R-22-036
RESOLUTION
AUTHORIZING PENNICHUCK CORPORATION TO RENEW AND EXTEND ITS
LINE OF CREDIT WITH TD BANK, N.A.
CITY OF NASHUA
In the Year Two Thousand and Twenty-Two
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, which
includes contracting a loan or line of credit on behalf of Pennichuck or its subsidiaries; and
WHEREAS, Pennichuck requests the City’s authorization to renew and extend its
existing Line of Credit, which will expire on June 30, 2022, with a new two-year Line of Credit,
at the current limit of $4 million, This line of credit facility will continue to be used for working
capital purposes.
NOW, THEREFORE, BE IT RESOLVED, that the City hereby authorizes the renewal
of Pennichuck Corporation’s existing line of credit facility, allowing for borrowing by
Pennichuck Corporation under its line of credit, in the aggregate principal amount of up to
$4,000,000.00 from TD Bank, N.A., pursuant to a senior line of credit facility (the *LOC
Facility”), for the purpose of providing advances to be used for general corporate purposes.
