RESOLUTION:
PURPOSE:
ENDORSER(S):
COMMITTEE
ASSIGNMENT:
FISCAL NOTE:
LEGISLATIVE YEAR 2020
R-20-040
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
Mayor Jim Donchess
Budget Review Committee
Board of Public Works
It is anticipated that the additional loan ($2,500,000) will be
approved in FY 21 for a term of twenty years. It is estimated that
the interest rate will be approximately 2.0% and the total cost for
the loan will be approximately $3,025,000 including interest. The
average annual payment will be approximately $153,000 with the
beginning years at a higher amount.
ANALYSIS
This resolution authorizes the Mayor and the City Treasurer of the City of Nashua to borrow up
to $2,500,000 in additional funds from the State of New Hampshire Revolving Loan Fund to be
used for expenses related to completing the Pump Stations Upgrade Project.
Pursuant to Nashua City Charter §54-a, this Resolution requires a “duly advertised public
hearing”. Also see NH RSA 33:9, which requires a 2/3 vote for passage of this Resolution.
This legislation should be referred to the Board of Public Works.
Approved as to accountstructure, Financial Services Division
numbers, and amount:
Approved as to form:
By: /s/ David Fredette
Office of Corporation Counsel
By: /s/ Dorothy Clarke
Date: May 20, 2020
