RESOLUTION:
PURPOSE:
SPONSOR(S):
COMMITTEE
ASSIGNMENT:
FISCAL NOTE:
LEGISLATIVE YEAR 2021
R-21-202
Authorizing the Mayor and City Treasurer to issue bonds not
to exceed the amount of two million five hundred thousand
dollars ($2,500,000) to purchase property abutting Greelcy
Park located at 15 Bartlett Avenue (Map 57, Lot 3)
Alderman Patricia Klee
Budget Review Committee
It is anticipated that the bond would be sold in FY 23/24 for a term
of twenty years. It is estimated the interest rate will be
approximately 2.5% and the total cost of the bond will be
approximately $3,156,250 including interest with level principal.
The average annual payment will be approximately $157,812 with
the beginning years at a higher amount.
ANALYSIS
This resolution authorizes the City to issue and sell general obligation bonds up to $2,500,000
for the purchase of property abutting Greeley Park located at 15 Bartlett Avenue (Map 57, Lot
3).
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, numbers and
amount:
Approved as to form:
Financial Services Division
By: _/s/ John Griffin
Office of Norperai Counsel
By: Om rte, (Ogu Se
Date: aX Nove aer POH
