R-20-040
RESOLUTION
AUTHORIZING THE MAYOR AND CITY TREASURER TO BORROW FROM THE
NEW HAMPSHIRE DEPARTMENT OF ENVIRONMENTAL SERVICES STATE
REVOLVING LOAN FUND AN ADDITIONAL AMOUNT NOT TO EXCEED TWO
MILLION FIVE HUNDRED THOUSAND DOLLARS ($2,500,000) FOR PUMP
STATION UPGRADES
CITY OF NASHUA
In the Year Two Thousand and Twenty
WHEREAS R-15-150 “Authorizing the Mayor and City Treasurer to borrow an amount
not to exceed Eight Million Five Hundred Thousand Dollars ($8,500,000) through the issuance
of bonds and/or a loan through the New Hampshire Department of Environmental Services State
Revolving Loan Fund for pump stations upgrades” was passed by the Board of Aldermen on July
14, 2015; and
WHEREAS the pump station upgrades project has been broken into two phases with
Phase I having an estimated cost of $4,885,000 and currently funded through a loan from the
New Hampshire Department of Environmental Services State Revolving Loan Fund. Additional
funding is needed to complete Phase II of the pump station upgrades, which has an estimated
cost of $6,115,000, requiring the city to borrow an additional amount up to $2,500,000,
increasing the total authorization for the Pump Stations Upgrade Project from $8,500,000 to
$11,000,000.
NOW THEREFORE, BE IT RESOLVED by the Board of Aldermen of the City of
Nashua that the Mayor of the City of Nashua and the City Treasurer of the City of Nashua are
hereby authorized to borrow an additional amount up to Two Million Five Hundred Thousand
Dollars ($2,500,000), which increases the total project amount not to exceed Eleven Million
Dollars ($11,000,000), through the low interest loan program offered through the State of New
Hampshire Department of Environmental Services, identified as the State Revolving Loan Fund.
The proceeds of said loans shall be used to fund the Pump Stations Upgrade Project Phase I and
IL.
Mayor James Donchess is hereby authorized on behalf the City of Nashua to file an
application for a loan to be made in accordance with New Hampshire Code of Administrative
Rules Chapter Env-Wq 500. If such loan is made the City of Nashua agrees to repay the loan as
stipulated in the loan agreement.
