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Long-Term Debt | 6 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt On March 26, 2020, Roanoke Gas renewed its unsecured line-of-credit agreement, which was scheduled to expire March 31, 2021. The new agreement is for a two-year term expiring March 31, 2022 with a maximum borrowing limit of $28,000,000. Amounts drawn against the agreement are considered to be non-current as the balance under the line-of-credit is not subject to repayment within the next 12-month period. The agreement has a variable-interest rate based on 30-day LIBOR plus 100 basis points and an availability fee of 15 basis points and provides multi-tiered borrowing limits associated with the seasonal borrowing demands of the Company. The Company's total available borrowing limits during the term of the agreement range from $3,000,000 to $28,000,000. On December 23, 2019, Midstream entered into the Third Amendment to Credit Agreement ("Amendment") and amendments to the related Promissory Notes ("Notes") with the corresponding banks. The Amendment modified the original Credit Agreement and prior amendments between Midstream and the banks by increasing the total borrowing capacity to $41,000,000 from its previous limit of $26,000,000 and extending the maturity date to December 29, 2022. The Amendment retained all of the other provisions contained in the previous credit agreements and amendments including the interest rate on the Notes based on 30-day LIBOR plus 1.35%. The additional limits under the Amendment provide additional financing for the investment in the MVP. On December 6, 2019, Roanoke Gas entered into unsecured notes in the aggregate principal amount of $10,000,000. These notes have a 10-year term with a fixed interest rate of 3.60%. Proceeds from these notes will provide funding for Roanoke Gas' capital budget. Roanoke Gas has other unsecured notes at varying fixed interest rates as well as a variable-rate note with interest based on 30-day LIBOR plus 90 basis points. The variable rate note is hedged by a swap agreement, which converts the debt into a fixed-rate instrument with an annual interest rate of 2.30%. Midstream has two other variable rate notes in the amounts of $14,000,000 and $10,000,000 that are hedged by swap agreements that effectively convert the interest rates to 3.24% and 3.14%, respectively. All of the debt agreements set forth certain representations, warranties and covenants to which the Company is subject, including financial covenants that limit consolidated long-term indebtedness to not more than 65% of total capitalization. All of the debt agreements, except for the line-of-credit, provide for priority indebtedness to not exceed 15% of consolidated total assets. The Company was in compliance with all debt covenants as of March 31, 2020 and September 30, 2019. Long-term debt consists of the following:
| March 31, 2020 |  | September 30, 2019
| Principal |  | Unamortized Debt Issuance Costs |  | Principal |  | Unamortized Debt Issuance Costs
Roanoke Gas Company: |  |  |  |  |  |  |
Unsecured senior notes payable, at 4.26% due on September 18, 2034 | $ | 30,500,000 |  |  | $ | 139,984 |  |  | $ | 30,500,000 |  |  | $ | 144,811 |
Unsecured term note payable, at 30-day LIBOR plus 0.90%, due November 1, 2021 | 7,000,000 |  |  | 5,280 |  |  | 7,000,000 |  |  | 6,948 |
Unsecured term notes payable, at 3.58% due on October 2, 2027 | 8,000,000 |  |  | 36,120 |  |  | 8,000,000 |  |  | 38,528 |
Unsecured term notes payable, at 4.41% due on March 28, 2031 | 10,000,000 |  |  | 34,459 |  |  | 10,000,000 |  |  | 36,272 |
Unsecured term notes payable, at 3.60% due on December 6, 2029 | 10,000,000 |  |  | 34,346 |  |  | — |  |  | — |
RGC Midstream, LLC: |  |  |  |  |  |  |
Unsecured term notes payable, at 30-day LIBOR plus 1.35%, due December 29, 2022 | 23,075,200 |  |  | 68,492 |  |  | 16,012,200 |  |  | 59,504 |
Unsecured term note payable, at 30-day LIBOR plus 1.15%, due June 12, 2026 | 14,000,000 |  |  | 15,048 |  |  | 14,000,000 |  |  | 16,252 |
Unsecured term note payable, at 30-day LIBOR plus 1.20%, due June 1, 2024 | 10,000,000 |  |  | 9,822 |  |  | 10,000,000 |  |  | 11,000 |
Total notes payable | $ | 112,575,200 |  |  | $ | 343,551 |  |  | $ | 95,512,200 |  |  | $ | 313,315 |
Line-of-credit, at 30-day LIBOR plus 1.00%, due March 31, 2022 | $ | — |  |  | $ | — |  |  | $ | 8,172,473 |  |  | $ | — |
Total long-term debt | $ | 112,575,200 |  |  | $ | 343,551 |  |  | $ | 103,684,673 |  |  | $ | 313,315 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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