Board of Aldermen 05-04-2020 Page 4
Larry Goodhue, CEO & CFO Pennichuck Corporation
Thank you, Alderman Wilshire and tell me if you can hear me clearly.
President Wilshire
| can hear you clearly.
Larry Goodhue, CEO & CFO Pennichuck Corporation
Very good; Larry Goodhue, CEO of Pennichuck Corporation, CEO and CFO. | am also calling you from my
home. | am alone in my dining room/office. | am socially distancing in compliance with the Governor’s
stay-at-home orders. We had provided this communication to the Board of Alderman as it relates to an
approved PPP Loan under the Federal Government’s Stimulus Act, in the second round of funding that was
actually opened up last weekend by the President and the Congress of the United States.
As Pennichuck Waterworks is a wholly owned subsidiary of Pennichuck Corporation, Pennichuck
Corporation as its sole shareholder, the City of Nashua, New Hampshire, one of the requirements that we
have in that relationship as a debt only funded entity, is that any time we are to consider any debt financing
available to the Corporation and/or any of its subsidiaries, those debt instruments mut be pre-approved
and/or approved by the Board of Aldermen as the collective representing the shareholder.
As | mentioned, the Corporation applied for this PPP loan in the second round of funding. We did not put
an application in the first round of the funding; it was very early on in the process and we were determining
what the impact of the COVID-19 Preparedness and Response was going to be relative to the overall
financial operations and viability of the Corporation. As an essential entity operating in the State, in the City
and in the Region for which we serve, Pennichuck Water Works serves 11 different communities within the
State of New Hampshire including Nashua and part of 10 other as well as sister subsidiary Pennichuck
East Utilities, services another 19 communities within the State and Pittsfield Aqueduct one.
All of the employees that serve any of the entities under the Pennichuck Corporation Corporate Umbrella,
are employees of Pennichuck Waterworks and as such, the loan that was applied for which is a Payroll
Protection Plan Act, our loan is related to the conversation of jobs relative to payroll in carrying out financial
duties. | have provided to the Board of Aldermen a list of the basic tenets under which this loan is being
sought and the reasons for it and | guess at this point in time | would just like to just query that the Board of
Aldermen members did receive that communication that | sent to them this morning?
President Wilshire
Did everyone receive that communication?
Alderman Klee
Yeah.
Alderman Caron
Yes.
Alderwoman Kelly
Yes.
