LEGISLATIVE YEAR 2021
RESOLUTION: R-21-192
PURPOSE: Authorizing the Mayor and City Treasurer to issue bonds not
to exceed the amount of three million dollars ($3,000,000) for
additional cost for the design and construction of a Division of
Public Works Office Facility
SPONSOR(S): Mayor Jim Donchess
COMMITTEE Budget Review Committee
ASSIGNMENT: Board of Public Works
FISCAL NOTE: It is anticipated that the bond would be sold FY 23/24 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
$3,787,000 including interest with level principal. The average
annual payment will be approximately $189,375 with the
beginning years at a higher amount. With the approval of this
bond the new total amount needed for this construction project will
now be fifteen million one hundred and fifty thousand dollars
($15,150,000), consisting of approximately $12,650,000 of bonds
and $2,500,000 from other sources.
ANALYSIS
This resolution authorizes the City to issue and sell general obligation bonds up to $3,000,000
for additional cost for the design and construction of a Division of Public Works Office Facility
located at 840 West Hollis Street.
As this legislation is an authorization to borrow money, this resolution requires a “duly
advertised public hearing” pursuant to Nashua City Charter §54-a. NH RSA 33:9 requires a 2/3
vote of all the members for the issuance of bonds. This resolution is also a specific non-budget,
supplementary appropriation, permitted by Charter Sec. 53. Requirements for that are notice and
a public hearing. A two-thirds vote is required under Charter Sec. 56-b for an item or amount
not in the mayor’s budget. A roll call is required under Charter Sec. 49.
The total amount budgeted for the new Division of Public Works Office Facility is anticipated to
be $15,150,000 as listed below.
R-19-187 - $6,000,000 Bond
R-21-190 - $3,650,000 Appropriate proceeds from sale of Burke St. Building
R-21-191 - $2,000,000 Change purpose of Broad Street Parkway unexpended bond proceeds
R-21-192 - $3,000,000 New Bond
R-20-069 - $200,000 Previous Escrows
R-19-170 - $300,000 Previous Escrows
This resolution should be referred to the Board of Public Works.
