HB 96-FN-A – AS INTRODUCED
2007 SESSION
06/10
HOUSE BILL 96-FN-A
AN ACT relative to the replacement of the Neil Underwood bridge over the Hampton River and making a capital appropriation.
SPONSORS: Rep. Benjamin Moore, Rock 14; Rep. Stiles, Rock 15
COMMITTEE: Public Works and Highways
This bill makes a capital appropriation to fund the replacement of the Neil Underwood Bridge over the Hampton River.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
07-0008
06/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Seven
AN ACT relative to the replacement of the Neil Underwood bridge over the Hampton River and making a capital appropriation.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Hampton River Bridge. The bridge over the Hampton River known as the Neil Underwood Bridge shall be removed and replaced by a new bridge. The new bridge shall be of sufficient width to accommodate 2 northbound lanes of motor vehicle traffic and 2 southbound, sidewalks for pedestrian and bicycle traffic, and of sufficient height to eliminate the need for a draw.
2 Appropriation. The sum of $40,000,000 for the fiscal year ending June 30, 2008 is hereby appropriated to the department of transportation for funding the removal and replacement of the bridge over the Hampton River known as the Neil Underwood Bridge.
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 $40,000,000 and for said purpose may issue bonds and notes in the name of and in behalf of the state of New Hampshire in accordance with RSA 6-A. Except as provided in section 4 of this act, payments of principal and interest of the bonds and notes shall be made from the highway fund. The bonds shall be 20 year bonds. Such bonds shall contain an express guarantee, which shall be deemed a contract on the part of the state, that motor vehicle tolls shall be collected for use of the bridge by the department of transportation until the date of maturity of said bonds.
4 Tolls. The tolls collected by the department of transportation under section 3 shall be deposited with the state treasurer who shall keep the same in a separate account within the highway fund designated as the Neil Underwood bridge fund and the operating expenses and maintenance of said bridge shall be paid from these funds. The balance remaining after the payment of operating expenses and maintenance shall be applied to the payment of the interest and principal of the bonds authorized in section 3 of this act.
5 New Subparagraph; Application of Receipts; Neil Underwood Bridge Fund. Amend RSA 6:12, I(b) by inserting after subparagraph 252 the following new subparagraph:
(253) Moneys deposited in the Neil Underwood bridge fund.
6 Effective Date. This act shall take effect July 1, 2007.
LBAO
07-0008
12/28/06
HB 96-FN-A - FISCAL NOTE
AN ACT relative to the replacement of the Neil Underwood bridge over the Hampton River and making a capital appropriation.
FISCAL IMPACT:
The Treasury Department indicates this bill will increase state expenditures by $1,100,000 in FY 2008, $4,534,000 in FY 2009, $4,402,000 in FY 2010 and $4,270,000 in FY 2011. There is no fiscal impact on county and local expenditures or state, county and local revenues. This bill increases bonded indebtedness supported by the highway fund by $40,000,000.
METHODOLOGY:
The Treasury Department has indicated that the amount of total outstanding direct general obligation bonded indebtedness on behalf of and incurred by the state as of June 30, 2006 is $645 million (not including bond anticipation notes outstanding). The amount of net general obligation bonded indebtedness (general improvement plus University System of New Hampshire bonds), as of June 30, 2006 is $546 million. The estimated amount of net general obligation bonds authorized, but unissued, as of July 1, 2006 is $219.7 million.
The Treasury Department has assumed that one-half of the proposed bond authorization will be issued in FY 2008 and one-half in FY 2009. Current interest bond rates are fixed at 5.5% 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 direct general obligation bonded indebtedness, including the proposed authorization contained in this bill through FY 2011, is displayed below:
FISCAL YEAR EXISTING DEBT ADDITIONAL
ENDING SERVICE DEBT SERVICE TOTAL
2007 $100,668,497 $0 $100,668,497
2008 $95,248,164 $1,100,000 $96,348,164
2009 $93,177,989 $4,534,000 $97,711,989
2010 $85,663,920 $4,402,000 $90,065,920
2011 $79,170,535 $4,270,000 $83,440,535