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  2. Board Of Aldermen - Agenda - 6/10/2020 - P5

Board Of Aldermen - Agenda - 6/10/2020 - P5

By dnadmin on Sun, 11/06/2022 - 23:09
Document Date
Fri, 06/05/2020 - 16:35
Meeting Description
Board Of Aldermen
Document Type
Agenda
Meeting Date
Wed, 06/10/2020 - 00:00
Page Number
5
Image URL
https://nashuameetingsstorage.blob.core.windows.net/nm-docs-pages/boa_a__061020…

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

Page Image
Board Of Aldermen - Agenda - 6/10/2020 - P5

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