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Note 6 - Line-of-credit | 12 Months Ended
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Sep. 30, 2024
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. On March 31, 2024, the Revolving Note was amended to extend the maturity date to March 31, 2025. Other key terms and requirements of the Revolving Note were retained. The Revolving Note's variable interest rate 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 $15 million to $25 million. As of September 30, 2024, the Company had an outstanding balance of $11,166,181 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, 2024 |  |  | $ | 20,000,000 |
October 1, 2024 |  |  |  | 25,000,000 |
March 1, 2025 |  |  |  | 15,000,000 |
A summary of the line-of-credit follows:
|  | September 30 |
|  | 2024 |  |  | 2023 |
Available line-of-credit at year-end |  | $ | 20,000,000 |  |  | $ | 13,000,000 |
Outstanding balance at year-end |  |  | 11,166,181 |  |  |  | 4,353,572 |
Average rate of interest during year on outstanding balances |  |  | 6.39 | % |  |  | 5.16 | %
Interest rate at year-end |  |  | 6.29 | % |  |  | 6.43 | %
Interest rate on unused line-of-credit |  |  | 0.15 | % |  |  | 0.15 | %

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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/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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