RESOLUTION:
PURPOSE:
SPONSOR(S):
COMMITTEE
ASSIGNMENT:
FISCAL NOTE:
LEGISLATIVE YEAR 2022
R-22-016
Authorizing the Mayor and City Treasurer to issue bonds not
to exceed the amount of five million dollars ($5,000,000) for
Franklin Street School Building improvements
Alderman Richard A. Dowd
Budget Review Committee
Board of Education
It is anticipated that the bond would be sold in FY 23 for a 20-year
term. It is estimated the interest rate wil! be approximately 2.5%
and the total cost of the bond will be approximately $6,312,500
including interest. The average annual payment will be
approximately $315,625 with the beginning years at a higher
amount.
ANALYSIS
This resolution authorizes the City to issue and sell general obligation bonds up to $5 ° bresen
for Franklin Street School Building renovation and improvements. This project will be
to the Capital Improvements Committee in March 2022.
resented
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 al] the members for the issuance of bonds. This resolution is also a specific nonjbudget,
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 Education for its review and approval.
Approved as to account
structure, numbers and
amount:
Approved as to form:
Financial Services Division |
By: /s/John F. Griffin
Office of Corporation Counsel
By: Vite (fates
Date: ye Mowe Ap Dan
