LEGISLATIVE YEAR 2022
RESOLUTION: R-22-029
PURPOSE: Authorizing the Mayor and City Treasurer to borrow an
amount not to exceed Six Million Nine Hundred Thousand
Dollars ($6,900,000) through the issuance of bonds and/or a
loan through the New Hampshire Department of
Environmental Services State Revolving Loan Fund for the
Wastewater Treatment Plant Dry Well Valve Replacement
Project
ENDORSERS: Mayor Jim Donchess
COMMITTEE Budget Review Committee
ASSIGNMENT: Board of Public Works
FISCAL NOTE: In order to take advantage of the lowest interest rate possible, the
Treasurer will determine the financing vehicle subsequent to the
need for the funds. The bond would be sold in FY23 or FY24 for a
maximum of 20 years. It is estimated that the interest rate will be
approximately 4.0% and the total cost of the bond over the 20
years will be $9,798,000 including interest. The approximate
yearly cost would be $489,900.
ANALYSIS
This resolution authorizes the Mayor and the City Treasurer of the City of Nashua to either issue
and sell general obligation bonds of the City or borrow from the State of New Hampshire
Revolving Loan Fund an amount not to exceed $6,900,000. The proceeds of these bonds or
loans shall be used for the wastewater treatment plant dry well valve replacement project. This
project is in the FY2021 Capital Improvements Program. This legislation should be referred to
the Board of Public Works.
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.
Approved as to account structure, Financial Services Division
numbers and amount:
By: _/s/John L. Griffin
Approved as to form: Office of Corporation Counsel
By: Wp Ban Chr Me
Date: oN pup PoAand
