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RESOLUTIO IN:
PURPOSE: is
SPONSOR(S):
COMMITTEE
ASSIGNMENT:
FISCAL NOTE:
LEGISLATIVE YEAR 2020
R-20-012
Authorizing the Mayor and City Treasurer to issue bonds not
to exceed the amount of one million one hundred thousand
dollars ($1,100,000) for the Public Health and Community
Services Division building renovations
Ald . Patricia Klee
. - June M. Caron
Alderman-at-Large Lori Wilshire Ald. Thomas Lopez
Alderman Thomas Lopez Ald. Jan Schmidt
Alderman~at~—Large Michael B. O'Brien, Sr. Ald.-at-Large Brandon
Michael Laws
Ald. Linda Harriott—
Gathright
Budget Review Committee
Committee on Infrastructure
Board of Health
It is anticipated that the bond would be sold in FY 21/22 for a term
of twenty years. It is estimated the interest rate will be
approximately 3.5% and the total cost of the bond will be
approximately $1,504,250 including interest. The average annual
payment will be approximately $75,200 with the beginning years
at a higher amount. This request for an additional $1,100,000 was
not included in the city’s most current bond sales plan, which will
require additional funding.
ANALYSIS
This resolution authorizes the City to issue and sell general obligation bonds up to $1,100,000
for the Public Health and Community Services Division building renovations. This project can
be found in the FY 2019 Capital Improvements Program. With the approval of this bond the
total amount available for this renovation project will be three million six hundred and two
thousand dollars ($3,602,000).
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 of all the members for passage of
this resolution.
This legislation should be referred to the Board of Health for its review and approval.
Approved as to account
structure, numbers and
amount:
Approved as to form:
Financial Services Division
Wh ik fee
od f Corporation Lanse
yp Depot Cao. ea.
Date: AQ. ranean OO3-0
