Board Of Aldermen - Agenda - 6/27/2022 - P4
LEGISLATIVE YEAR 2022
RESOLUTION: R-22-038
PURPOSE: Authorizing the Mayor and City Treasurer to issue bonds not
to exceed the amount of two million and four hundred fifty
thousand dollars ($2,450,000) for the Walnut Street Oval
Intersection Project and West Pearl Street Streetscaping
SPONSOR(S): Mayor Jim Donchess
COMMITTEE Budget Review Committee
ASSIGNMENT: Board of Public Works
FISCAL NOTE: The bond would be sold in FY 23 for a twenty (20) year term. It is
estimated the interest rate will be approximately 4.0 % and the
total cost of the bond over the twenty (20) years will be $3,479,000
including interest. The average annual payment will be
approximately $173,950 beginning in FY 24.
ANALYSIS
This resolution authorizes the Mayor and the City Treasurer of the City of Nashua to issue and
sell general obligation bonds of the City in an aggregate principal amount not to exceed up to
$2,450,000 for the projects described in the resolution. The Walnut Street Oval project can be
found in the FY 2023 Capital Improvements Program.
As this legislation is an authorization to borrow money, this resolution requires a “duly
advertised public hearing” pursuant to Nashua City Charter $54-a. NH RSA 33:9 requires a 2/3
vote of all the members for the issuance of bonds. This resolution is also a specific non-budget,
supplementary appropriation, permitted by Charter Sec. 53. Requirements for that are 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.
The West Pearl Street Strectscaping Project is pending Capital Improvements Committee
approval.
Approved as to account Financial Services Division
structure, numbers,
and amount: By:__/s/ John L. Griffin
Approved as to form: Office of Corporation Counsel
By:__/s/ Dorothy Clarke
Date: May 18, 2022
