R-20-078
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
WHEREAS, the City of Nashua is the sole shareholder of Pennichuck Corporation
(“Pennichuck’”) and each of its subsidiaries; and
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, assume, or guarantee any indebtedness for borrowed
money, which includes contracting a loan on behalf of Pennichuck or its subsidiaries.
NOW, THEREFORE, BE IT RESOLVED by the Board of Aldermen of the City of
Nashua that the City approves 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, for the purpose of providing advances to be used for general corporate
purposes.
