph I shall lapse into a special account set up for this purpose within the highway fund. The special account shall be used to pay debt service on the bonds and notes issued for the purchase and rehabilitation of the Cheshire Bridge. Any interest earned on such funds shall also be available to pay debt service on the bonds and notes issued for the purchase and rehabilitation of the Cheshire Bridge.
69:3 Effective Date. This act shall take effect July 1, 2001.
(Approved: April 21, 2000)
(Effective Date: July 1, 2001)
LBAO
99-0002
12/11/98
HB 279-FN-A - FISCAL NOTE
AN ACT relative to refinancing the cost and rehabilitation of the Cheshire Bridge.
FISCAL IMPACT:
The Department of Transportation and the Treasury Department indicate this bill will decrease state restricted revenues by $531,615 in FY 2000, $542,247 in FY 2001, $553,093 in FY 2002, and $564,154 in FY 2003. The Departments also state that expenditures will decrease by $81,975 in FY 2000, $84,434 in FY 2001, $87,465 in FY 2002, and $90,074 in FY 2003. There is no fiscal impact on county and local revenues or expenditures.
METHODOLOGY:
The Departments state this bill will eliminate tolls and annual operating expenses related to toll collections. The Departments assume the following:
· Cheshire Bridge tolls and toll collection expenses will be abolished on July 1, 1999;
· Toll revenue projections are based on historical results and an annual growth rate of 2%;
· Toll collection expenses are based on historical results and an annual inflation rate of 3%;
· Highway Fund expenditures will continue for payment of debt service and maintenance activities by the Department of Transportation, Bureau of Highway Maintenance, District #4 and Bureau of Bridge Maintenance;
· Accumulated retained earnings as of July 1, 1999 assumed to be $778,666, will be used to offset outstanding bonds to the extent possible to lower future debt service requirements; and
· The interest earnings rate is 4.75%.