LEGISLATIVE YEAR 2021
RESOLUTION: R-21-187
PURPOSE: Changing the purpose of up to $440,225 of unexpended bond
proceeds from the LED Street Light Project to Infrastructure
Improvements - Sidewalk Construction for the design, repair,
and construction of sidewalks
ENDORSERS: Mayor Jim Donchess
COMMITTEE
ASSIGNMENT: Budget Review Committee
Board of Public Works
FISCAL NOTE: Allows $440,225 to be spent on a capital project (sidewalk
construction) from unspent bond proceeds approved under R-1I5-
191. The approved LED Street Lights Capital Project bond (R-15-
191) is complete. If bond funds were not repurposed they could
be used to offset a payment within a fiscal vear reducing the
debt service account within the operating budget.
ANALYSIS
Resolution R-15-191 authorized bonding for the LED Street Lights project. That project is
completed and will have surplus funds. This legislation allows those surplus funds to be used for
Infrastructure Improvements -— Sidewalk Construction.
The use of bond proceeds is controlled by RSA 33:3-a. They may be spent only for purposes for
which the loan is incurred, except as the statute otherwise provides. If no expenditure of the
proceeds has been made or a balance remains after “completion” of the project, the funds may be
authorized, by a 23 vote, for another project eligible for bonding for an equal or longer period,
or the funds may be used to pay principal of the project's loan as it matures. RSA 33:3-a II. No
public hearing is needed under bonding requirements because the reallocation is not the
authorization of new borrowing.
However, this is a supplemental appropriation. Charter Sec. 53 permits specific non-bud get,
supplementary appropriations. There should be notice and a public hearing. A two-thirds vote is
required under Charter Sec. 56-b for an item or amount not in the mayor's budget. A roll call is
required under Charter Sec. 49.
This legislation should be referred to the Board of Public Works for its review and approval.
Approved as to account Financial Services Division
structure, numbers and ;
amount: By: /s/ John Griffin
Approved as to form: Office of Corporation Counsel
By: Det ete
Date: % Pye he DW)