XML 32 R14.htm IDEA: XBRL DOCUMENT v3.23.3
Note 6 - Line-of-credit
 12 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Debt Disclosure [Text Block]

6.

LINE-OF-CREDIT

 

On March 24, 2023, Roanoke Gas entered into an unsecured Revolving Note in the principal amount of $25 million.  The Revolving Note replaced an unsecured line-of-credit dated March 31, 2022 and will mature on March 31, 2024.  The Revolving Note's variable interest is based upon Term SOFR plus 110 basis points and provides multiple tier borrowing limits to accommodate seasonal borrowing demands.  The Company's total borrowing limits during the term of the Revolving Note range from $4 million to $25 million.  As of September 30, 2023, the Company had an outstanding balance of $4,353,572 under the Revolving Note. 

 

The Company's total available borrowing limits for the remaining term are as follows:

 

   

Available

 

As of

  

Line-of-Credit

 

September 30, 2023

  $13,000,000 

October 1, 2023

   22,000,000 

December 1, 2023

   25,000,000 

 

A summary of the line-of-credit follows:

 

  

September 30

 
  

2023

  

2022

 

Available line-of-credit at year-end

 $13,000,000  $28,000,000 

Outstanding balance at year-end

  4,353,572   — 

Highest month-end balance outstanding

  9,990,114   19,636,179 

Average daily balance

  1,877,527   6,233,620 

Average rate of interest during year on outstanding balances

  5.16%  1.15%

Interest rate at year-end

  6.43%  4.08%

Interest rate on unused line-of-credit

  0.15%  0.15%