R-22-039
RESOLUTION
AUTHORIZING PENNICHUCK CORPORATION AND PENNICHUCK WATER
WORKS, INC. TO BORROW FUNDS FROM THE STATE OF NEW HAMPSHIRE
REVOLVING LOAN 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 its subsidiaries;
WHEREAS, Article IX (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 Water Works, 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 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, and the guaranty by Pennichuck
Corporation of the payment by Pennichuck Water Works, Inc. of said loan; and
FURTHER RESOLVED by the Board of Aldermen of the City of Nashua that the City
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, and the guaranty by Pennichuck Corporation of
the payment by Pennichuck Water Works, Inc. of said loan.
