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Other Approvals. As a regulated public utility, PWW must obtain approval of the loans from
the New Hampshire Public Utilities Commission (““NHPUC”), which will approve the loans if it
finds the loans to be consistent with the public good. PWW will file a petition for approval with
the NHPUC during the week of May 23, 2022 and expects the NHPUC to consider the petition
promptly, Under the SRF Fund, the loans must also be approved by the Governor and Executive
Council, which is anticipated to occur in July 2022.
Lower Costs Are Good for Customers. Pennichuck and its Board of Directors have
determined that the capital projects to be financed by the SRF Fund loans will allow PWW to
continue to provide safe, adequate and reliable water service to its customers on a cost-effective
basis. The terms of the financing through the SRF Fund are very favorable compared to other
alternatives and will result in lower financing costs than would be available under other debt
options. These lower financing costs will be passed on to customers.
Requested Approvals. For the reasons described above, Pennichuck respectfully requests that
the City, acting in its capacity as sole shareholder of Pennichuck and pursuant to Article [X(3) of
Pennichuck’s Articles of Incorporation, authorize the following actions:
RESOLVED, that the City hereby approves the borrowing by Pennichuck Water Works,
Inc. of up to $300,000 from the State of New Hampshire pursuant to the State Revolving
Loan Fund to fund the Twin Ridge Interconnection Main project in Plaistow, NH;
RESOLVED, that the City hereby approves the borrowing by Pennichuck Water Works,
Inc. of up to $240,000 from the State of New Hampshire pursuant to the State Revolving
Loan Fund to fund the Sweet Hill Interconnection Main project in Plaistow, NH;
FURTHER RESOLVED, that the City hereby approves the guaranty by Pennichuck
Corporation of the payment by Pennichuck Water Works, Inc. of the loans authorized
in the prior resolutions; and
FURTHER RESOLVED, that the City hereby authorizes Pennichuck Corporation and
Pennichuck Water Works, Inc., their Boards of Directors, and their Officers, to take any
and all actions required to obtain all necessary approvals with respect to the actions
described in these resolutions and to execute and deliver such documents as are
necessary to effect the SRF Fund loans and the guaranty described in these resolutions.
Respectfully submitted,
PENNICHUCK CORPORATION
By: oF eA
Larrf D. Goodhue
Chief Executive Officer
cc. Mayor James Donchess
