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DEBT | 12 Months Ended
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Dec. 31, 2012
DEBT [Abstract] |
DEBT | NOTE 6 DEBT At December 31, 2012, Artesian Resources had a $40 million line of credit with Citizens Bank, or Citizens, which is available to all subsidiaries of Artesian Resources. As of December 31, 2012, there was $29.3 million of available funds under this line of credit. The interest rate for borrowings under this line is the London Interbank Offered Rate, or LIBOR, plus 1.00%. This is a demand line of credit and therefore the financial institution may demand payment for any outstanding amounts at any time. The term of this line of credit expires on the earlier of May 30, 2013 or any date on which Citizens demands payment. In 2011, the Company completed the sale of approximately 888,000 shares of its Class A Non-Voting Common Stock and used the net proceeds of approximately $15.6 million (after deducting underwriting discounts and commissions and offering expenses) to fund a paid-in capital contribution in the same amount to Artesian Water. Artesian Water used the paid-in capital contribution to repay short-term borrowings (including borrowings incurred under our line of credit with Citizens that is available to all of our subsidiaries). At December 31, 2012, Artesian Water had a $20 million line of credit with CoBank, ACB, or CoBank, that allows for the financing of operations for Artesian Water, with up to $10 million of this line available for the operations of Artesian Water Maryland. As of December 31, 2012, there were no borrowings under this line of credit. The interest rate for borrowings under this line is LIBOR plus 1.50%. The term of this line of credit expires on January 14, 2014. These lines of credit, as well as both the long-term debt and the state revolving fund loans shown below, require us to abide by certain financial covenants and ratios. As of December 31, 2012, we were in compliance with these covenants. Long-term debt consists of:
|  | December 31, |
In thousands |  | 2012 |  |  | 2011 |
First mortgage bonds |  |  |  |  |  |
Series O, 8.17%, due December 29, 2020 |  | $ | 20,000 |  |  | $ | 20,000 |
Series P, 6.58%, due January 31, 2018 |  |  | 25,000 |  |  |  | 25,000 |
Series Q, 4.75%, due December 1, 2043 |  |  | 15,400 |  |  |  | 15,400 |
Series R, 5.96%, due December 31, 2028 |  |  | 25,000 |  |  |  | 25,000 |
Series S, 6.73%, due December 31, 2033 |  |  | 12,600 |  |  |  | 13,200 |
|  |  | 98,000 |  |  |  | 98,600 |
State revolving fund loans |  |  |  |  |  |  |  |
4.48%, due August 1, 2021 |  |  | 2,410 |  |  |  | 2,624 |
3.57%, due September 1, 2023 |  |  | 940 |  |  |  | 1,010 |
3.64%, due May 1, 2025 |  |  | 1,570 |  |  |  | 1,667 |
3.41%, due February 1, 2031 |  |  | 2,936 |  |  |  | 2,993 |
3.40%, due July 1, 2032 |  |  | 1,512 |  |  |  | 783 |
|  |  | 9,368 |  |  |  | 9,077 |
Notes Payable |  |  |  |  |  |  |  |
Promissory Note, variable interest, due August 1, 2012 |  |  | --- |  |  |  | 580 |
|  |  | --- |  |  |  | 580 |
Sub-total |  |  | 107,368 |  |  |  | 108,257 |
Less: current maturities (principal amount) |  |  | 1,111 |  |  |  | 1,718 |
Total long-term debt |  | $ | 106,257 |  |  | $ | 106,539 |
Payments of principal amounts due during the next five years and thereafter: |
In thousands |  | 2013 |  |  | 2014 |  |  | 2015 |  |  | 2016 |  |  | 2017 |  |  | Thereafter |
First Mortgage bonds |  | $ | 600 |  |  | $ | 600 |  |  | $ | 600 |  |  | $ | 600 |  |  | $ | 600 |  |  | $ | 95,000 |
State revolving fund loans |  |  | 511 |  |  |  | 587 |  |  |  | 611 |  |  |  | 635 |  |  |  | 660 |  |  |  | 6,364 |
Total payments |  | $ | 1,111 |  |  | $ | 1,187 |  |  | $ | 1,211 |  |  | $ | 1,235 |  |  | $ | 1,260 |  |  | $ | 101,364 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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