R-20-035
RESOLUTION
AUTHORIZING PENNICHUCK CORPORATION AND PENNICHUCK
WATER WORKS, INC. TO ENTER INTO A SMALL BUSINESS
ADMINISTRATION PATCHECK PROTECTION PROGRAM LOAN WITH TD
BANK, N.A.
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 or assume any indebtedness for borrowed
money or guarantee any such indebtedness on behalf of Pennichuck or its subsidiaries; and
WHEREAS, Pennichuck Water Works, Inc. (““PWW”) is a regulated New
Hampshire public water utility corporation providing retail water service to New Hampshire
customers, and is a wholly owned subsidiary of Pennichuck Corporation, 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 Pennichuck and PWW borrowing up to a total of $2,600,000
in an aggregate principal amount from TD Bank, N.A., under the Small Business
Administration Paycheck Protection Program (15 U.S. § 636(a)(36), the “Program”’) to raise
proceeds for the following purposes: (1) to pay wages and benefits to employees; and (2) to
pay rent, utilities and other expenses authorized under the Program.
AND, FURTHER, BE IT RESOLVED by the Board of Aldermen of the City of
Nashua that the City approves PWW’s issuing one or more notes to TD Bank, N.A., under
the Program at an interest rate of 1% and with a term of two years, and on such other terms
as required by the Program and as may be determined by PWW in response io prevailing
market conditions.
