LEGISLATIVE YEAR 2016
RESOLUTION: R-16-040
PURPOSE: Authorizing the Mayor and City Treasurer to issue bonds not
to exceed the amount of one million six hundred fifty thousand
dollars ($1,650,000) for the Spit Brook Road Fire Station 3
building renovations
SPONSOR(S): Alderwoman Mary Ann Melizzi-Golja
COMMITTEE
ASSIGNMENT:
FISCAL NOTE: It is anticipated that the bond would be sold in FY 17/18 for a
twenty year term. It is estimated the interest rate will be
approximately 3.0% and the total cost of the bond over the twenty
years will be $2,169,750 including interest. The average annual
payment will be approximately $108,000 beginning in FY 18/19.
ANALYSIS
This resolution authorizes the Mayor and the City Treasurer of the City of Nashua to issue and
sell general obligation bonds of the City in an aggregate principal amount not to exceed one
million six hundred fifty thousand dollars ($1,650,000). The proceeds of said bonds shal! be
used for the Spit Brook Road Fire Station 3 building renovations including but not limited to one
additional bay, elevator installation, replacement of the roof and additional rehabilitation to the
building. The additional bay will allow space for personnel to check the apparatus and
equipment, and the renovations include an expanded equipment maintenance area and space for
physical fitness training. The proposed improvements, approved by the Board of Fire
Commissioners, will bring this facility into current National Fire Protection Association
compliance. The useful life of the project is 20 years at a minimum.
Pursuant to Nashua City Charter §54-a, this resolution requires a “duly advertised public
hearing”. Also see NH RSA 33:9, which requires a 2/3 vote for passage of this resolution,
Approved as to account Financial Services Division
structure, numbers and
amount: By:
Approved as to form: Officelof Corporation Counsel
By: Daswbe. Ce arfiz
Date: rant & PU Cy
