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Note 6 - Line-of-credit
 12 Months Ended
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 %