Board Of Aldermen

The Company, under the Governor’s emergency orders, must continue to service all of its customers, but is constrained for exercising full
authority in its collection of water bills in a normal manner. Shutoff notices and further actions have been stopped during this timeframe.
The emergency orders have already shown some impact upon the delinquency of payments on billed amounts to customers, and the overall
impact of this is yet to be determined, as businesses may or may not be able to reopen and re-employ their employees. And, the impact of

Graham, Donna

From: Goodhue, Larry <larry.goodhue@PENNICHUCK.com>
Sent: Monday, May 04, 2020 9:36 AM

To: Board of Aldermen

Ce: Bolton, Steve

Subject: FW: [EXTERNAL] PPP Loan

CAUTION: This email came from outside of the organization. Do not click links/open attachments if source is unknown.

From: Goodhue, Larry

Sent: Monday, May 4, 2020 9:35 AM

To: Bolton, Steve <BoltonS@nashuanh.gov>

Board of Aldermen 05-04-2020 Page 10

Alderman Jette

Ok thank you.

President Wilshire

All set Alderman Jette?

Alderman Jette

Yes thank you very much.

President Wilshire

Anyone else? The Motion before us is for Final Passage of Resolution R-20-035.

A viva voce roll call was taken which resulted as follows:

Yea: Alderman O’Brien, Alderman Klee, Alderwoman Kelly, Alderman Dowd,
Alderman Caron, Alderman Clemons, Alderman Lopez, Alderman Tencza,
Alderman Jette, Alderman Schmidt, Alderman Skip Cleaver,

Board of Aldermen 05-04-2020 Page 9

this Resolution. But if | could Madam President, could | still ask Mr. Goodhue some questions?

President Wilshire

Alderman Jette.

Alderman Jette

So will this qualify for forgiveness so that the money you are borrowing under this program if it is paid, if it is
used to pay wages, then it is eligible for being forgiven. So in the end this money will not have to be

repaid? Is that correct?

Larry Goodhue, CEO & CFO Pennichuck Corporation

Board of Aldermen 05-04-2020 Page 8

consumption months which typically start in say the October timeframe and last until about this time. So this
is before people are starting to water their lawn but we also came out of a year last year where believe it or
not we had a very wet spring in May and June of last year and as such our water usage was lower the first
part of the year, so we actually had revenues that were below what we would have expected for the full year
of 2019.

Board of Aldermen 05-04-2020 Page 7

Alderwoman Kelly

Thank you, Madam President. | had a couple of questions. | wanted to know, you mentioned being a debt
only funded corporation a couple of times. Can you just explain what that means?

Larry Goodhue, CEO & CFO Pennichuck Corporation

Board of Aldermen 05-04-2020 Page 6

And it is actually one — if you think about it, our debt is almost like a set of dominoes, should we not have
that line of credit, we now have a problem relative to the other layers of debt including the note payable to
the City of Nashua. So it is a very vital element in this overall process. |’ve said a lot, | will stop talking for
a minute and field any questions.

President Wilshire

Are there any questions from the Board?

Alderman Lopez

| have a question.

President Wilshire

Board of Aldermen 05-04-2020 Page 5

President Wilshire
Very good; | guess we did, thank you Larry.
Larry Goodhue, CEO & CFO Pennichuck Corporation

Board of Aldermen 05-04-2020 Page 4

Larry Goodhue, CEO & CFO Pennichuck Corporation

Thank you, Alderman Wilshire and tell me if you can hear me clearly.
President Wilshire

| can hear you clearly.

Larry Goodhue, CEO & CFO Pennichuck Corporation

Board of Aldermen 05-04-2020 Page 3

Alderman Cleaver

| am present and | am alone in the room, my daughter is in an adjacent room and | am here because of
social distancing under the Governor’s Orders.

Alderman Harriott- Gathright

| am here, and | am alone and | am practicing social distancing.

President Wilshire

| am here, | am alone and | am practicing social distancing and | can hear you. | also heard from Alderman