UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2024
OR
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _________________ to______________________
Commission File Number 0-422
MIDDLESEX WATER COMPANY
(Exact name of registrant as specified in its charter)
New Jersey | 22-1114430 |
(State of incorporation) | (IRS employer identification no.) |
485C Route One South, Iselin, New Jersey 08830
(Address of principal executive offices, including
zip code)
(732) 634-1500
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of
the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock | MSEX | NASDAQ |
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes ☑ No☐
Indicate by check mark whether the registrant has submitted electronically
and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of
Regulation S-T during the preceding 12 months (or such shorter period that the registrant was required to submit and post files).
Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of
large accelerated filer, accelerated filer, non-accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2
of the Exchange Act.
Large accelerated filer ☑ | Accelerated filer ☐ | Non-accelerated filer ☐ |
Smaller reporting company ☐ | | Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if
the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Act).
Yes ☐ No ☑
The number of shares outstanding of each of the registrant's
classes of common stock, as of July 31, 2024: Common Stock, No Par Value: 17,829,778 shares outstanding.
INDEX
MIDDLESEX WATER COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands except
per share amounts)
| |
Three Months Ended June 30, | |
Six Months Ended June 30, |
| |
2024 | |
2023 | |
2024 | |
2023 |
| |
| |
| |
| |
|
Operating Revenues | |
$ | 49,146 | | |
$ | 42,801 | | |
$ | 89,670 | | |
$ | 80,957 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses: | |
| | | |
| | | |
| | | |
| | |
Operations and Maintenance | |
| 21,825 | | |
| 21,204 | | |
| 42,290 | | |
| 41,462 | |
Depreciation | |
| 6,305 | | |
| 6,184 | | |
| 11,701 | | |
| 12,170 | |
Other Taxes | |
| 5,701 | | |
| 4,744 | | |
| 10,499 | | |
| 9,168 | |
| |
| | | |
| | | |
| | | |
| | |
Total Operating Expenses | |
| 33,831 | | |
| 32,132 | | |
| 64,490 | | |
| 62,800 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Income | |
| 15,315 | | |
| 10,669 | | |
| 25,180 | | |
| 18,157 | |
| |
| | | |
| | | |
| | | |
| | |
Other Income: | |
| | | |
| | | |
| | | |
| | |
Allowance for Funds Used During Construction | |
| 257 | | |
| 852 | | |
| 433 | | |
| 1,665 | |
Other Income, net | |
| 2,399 | | |
| 1,290 | | |
| 7,588 | | |
| 2,188 | |
| |
| | | |
| | | |
| | | |
| | |
Total Other Income, net | |
| 2,656 | | |
| 2,142 | | |
| 8,021 | | |
| 3,853 | |
| |
| | | |
| | | |
| | | |
| | |
Interest Charges | |
| 4,041 | | |
| 3,251 | | |
| 7,310 | | |
| 5,846 | |
| |
| | | |
| | | |
| | | |
| | |
Income before Income Taxes | |
| 13,930 | | |
| 9,560 | | |
| 25,891 | | |
| 16,164 | |
| |
| | | |
| | | |
| | | |
| | |
Income Taxes | |
| 3,384 | | |
| (341 | ) | |
| 4,663 | | |
| 397 | |
| |
| | | |
| | | |
| | | |
| | |
Net Income | |
| 10,546 | | |
| 9,901 | | |
| 21,228 | | |
| 15,767 | |
| |
| | | |
| | | |
| | | |
| | |
Preferred Stock Dividend Requirements | |
| 30 | | |
| 30 | | |
| 60 | | |
| 60 | |
| |
| | | |
| | | |
| | | |
| | |
Earnings Applicable to Common Stock | |
$ | 10,516 | | |
$ | 9,871 | | |
$ | 21,168 | | |
$ | 15,707 | |
| |
| | | |
| | | |
| | | |
| | |
Earnings per share of Common Stock: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.59 | | |
$ | 0.56 | | |
$ | 1.19 | | |
$ | 0.89 | |
Diluted | |
$ | 0.59 | | |
$ | 0.55 | | |
$ | 1.18 | | |
$ | 0.88 | |
| |
| | | |
| | | |
| | | |
| | |
Average Number of | |
| | | |
| | | |
| | | |
| | |
Common Shares Outstanding : | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 17,829 | | |
| 17,713 | | |
| 17,824 | | |
| 17,683 | |
Diluted | |
| 17,944 | | |
