LEGISLATIVE YEAR 2022
RESOLUTION: R-22-027
PURPOSE: Authorizing the Mayor and City Treasurer to issue bonds not
to exceed the amount of three million seven hundred thousand
dollars ($3,700,000) for the replacement and upgrade of radio
communications equipment
SPONSOR(S): Mayor Jim Donchess
Alderman-at-Large Michael B. O’Brien, Sr.
COMMITTEE
ASSIGNMENT: Budget Review Committee
FISCAL NOTE: The bond would be sold in FY 23 for a seven year term. It is
estimated the interest rate will be approximately 3.5% and the
total cost of the bond over the seven years will be $4,218.000
including interest. The average annual payment will be
approximately $602,571 beginning in FY 24.
ANALYSIS
This resolution authorizes the City to issue and sell general obligation bonds up to $3,700,000
for the replacement and upgrade of radio communications equipment. 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.
Approved as to account Financial Services Division
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Approved as to form: Office.éf Corporation Counsel
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