LEGISLATIVE YEAR 2021
RESOLUTION: R-21-193
PURPOSE: Authorizing the Mayor and City Treasurer to issue bonds not
to exceed the amount of twenty one million dollars
($21,000,000) to fund architectural, engineering, surveying,
construction and other related work for the design and
construction of a Riverwalk adjacent to the Nashua River near
Main Street
SPONSOR(S): Mayor Jim Donchess
COMMITTEE
ASSIGNMENT:
FISCAL NOTE: It is anticipated that the bond would be sold FY 23/24 for a term of
thirty years. It is estimated the interest rate will be approximately
2.75% and the total cost of the bond will be approximately
$31,112,190 including interest with level payments. The annual
payment will be approximately $1,037,073. The Riverwalk Tax
Increment Financing (TIF) will fund this project.
ANALYSIS
This resolution authorizes the City to issue and sell general obligation bonds up to $21,000,000
for the design and construction of the Riverwalk.
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 ofiall 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.
Approved as to account Financial Services Division
structure, numbers and
amount: By: /s/ John Griffin
Approved as to form: Office of Corporation Counsel
By: Wp -freg Cr Me
Date: b Nonenacr DDH
