HB 183-FN-A-LOCAL – AS AMENDED BY THE HOUSE
07Mar2007… 0299h
2007 SESSION
04/03
HOUSE BILL 183-FN-A-LOCAL
AN ACT relative to the acquisition of a certain tract of land in the towns of Peterborough, Sharon, and Temple as a state reservation, and making an appropriation therefor.
SPONSORS: Rep. Irwin, Hills 3; Rep. Foster, Hills 4; Rep. Bergin, Hills 6; Rep. Mitchell, Ches 7; Rep. Peterson, Hills 3; Sen. Bragdon, Dist 11; Sen. D’Allesandro, Dist 20; Sen. Odell, Dist 8; Sen. Gottesman, Dist 12; Sen. Kelly, Dist 10
COMMITTEE: Resources, Recreation and Development
This bill makes a bonded appropriation of $535,000 for the fiscal year ending June 30, 2007 to the department of resources and economic development for the purchase of the Temple Mountain tract located in the towns of Peterborough, Sharon, and Temple.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
07Mar2007… 0299h
07-0219
04/03
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Seven
AN ACT relative to the acquisition of a certain tract of land in the towns of Peterborough, Sharon, and Temple as a state reservation, and making an appropriation therefor.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Statement of Purpose. The purpose of this act is to make funds available to the department of resources and economic development, division of forests and lands, for the purchase of a certain tract of land known as the Temple Mountain tract located in the towns of Peterborough, Sharon, and Temple, New Hampshire. The tract totals approximately 352 acres and is the site of the former Temple Mountain Ski Area, one of the first downhill ski areas in the country. The tract abuts Miller State Park, New Hampshire’s first state park and among the most popular and heavily used parks. The general court finds that a capital appropriation of $535,000 is required for this acquisition. This represents 31 percent of the total project cost of $1,730,000, the balance of which shall be provided by grants from the federal government, the land and community heritage investment program, municipal appropriations, a bargain sale price from the landowner, and private contributions.
2 Authority.
I. The commissioner of the department of resources and economic development may, in the name of and on behalf of the state, purchase fee real estate in the towns of Peterborough, Sharon, and Temple, New Hampshire consisting of approximately 352 acres. The final sale price, including closing costs, shall not exceed $1,040,000 and shall be below fair market appraised value.
II. The purchased property shall be managed by the department of resources and economic development.
III. The department of resources and economic development shall not be required to develop, operate, or maintain any recreational facilities on the property unless funding for such development, operation, or maintenance is provided through state, federal, or municipal sources, private contributions, or other sources, nor shall the department be required to use any state park fund money for the purposes of development, operation, or maintenance of the Temple Mountain property.
IV. The department of resources and economic development shall not purchase the property unless it is subject to deed restrictions which prohibit the installation of telecommunications or similar towers and associated facilities on the property and which prohibit any off-road motorized vehicular recreational activities, including motorized recreational trail use.
3 Appropriation. The sum of $535,000 for the fiscal year ending June 30, 2007 is hereby appropriated to the department of resources and economic development for the purchase of a certain 352 acre tract of land known as the Temple Mountain tract in the towns of Peterborough, Sharon, and Temple, New Hampshire. Of this sum, $435,000 shall be used for the purchase of the property, including closing costs, and $100,000 shall be used to establish a Temple Mountain land management fund.
4 Bonds Authorized. To provide funds for the appropriation made in section 3 of this act, the state treasurer is hereby authorized to borrow upon the credit of the state not exceeding the sum of $535,000 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 general fund of the state.
5 Release of Obligation. The state shall be released of its obligations under this act if the balance of funds projected from other sources described herein are not raised.
6 Effective Date. This act shall take effect upon its passage.
LBAO
07-0219
12/30/06
HB 183-FN-A-LOCAL - FISCAL NOTE
AN ACT relative to the acquisition of a certain tract of land in the towns of Peterborough, Sharon, and Temple as a state reservation, and making an appropriation therefore.
FISCAL IMPACT:
The Treasury Department indicates this bill will increase state expenditures by $14,713 in FY 2008, $60,642 in FY 2009, $58,877 in FY 2010 and $57,111 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 general fund by $535,000.
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 $14,713 $95,262,877
2009 $93,177,989 $60,642 $93,238,631
2010 $85,663,920 $58,877 $85,722,797
2011 $79,170,535 $57,111 $79,227,646
The $535,000 bonded appropriation in this bill represents 31% of the total project cost of $1,730,000, the balance which shall be provided by grants from the federal government, the land and community heritage investment program, municipal appropriations, a bargain sale price from the landowner and private contributions.