Board Of Aldermen

Board of Aldermen 03-27-2018 Page 5

There being no objection, President McCarthy declared the report of the March 21, 2018, Finance
Committee accepted and placed on file.

Human Affairs COMMIttee?.... oo cece ceeeccccececeuececeeceeeueceeaeeesaueeeraceesaeeentasess 03/12/2018

There being no objection, President McCarthy declared the report of the March 12, 2018, Human
Affairs Committee accepted and placed on file.

Planning & Economic Development ...0..00... 0. ccccccccec sees eneeeeeeeeeeeesnansaneeeeees 03/06/2018

Board of Aldermen 03-27-2018 Page 4
MOTION CARRIED

From: Patricia D. Piecuch, City Clerk
Re: Returns of Votes — Special Municipal Election held March 20, 2018

MOTION BY ALDERMAN CARON THAT THE RESULTS RECORDED ON THE CITY CLERK’S
RECORD OF RETURNS FOR THE BOARD OF EDUCATION RACE AT THE SPECIAL MUNICIPAL
ELECTION ON MARCH 20, 2018, BE DECLARED FINAL AND CONCLUSIVE, AND THAT SUSAN
PORTER,HAVING RECEIVED THE LARGEST NUMBER OF VOTES CAST, BE DECLARED
ELECTED TO THE OFFICE OF BOARD OF EDUCATION FOR A TERM TO EXPIRE JANUARY 5,
2020

Board of Aldermen 03-27-2018 Page 3

going to put a line across and put pictures on it of all the people who have been lost and so on. And |
think it would be a great support. Hopefully the sun will be out this year.

Alderman Lopez

Board of Aldermen 03-27-2018 Page 2

A regular meeting of the Board of Aldermen was held Tuesday, March 27, 2018, at 7:30 p.m. in the
Aldermanic Chamber.

President Brian S. McCarthy presided; Deputy City Clerk Judith Boileau recorded.

Prayer was offered by Deputy City Clerk Judith Boileau; Alderman Ken Gidge led in the Pledge
to the Flag.

The roll call was taken with 15 members of the Board of Aldermen present.
Mayor James W. Donchess and Corporation Counsel Steven A. Bolton were also in attendance.
REMARKS BY THE MAYOR

-2-

Intercompany Loan with Pennichuck Corporation

PAC is seeking the City’s approval to:

(1) refinance a 10-year $776,850 7% fixed rate intercompany note payable between
PAC and Pennichuck Corporation which matures on May 1, 2018; and

(2) convert $409,150 of variable rate short term intercompany debt to a long term note.

25 MANCHESTER STREET
PO BOX 1947
MERRIMACK, NH 03054-1947

V2 PENNICHUGK"

1603) 882-5191
FAX {603) 913-2305
VIA HAND DELIVERY
WWW.PENNICHUCK COM
March 27, 2018

Mr. Steven A. Bolton
Corporation Counsel
City of Nashua

229 Main Street
Nashua, NH 03060

Re: _ Pittsfield Aqueduct Company, Inc. - Request for Approval to Refinance

Intercompany Debt with Pennichuck Corporation

Dear Attorney Bolton:

Pennichuck East Utility. Inc.

The following table represents the total estimated amortization of MARA:

Estimated

Amortization

(in thousands) Expense
2018 $ 1,958
2019 2,006
2020 2,061
2021 2,119
2022 2,183
2023 and thereafter 62,900
Total $ 73,227

Note 12 — Rate Cases

Pennichuck Water Works, Inc.

$280,000, respectively, were declared and paid to the City. The dividends paid to the City
during 2017 comprised approximately $279,000 of regular quarterly dividends declared and
paid; and ne special dividend was declared or paid in 2017. The dividends paid to the City
during 2016 comprised approximately $280,000 of regular quarterly dividends declared and
paid; and no special dividend was declared or paid in 2016.