Bill Text: NH SB476 | 2024 | Regular Session | Introduced
Bill Title: Making a capital appropriation to the department of corrections toward the replacement of the New Hampshire state prison for men.
Spectrum: Slight Partisan Bill (Republican 11-7)
Status: (Engrossed) 2024-04-24 - Committee Report: Ought to Pass 04/17/2024 (Vote 15-4; Regular Calendar) [SB476 Detail]
Download: New_Hampshire-2024-SB476-Introduced.html
SB 476-FN - AS INTRODUCED
2024 SESSION
24-2908
11/10
SENATE BILL 476-FN
SPONSORS: Sen. Gray, Dist 6; Sen. Ward, Dist 8; Sen. Watters, Dist 4; Sen. Bradley, Dist 3; Sen. Avard, Dist 12; Sen. Pearl, Dist 17; Sen. D'Allesandro, Dist 20; Sen. Innis, Dist 7; Sen. Rosenwald, Dist 13; Sen. Soucy, Dist 18; Sen. Ricciardi, Dist 9; Sen. Gendreau, Dist 1; Sen. Murphy, Dist 16; Sen. Carson, Dist 14; Sen. Fenton, Dist 10; Sen. Chandley, Dist 11; Rep. Wallace, Rock. 8; Rep. Horrigan, Straf. 10
COMMITTEE: Capital Budget
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ANALYSIS
This bill makes a bonded appropriation of funds for architectural, engineering, programming, and design and construction documents for the New Hampshire state prison for men.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
24-2908
11/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Four
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Replacement of the New Hampshire State Prison For Men; Appropriation and Bonds Authorized.
I. There is hereby appropriated $40,000,000 to be deposited in the New Hampshire state prison fund under 21-H:17 for architectural, engineering, programming, and design and construction documents for a replacement correctional facility of the New Hampshire state prison for men.
II. To provide funds for the appropriation in paragraph I, 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 on behalf of the state of New Hampshire in accordance with RSA 6-A.
2 Effective Date. This act shall take effect 30 days its passage.
24-2908
12/1/23
SB 476-FN- FISCAL NOTE
AS INTRODUCED
AN ACT relative to establishing bonding authority for and appropriation of funds for
FISCAL IMPACT: [ X ] State [ ] County [ ] Local [ ] None
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Estimated State Impact - Increase / (Decrease) | ||||||
| FY 2024 | FY 2025 | FY 2026 | FY 2027 | ||
Revenue | $0 | $0 | $0 | $0 | ||
Revenue Fund(s) | None
| |||||
Expenditures | $0 | $4,600,000 | $4,468,000 | $4,336,000 | ||
Funding Source(s) | General Fund
| |||||
Appropriations | $0 | $40,000,000 | $0 | $0 | ||
Funding Source(s) | None General Obligation Bond | |||||
• Does this bill provide sufficient funding to cover estimated expenditures? [X] Yes • Does this bill authorize new positions to implement this bill? [X] No | ||||||
METHODOLOGY:
This bill appropriates $40,000,000 to the New Hampshire State Prison Fund for the purpose of architectural, engineering, programming, and design and construction documents for a replacement facility of the men's state prison. The bill allows the State Treasurer to borrow on the credit of the State a sum not exceeding $40,000,000 and issue bonds and notes.
To determine the potential increase in general fund expenditures the Treasury Department makes the following assumptions:
- the bond would be issued in the Spring of 2025,
- a fixed interest of 5.5%
- amortization over 20 years with debt service payments structured to accommodate the first principal payment in the following fiscal year after the debt issuance
- pay down 60% of bonded principal amount in first 10 years and the remaining 40% in the remaining 10 years.
Based on these assumptions, the Department has calculated the total cost to bond would be $40,000,000 of principal and $20,900,000 of interest over the life of the bond. General fund expenditures would increase by $4,600,000 in FY 2025, $4,468,000 in FY 2026 and $4,336,000
AGENCIES CONTACTED:
Treasury Department
