R-20-039
RESOLUTION
AUTHORIZING PENNICHUCK CORPORATION AND PENNICHUCK WATER
WORKS, INC. TO ISSUE TAXABLE BONDS OF UP TO $75,000,000
CITY OF NASHUA
In the Year Two Thousand and Twenty
WHEREAS, the City of Nashua is the sole shareholder of Pennichuck Corporation
(“Pennichuck”) and each of its subsidiaries;
WHEREAS, Article IX (3) of the Articles of Incorporation of Pennichuck and Article V
§2 of the by-laws of Pennichuck require the approval of the sole shareholder (the City of
Nashua) for Pennichuck to create, incur, assume, or guarantee any indebtedness for borrowed
money, which includes contracting a loan on behalf of Pennichuck or its subsidiaries; and
WHEREAS, Pennichuck Water Works, Inc. is a regulated New Hampshire public water
utility, and is a wholly owned subsidiary of Pennichuck which, in turn, is wholly owned by the
City of Nashua.
NOW, THEREFORE, BE IT RESOLVED by the Board of Aldermen of the City of
Nashua that the City approves the borrowing by Pennichuck Water Works, Inc. of up to
$75,000,000 of issuance of taxable bonds to finance and refinance currently outstanding debts of
approximately $58,500,000, finance monies to refill its MOERR RSF for $5,500,000, and to
fund the cost of issuance and any escrow deposits amounts required and any allowance needed
for the issuance of the bonds at a premium, should that be required.
