LEGISLATIVE YEAR 2021
RESOLUTION: R-21-128
PURPOSE: Authorizing the Mayor and City Treasurer to issue bonds not
to exceed the amount of one million five hundred fifty
thousand dollars ($1,550,000) to pay additional costs of the
Police Department’s heating, ventilation, and air conditioning
system, window improvements, and locker area improvement
project
SPONSOR(S): Mayor Jim Donchess
Alderman-at-Large Lori Wilshire
Alderman Richard Dowd
COMMITTEE Budget Review Committee
ASSIGNMENT: Board of Police Commissioners
FISCAL NOTE: It is anticipated that the bond would be sold in FY 22/23 for a term
of twenty years. It is estimated the interest rate will be
approximately 2.5% and the total cost of the bond will be
approximately $1,956,875 including interest. The average annual
payment will be approximately $97,800 with the beginning years
at a higher amount.
ANALYSIS
This resolution authorizes the City to issue and sell general obligation bonds up to $1,150,000 in
additional bond funding for the Police Department building renovations. (See R-19-127.) With
the approval of this bond the total amount available for the renovation project will be
$4,350,000. The original request for the project was in the FY 2019 Capital Improvement
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 of all the members for passage of
this resolution.
This legislation should be referred to the Board of Police Commissioners for its review and
approval.
Approved as to account Financial Services Division
structure, numbers and |
amount: By: _/s/John Griffin
Approved as to form: Office of Corporation Gale.
By: Verb
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