– by Robert Crump
The State of New Hampshire is scheduled to issue $80 million in Capital Improvement Bonds this week. The competitive sale is scheduled for February 20th with an amortization period between 2020 and 2039. Proceeds from the sale of the Bonds will be used for various capital projects throughout the Granite State.
About the Bonds
Series 2020 A Bonds constitute general obligations of the State of New Hampshire secured by the full faith and credit of the State. Each Bond constitutes a contract between the State and the owner of the Bond. The doctrine of sovereign immunity (the sovereign right of a state not to be sued without its consent) implies that a failure to repay the Bonds may be subject a process adjudicated by the State. Payment of a claim against the State for which available appropriated funds are insufficient would require appropriation by the Legislature.
The Bonds are subject to optional and mandatory redemption provisions detailed in the official statement. In the opinion bond counsel to the State, interest on the Bonds is exempt from federal income tax, alternative minimum tax, and New Hampshire State tax. Fitch, Moody’s, and S&P have granted ratings of AA+, Aa1, and AA respectively.
New Hampshire is the 6th smallest state in the nation by population with a total State product of $86 billion and median household income of $74,801, as reported by the Bureau of Economic Analysis. You can see a full list of planned capital projects on the governor’s budget.This information and more can be found on the preliminary official statement. Below is a snapshot of the State’s finances:
Provided above is a quick snapshot of financial characteristics of the State of New Hampshire , courtesy of Merritt Research Services, LLC. (Merritt believes the data to be reliable but does not make any representations as to its accuracy or completeness). In addition to the Merritt information related to the featured bond, more information can be found on our municipal bond calendar, city, state, and county pages.
These facts and numbers are for informational purposes, and should not be considered an official disclosure for potential investors. Investors should consult the official statement. None of the information provided should be construed as a recommendation by MuniNet Guide, MuniNet LLC, Merritt Research Services LLC, or any of their employees. Information and analysis is for informational purposes only.
Potential investors should rely only on the official documents and figures provided in the official statement (prospectus). Although the numbers presented in this summary are primarily derived from public documents, including issuer audits, issuer reports and other public sources such as federal reporting agencies , they are not intended to replace official information presented in connection with the bond sale. Medians may differ from official sales documents due to methodology or survey base variances.