R-22-018
RESOLUTION
AUTHORIZING PENNICHUCK CORPORATION AND PENNICHUCK EAST
UTILITY, INC. TO BORROW FUNDS AND ACCEPT A GRANT FROM THE STATE
OF NEW HAMPSHIRE DRINKING WATER AND GROUNDWATER TRUST FUND
CITY OF NASHUA
in the Year Two Thousand and Twenty-Two
WHEREAS, the City of Nashua is the sole shareholder of Pennichuck Corporation and
each of tts subsidiaries;
WHEREAS, Article [X (3) of the Articles of Incorporation of Pennichuck Corporation
and Article V §2 of the by-laws of Pennichuck Corporation 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 the
Corporation; and
WHEREAS, Pennichuck East Utility, Inc. 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 the loan to Pennichuck East Utility, Inc. from the New Hampshire
Drinking Water and Groundwater Trust Fund, of up to $493,500 with a 25-year amortization
schedule; and
FURTHER RESOLVED by the Board of Aldermen of the City of Nashua that the City
approves the acceptance of a grant to Pennichuck East Utility, Inc. from the New Hampshire
Drinking Water and Groundwater Trust fund, of up to $211,500.
