LEGISLATIVE YEAR 2021
RESOLUTION: R-21-189
PURPOSE: Authorizing the Mayor and City Treasurer to issue bonds not
to exceed one million eight hundred fifty-nine thousand four
hundred and forty dollars ($1,859,440) for various
improvements at the Solid Waste Department Four Hills
Landfill and the purchase ofa refuse truck and wheeled loader
SPONSOR(S): Mayor Jim Donchess
COMMITTEE
ASSIGNMENT: Budget Review Committee
Board of Public Works
FISCAL NOTE: It is anticipated that a bond would be sold in FY 22/23 for a term
of twenty years and five years. It is estimated the interest rate will
be approximately 2.0% - 2.5% and the total cost of the bond will
be $2,163,381 including interest ~ level principal. The average
annual payment will be approximately $108,169 with the
beginning years at a higher amount.
ANALYSIS
This resolution authorizes the City to issue and sell general obligation bonds up to $1,859,440
for various improvements at the Solid Waste Department Four Hills Landfill and the purchase of
a refuse truck and wheeled loader. These projects can be found in the FY2022 Capital
Improvements Program and CERF list.
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.
This legislation should be referred to the Board of Public Works for its review and approval.
Approved as to account Financial Services Division
structure, numbers and 7
amount: By: _/s/John Griffin
Approved as to form: Office of Corporation Counsel
By: Vouk, 4 Clo. Le
Date: A Noone. Pod
