SB 160-FN-A-AS INTRODUCED
2003 SESSION
04/10
SENATE BILL 160-FN-A
AN ACT making a capital appropriation to continue construction of the vocational center in Nashua.
SPONSORS: Sen. O'Hearn, Dist 12; Sen. Foster, Dist 13; Rep. Mercer, Hills 59; Rep. McHugh, Hills 61; Rep. Balboni, Hills 59; Rep. Lasky, Hills 65; Rep. Konys, Hills 65
This bill makes a capital appropriation of $4,500,000 for the biennium ending June 30, 2005 to the department of education to implement phase II of the construction of the vocational center in Nashua.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
03-0687
04/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Three
AN ACT making a capital appropriation to continue construction of the vocational center in Nashua.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Capital Appropriation; Nashua Vocational Center Construction; Phase II. The sum of $4,500,000 for the biennium ending June 30, 2005 is hereby appropriated to the department of education to implement phase II of the construction of the vocational center in Nashua.
2 Bond Authorized. To provide funds for the appropriation of state funds made in section 1 of this act, the state treasurer is hereby authorized to borrow upon the credit of the state not exceeding the sum of $4,500,000 and for said purposes may issue bonds and notes in the names and on behalf of the state of New Hampshire in accordance with the provisions of RSA 6-A.
3 Effective Date. This act shall take effect July 1, 2003.
03-0687
1/14/03
SB 160-FN-A - FISCAL NOTE
AN ACT making a capital appropriation to continue construction of the vocational center in Nashua.
FISCAL IMPACT
The Treasury Department has determined that this bill will increase state general fund expenditures by $112,500 in FY 2004, by $488,250 in FY 2005, $474,750 in FY 2006 and by $461,250 in FY 2007. There is no fiscal impact on county and local expenditures or on state, county and local revenues. This bill increases general fund bonded indebtedness by $4,500,000.
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 fund 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 |
$112,500 |
$75,080,823 | |||
2005 |
$71,125,988 |
$488,250 |
$71,614,238 | |||
2006 |
$65,576,996 |
$474,750 |
$66,051,746 | |||
2007 |
$60,657,540 |
$461,250 |
$61,118,790 |