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Select Board authorizes $1.06 million bond to replace vitrified clay sewer pipes
Summary
The Hampton Select Board unanimously authorized a $1,060,000 bond and loan agreement with the New Hampshire Municipal Bond Bank to replace about 2,200 feet of vitrified clay sewer on Ross Avenue, Kentville Terrace and Charles Street, aiming to cut 10,000–20,000 gallons per day of inflow and infiltration.
The Hampton Select Board on June 8 authorized a $1,060,000 bond and approved a loan agreement with the New Hampshire Municipal Bond Bank to finance replacement of roughly 2,200 feet of vitrified clay gravity sewer on Ross Avenue, Kentville Terrace and Charles Street.
The measure, which passed unanimously, funds design, engineering and replacement of sewer mains and manholes and associated roadway repairs. The board’s certificate of vote states the project is intended to eliminate an estimated 10,000–20,000 gallons per day of inflow and infiltration from the town’s sewer system.
Town Manager James Sullivan read the certificate of vote and confirmed the bond will be issued under the Municipal Finance Act, Chapter 33, and the New Hampshire Municipal Bond Bank Law, Chapter 35-A. The certificate sets the net interest cost at ‘‘four and one quarter percent (4.25%) per annum or such lesser amount as may be determined by a majority of the Board’’ and directs town officers to execute the loan agreement and related documents.
The project description in the certificate notes the work may include realigning sewer lines to eliminate back-lot sewers, replacing services, and correcting assets located in wetlands or flood-prone areas. The certificate also states the useful life of the financed project exceeds five years, a routine municipal finance finding.
The board did not discuss alternative funding sources during the meeting. The motion to authorize the bond was moved by Select Board member Amy Hansen and seconded by Select Board member Charles Rage; the vote was recorded as unanimous.
The next steps are execution of the loan agreement and coordination with the bond bank on sale timing and maturity schedule; the certificate indicates those details will be set in an exhibit to the loan agreement.
