HB 1459

AN ACT making an appropriation to the Alan B. Shepard discovery center.

SPONSORS: Rep. Gilmore, Straf 11; Rep. MacKay, Merr 24; Rep. P. Katsakiores, Rock 13; Rep. Zolla, Rock 13; Rep. Dowling, Rock 13; Sen. Fernald, Dist 11; Sen. O'Hearn, Dist 12

This bill makes an appropriation to the Christa McAuliffe planetarium commission for the construction of the Alan B. Shepard discovery center building. The bill also forgives the budget deficit of the planetarium.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

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

1 Purpose. The Alan B. Shepard Discovery Center is the official state memorial to a true national hero and New Hampshire native son. The general court recognizes that there is a continuing need to educate, entertain, and inspire the people of New Hampshire, young and old, in the sciences and humanities. The general court believes building the Alan Shephard Discovery center is and should be a partnership involving state, federal, and private resources.

2 Appropriation; Construction of the Alan B. Shepard Discovery Center Building. The sum of $4,900,000 is appropriated to the Christa McAuliffe planetarium commission for the construction of the Alan B. Shepard discovery center building. Of the total sum appropriated, $1,900,000 shall be from federal sources.

3 Bonds Authorized. To provide funds for the state funds appropriated in section 2 of this act, the state treasurer is hereby authorized to borrow upon the credit of the state a sum not to exceed $3,000,000 and for this 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. The payment of principal and interest on bonds and notes issued for such project shall be made when due from the general funds of the state.

4 Budget Deficit. Any budget deficit of the Christa McAuliffe planetarium incurred or carried forward, or both incurred and carried forward, through June 30, 2001, shall be hereby forgiven and not carried forward into fiscal year 2002.

The Treasury Department has determined that this bill will increase state general fund expenditures by $65,250 in FY 2004, by $307,800 in FY 2005, and by $302,400 in FY 2006. There will be no effect on county or local expenditures or on state, county and local revenues. This bill increases general fund bonded indebtedness by $3,000,000. ($4,900,000 project total less a $1,900,000 federal portion.)

The Legislative Budget Assistant states this bill will increase state general fund expenditures by $314,506 in FY 2003.

The Treasury Department has indicated that per the state's comprehensive annual report, the amount of all outstanding general obligation bonded indebtedness on behalf of and incurred by the state as of June 30, 2001 is $628,400,000. The amount of general fund bonds authorized, but unissued as of June 30, 2001 is $106,600,000.

The Treasury Department has assumed that the proposed bond authorization will be issued half in FY 2003 and half in FY 2004. Current Interest Bond rates are variable based on November 2001 rates and are 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 2006, is displayed below:

FISCAL YEAR ENDING	CURRENT DEBT SERVICE	PROPOSED ADDITIONAL DEBT SERVICE	TOTAL
2002	$68,642,000	$0	$68,642,000
2003	$74,963,000	$0	$74,963,000
2004	$73,925,000	$65,250	$73,990,250
2005	$69,296,000	$307,800	$69,603,800
2006	$63,577,000	$302,400	$63,879,400