Agenda

R-18-012
Endorsers: Mayor Jim Donchess
Alderwoman Mary Ann Melizzi-Golja
Alderman-at-Large Lori Wilshire
Alderman Richard A. Dowd
Alderman Patricia Klee
Alderman-at-Large Brandon Michael Laws
Aiderman Linda Harriott-Gathright
Alderman June M. Caron
Alderwoman-at-Large Shoshanna Kelly
Alderman-at-Large David C. Tencza
Alderman-at-Large Michael B. O’Brien, Sr.
AUTHORIZING THE CITY OF NASHUA TO ENTER INTO CONTRACTS WITH NASHUA COMMUNITY
COLLEGE, RIVIER UNIVERSITY, TOWN OF HUDSON, TOWN OF MERRIMACK, AND THE PLUS

UNFINISHED BUSINESS — RESOLUTIONS

R-18-007
Endorsers:

Mayor Jim Donchess

Alderman-at-Large Lori Wilshire
Alderman Richard A. Dowd

Alderman Tom Lopez

Alderman June M. Caron

Alderwoman Mary Ann Melizzi-Golja
Alderman-at-Large Michael B. O’Brien, Sr.
Alderwoman-at-Large Shoshanna Kelly

AUTHORIZING THE FILING OF APPLICATIONS AND EXECUTION OF GRANT AGREEMENTS
WITH THE U.S. DEPARTMENT OF TRANSPORTATION FOR GRANTS UNDER THE URBAN MASS
TRANSPORTATION ACT OF 1964, AS AMENDED, FOR
FISCAL YEARS 2019 AND 2020

AGENDA MEETING OF THE BOARD OF ALDERMEN MARCH 27, 2018

9(a).

9(b).

10.
11.

12.

13.

PRESIDENT BRIAN S. MCCARTHY CALLS ASSEMBLY TO ORDER
PRAYER OFFERED BY CITY CLERK PATRICIA PIECUCH
PLEDGE TO THE FLAG LED BY ALDERMAN KEN GIDGE

ROLL CALL

REMARKS BY THE MAYOR

RESPONSE TO REMARKS OF THE MAYOR

RECOGNITIONS

READING OF MINUTES OF PREVIOUS MEETING AND PUBLIC HEARING

-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.

The following table presents reclassifications out of accumulated other comprehensive
income for the years ended December 31, 2017 and 2016:

Amounts Reclassified Affected Line Item in

Details about Accumulated Other from Accumulated Other the Statement Where
Comprehensive Income Components Comprehensive Income Net Income is Presented
(in thousands) 2017 2016
Gain (loss) on cash flow hedges

Interest rate contracts $ 77 = § 123 Interest expense

(31) (49) Tax expense

Amounts reclassified from accumulated

Short-term borrowing activity under this revolving credit loan facility for the years ended
December 31, 2017 and 2016 was:

(in thousands) 2017 2016

Established line as of December 31, $ 6,000 $ 10,000
Maximum amount outstanding during period 5,574 1,118
Average amount outstanding during period 228 73
Amount outstanding as of December 31, 5,574 -

Weighted average interest rate during period 3.01% 2.22%
Interest rate as of December 31, 3.10% 2.251%