LEGISLATIVE YEAR 2017
RESOLUTION: R-17-092
PURPOSE: Authorizing the Mayor and City Treasurer to issue bonds not
to exceed the amount of thirty-seven million five hundred
thousand dollars ($37,500,000) to fund a multi-year paving
project
SPONSOR(S): Mayor Jim Donchess
Alderman-at-Large David W. Deane
Alderman Ken Siegel
COMMITTEE
ASSIGNMENT:
FISCAL NOTE: Bonds will be issued over a period of years depending on the
annual status of the paving project. The first bond is anticipated to
be sold in FY18 with the first payment beginning in FY19.
Estimated interest rates are 3.5% - 4.0%. Each bond issued will be
in an amount not to exceed $7,500,000 for a total of $37,500,000.
Each bond will have a fifteen year term. Total bond payments are
estimated at $48,600,000 including interests. Bond payments are
anticipated to be made through the Special Road and Highway
Fund.
ANALYSIS
This resolution authorizes the Mayor and the City Treasurer to issue and sell general obligation
bonds of the City in an aggregate principal amount not to exceed $37,500,000 to fund a multi-
year paving project. The Division of Public Works has provided the following additional
information: The project will implement various pavement treatment and repair methods
including routine maintenance, preventative maintenance, structural improvement and base
rehabilitation. The project also includes work related to periodic pavement condition surveys,
analyses and reporting, management system updating, bidding documents, construction quality
contro] and material testing. The paving program followed by needed general maintenance
would extend the life of the road network by 20 years.
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.
This legislation should be referred to the Board of Public Works for its review and approval.
