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DEBT | 12 Months Ended
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Dec. 31, 2016
DEBT [Abstract] |
DEBT | NOTE 6 DEBT At December 31, 2016, Artesian Resources had a $40 million line of credit with Citizens Bank of Pennsylvania, or Citizens, which is available to all subsidiaries of Artesian Resources. As of December 31, 2016, there was $36.4 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 26, 2017 or any date on which Citizens demands payment. At December 31, 2016, 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 $10.0 million of this line available for the operations of Artesian Water Maryland. As of December 31, 2016, there was $16.5 million of available funds under this line of credit. The interest rate for borrowings under this line is LIBOR plus 1.50%. CoBank may make an annual patronage refund, which has been equal to 1.00% of the average loan volume outstanding by Artesian during each of the years ended December 31, 2016, December 31, 2015 and December 31, 2014. The patronage refunds, associated with all debt at CoBank, earned by Artesian for the years ended December 31, 2016, December 31, 2015 and December 31, 2014 were $702,000, $689,000 and $682,000, respectively. The term of this line of credit expires on July 20, 2017. The weighted average interest rate on the lines of credit above paid by the Company was 1.67% for the year ended December 31, 2016. 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, 2016, we were in compliance with these covenants. Long-term debt consists of:
|  | December 31, |
In thousands |  | 2016 |  |  | 2015 |
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 |  |  | 10,200 |  |  |  | 10,800 |
|  |  | 95,600 |  |  |  | 96,200 |
State revolving fund loans |  |  |  |  |  |  |  |
4.48%, due August 1, 2021 |  |  | 1,456 |  |  |  | 1,711 |
3.57%, due September 1, 2023 |  |  | 640 |  |  |  | 719 |
3.64%, due May 1, 2025 |  |  | 1,142 |  |  |  | 1,255 |
3.41%, due February 1, 2031 |  |  | 2,448 |  |  |  | 2,576 |
3.40%, due July 1, 2032 |  |  | 2,361 |  |  |  | 2,475 |
|  |  | 8,047 |  |  |  | 8,736 |
Sub-total |  |  | 103,647 |  |  |  | 104,936 |
Less: current maturities (principal amount) |  |  | 1,316 |  |  |  | 1,289 |
Total long-term debt |  | $ | 102,331 |  |  | $ | 103,647 |
Payments of principal amounts due during the next five years and thereafter:
In thousands |  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | Thereafter |
First Mortgage bonds |  | $ | 600 |  |  | $ | 25,600 |  |  | $ | 600 |  |  | $ | 20,600 |  |  | $ | 600 |  |  | $ | 47,600 |
State revolving fund loans |  |  | 716 |  |  |  | 742 |  |  |  | 771 |  |  |  | 801 |  |  |  | 832 |  |  |  | 4,185 |
Total payments |  | $ | 1,316 |  |  | $ | 26,342 |  |  | $ | 1,371 |  |  | $ | 21,401 |  |  | $ | 1,432 |  |  | $ | 51,785 |
The table above is not reflective of the purchase of the $40 million principal amount First Mortgage Bond, Series T, or the Bond, due December 20, 2036, which was completed in January 2017. The proceeds from the sale of the Bond were used to prepay indebtedness of the Company under two existing First Mortgage Bonds listed above: Series O and related prepayment costs and Series Q.

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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 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: 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 + Details
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