SB 137-A - AS INTRODUCED
2003 SESSION
06/09
SENATE BILL 137-A
AN ACT requiring the state to construct a non-toll bridge connecting the towns of Merrimack and Litchfield and making an appropriation therefor.
This bill requires the department of transportation to construct a non-toll bridge over the Merrimack River between the towns of Merrimack and Litchfield as part of the Nashua-Hudson circumferential highway project and makes a bonded appropriation for the project.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
03-1086
06/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Three
AN ACT requiring the state to construct a non-toll bridge connecting the towns of Merrimack and Litchfield and making an appropriation therefor.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Nashua-Hudson Circumferential Highway; Non-toll Bridge Between the Towns of Merrimack and Litchfield. The department of transportation shall construct a non-toll bridge over the Merrimack River between the towns of Merrimack and Litchfield as part of the Nashua-Hudson circumferential highway project.
2 Appropriation. There is hereby appropriated the sum of $24,000,000 to the department of transportation for the purposes of paying the construction costs of the bridge described in section 1 of this act.
3 Bonds Authorized. To provide funds for the appropriation made in section 2 of this act, the state treasurer is hereby authorized to borrow upon the credit of the state not exceeding the sum of $24,000,000 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 highway fund. The bonds shall be 20-year bonds.
4 Effective Date. This act shall take effect July 1, 2003.
LBAO
03-1086
1/23/03
SB 137-A - FISCAL NOTE
AN ACT requiring the state to construct a non-toll bridge connecting the towns of Merrimack and Litchfield and making an appropriation therefor.
FISCAL IMPACT
The Treasury Department has determined that this bill will increase state highway fund expenditures by $600,000 in FY 2004, by $2,604,000 in FY 2005, $2,532,000 in FY 2006 and, $2,460,000 in FY 2007. There is no fiscal impact on county and local expenditures or on state, county and local revenues. This bill increases highway fund bonded indebtedness by $24,000,000.
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 obligation 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 |
$600,000 |
$75,568,323 | |||
2005 |
$71,125,988 |
$2,604,000 |
$73,729,988 | |||
2006 |
$65,576,996 |
$2,532,000 |
$68,108,996 | |||
2007 |
$60,657,540 |
$2,460,000 |
$63,117,540 |