LEGISLATIVE YEAR 2022
RESOLUTION: R-22-020
PURPOSE: Authorizing the Mayor and the City Treasurer to issue bonds
not to exceed the amount of Thirty-Seven Million Five
Hundred Thousand Dollars ($37,500,000) to fund the second
five year phase of a ten year payement management project
ENDORSER(S): Mayor Jim Donchess
Alderman-at-Large Lori Wilshire
Alderman-at-Large Michael B. O’Brien, Sr.
Alderman Richard A. Dowd
Alderman Ernest A. Jette
COMMITTEE Budget Review Committee
ASSIGNMENT: Board of Public Works
FISCAL NOTE: Bonds will be issued over a five-year period with the first bond
anticipated to be sold in FY 24 with the first payment beginning in
FY25. Estimated interest rates are 3.0°0-4.0%. Each bond issued
will be in an amount not to exceed $7,500,000 for a total of
$37,500,000. Total bond payments are estimated at $49,500,000
including interest. Each bond will have a fifteen-year term. The
Bonds will be repaid through the Special Road & Highway Fund.
ANALYSIS
This resolution authorizes the City to issue and sell general obligation bonds up to $37,500,000,
for the second five-year phase of a 10-year pavement management project as described in the
resolution. This project is in the FY2022 Capital Improvements Program.
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 amount: By: /s/ John Griffin
