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SSHB 1 - Education Appropriations - New Hampshire Key Vote

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Title: Education Appropriations

Vote Smart's Synopsis:

Vote to pass a bill that makes appropriations, authorizes bonds, and makes other changes related to education.

Highlights:

-Authorizes up to $40 million in bonds for fiscal year 2008 and up to $40 million in bonds for fiscal year 2009 for school building aid (Secs. 1:7-1:8). -Appropriates $10 million to the community college system for renovating the Pease campus (Sec. 1:1).

-Authorizes the state treasurer to borrow, on state credit, amounts listed below and also authorizes him or her to issue bonds and notes on behalf of the state in amounts not exceeding the following:
-$3 million for payments of principal and interest on bonds and notes from general funds to be redeemed by the sale of the Stratham campus
-$5 million for payments of principal and interest on bonds and notes from tuition and fees received by the community college system of New Hampshire, $2.5 million of which is to be redeemed by the sale of the Stratham campus
-$2 million for payments of principal and interest on bonds and notes from the general fund (Sec. 1:1).
-Closes the Stratham community college campus on or before July 1, 2010 and transfers all administrative and educational functions to either the Pease campus or other community college campuses (Sec. 1:3). -Allows the state to guarantee the principal and interest on bonds of up to $70 million, plus interest, for the Pease Development Authority (Sec. 1:5). -Mandates that the Pease Development authority pay the state $10 million by December 1, 2008 (Sec. 1:6).

Full Bill Text

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