Nashua aldermen to vote on Pennichuck reimbursement
According to Brian McCarthy, president of the Merrimack Valley Regional Water District and president of the Nashua Board of Aldermen, a significant amount of money was spent on legal fees by eight municipalities in southern New Hampshire during the acquisition.
For the first time since the city acquired the water company in early 2012, Pennichuck Corp. recently declared a shareholder dividend to Nashua in the amount of $500,000. McCarthy said half of that dividend payment should be given to the Merrimack Valley Regional Water District for distribution among the eight municipalities.
Once the $250,000 reimbursement is distributed, McCarthy said the remaining shareholder dividend payments — in the amount of $500,000 each year up to $5 million — will be kept by the city.
Although a seat has been reserved, Pressly said it has been vacant for nearly two years, which she believes violates a previous order by the Public Utilities Commission.
Acknowledging the communities deserve the money they are owed, she said they also deserve a voice and a seat on the board.
The city acquired Pennichuck Corp. in January 2012 for about $150 million, paying $29 a share for Pennichuck’s email@example.com
- With non-critical federal services shutting down and no budget deal in sight, whom do you blame for the impasse?
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