| 17,828 | | |
| 17,939 | | |
| 17,798 | |
See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements
MIDDLESEX WATER COMPANY
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
| |
| |
June 30, | |
December 31, |
ASSETS | |
| |
2024 | |
2023 |
UTILITY PLANT: | |
Water Production | |
$ |
307,173 |
| |
$ |
303,791 |
|
| |
Transmission and Distribution | |
| 825,223 | | |
| 809,862 | |
| |
General | |
| 102,149 | | |
| 100,593 | |
| |
Construction Work in Progress | |
| 29,703 | | |
| 19,636 | |
| |
TOTAL | |
| 1,264,248 | | |
| 1,233,882 | |
| |
Less Accumulated Depreciation | |
| 244,102 | | |
| 235,540 | |
| |
UTILITY PLANT - NET | |
| 1,020,146 | | |
| 998,342 | |
| |
| |
| | | |
| | |
CURRENT ASSETS: | |
Cash and Cash Equivalents | |
| 8,025 | | |
| 2,390 | |
| |
Accounts Receivable, net of allowance for credit losses of $2,135 and $2,137, respectively in 2024 and 2023 | |
| 20,173 | | |
| 18,172 | |
| |
Litigation Settlement Receivable | |
| 69,872 | | |
| 69,872 | |
| |
Unbilled Revenues | |
| 12,530 | | |
| 9,297 | |
| |
Materials and Supplies (at average cost) | |
| 6,477 | | |
| 6,972 | |
| |
Prepayments | |
| 3,925 | | |
| 1,833 | |
| |
TOTAL CURRENT ASSETS | |
| 121,002 | | |
| 108,536 | |
| |
| |
| | | |
| | |
OTHER ASSETS: | |
Operating Lease Right of Use Asset | |
| 2,872 | | |
| 3,185 | |
| |
Preliminary Survey and Investigation Charges | |
| 1,968 | | |
| 1,932 | |
| |
Regulatory Assets | |
| 91,066 | | |
| 90,694 | |
| |
Non-utility Assets - Net | |
| 11,771 | | |
| 11,522 | |
| |
Employee Benefit Plans | |
| 25,763 | | |
| 21,779 | |
| |
Other | |
| 51 | | |
| 62 | |
| |
TOTAL OTHER ASSETS | |
| 133,491 | | |
| 129,174 | |
| |
TOTAL ASSETS | |
$ | 1,274,639 | | |
$ | 1,236,052 | |
| |
| |
| | | |
| | |
CAPITALIZATION AND LIABILITIES | |
| | | |
| | |
CAPITALIZATION: | |
Common Stock, No Par Value | |
$ | 247,014 | | |
$ | 246,764 | |
| |
Retained Earnings | |
| 185,864 | | |
| 176,227 | |
| |
TOTAL COMMON EQUITY | |
| 432,878 | | |
| 422,991 | |
| |
Preferred Stock | |
| 2,084 | | |
| 2,084 | |
| |
Long-term Debt | |
| 355,975 | | |
| 358,153 | |
| |
TOTAL CAPITALIZATION | |
| 790,937 | | |
| 783,228 | |
| |
| |
| | | |
| | |
CURRENT | |
Current Portion of Long-term Debt | |
| 7,968 | | |
| 7,740 | |
LIABILITIES: | |
Notes Payable | |
| 72,250 | | |
| 42,750 | |
| |
Accounts Payable | |
| 25,222 | | |
| 27,618 | |
| |
Litigation Settlement Payable | |
| 6,237 | | |
| 6,237 | |
| |
Accrued Taxes | |
| 14,241 | | |
| 10,535 | |
| |
Accrued Interest | |
| 3,252 | | |
| 3,138 | |
| |
Unearned Revenues and Advanced Service Fees | |
| 1,689 | | |
| 1,390 | |
| |
Other | |
| 4,124 | | |
| 4,421 | |
| |
TOTAL CURRENT LIABILITIES | |
| 134,983 | | |
| 103,829 | |
| |
| |
| | | |
| | |
COMMITMENTS AND CONTINGENT LIABILITIES (Note 7) | |
| | | |
| | |
| |
| |
| | | |
| | |
OTHER LIABILITIES: | |
Customer Advances for Construction | |
| 21,145 | | |
| 21,313 | |
| |
Lease Obligations | |
| 2,747 | | |
| 3,063 | |
| |
Accumulated Deferred Income Taxes | |
| 91,800 | | |
| 88,736 | |
| |
Regulatory Liabilities | |
| 55,203 | | |
| 113,021 | |
| |
Other | |
| 420 | | |
| 592 | |
| |
TOTAL OTHER LIABILITIES | |
| 171,315 | | |
| 226,725 | |
| |
| |
| | | |
| | |
CONTRIBUTIONS IN AID OF CONSTRUCTION | |
| 177,404 | | |
| 122,270 | |
| |
TOTAL CAPITALIZATION AND LIABILITIES | |
$ | 1,274,639 | | |
$ | 1,236,052 | |
See Accompanying Notes to
Unaudited Condensed Consolidated Financial Statements
MIDDLESEX WATER COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
| |
Six Months Ended June 30, |
| |
2024 | |
2023 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net Income | |
$ | 21,228 | | |
$ | 15,767 | |
Adjustments to Reconcile Net Income to | |
| | | |
| | |
Net Cash Provided by Operating Activities: | |
| | | |
| | |
Depreciation and Amortization | |
| 13,008 | | |
| 14,543 | |
Provision for Deferred Income Taxes and Investment Tax Credits | |
| 1,722 | | |
| (2,993 | ) |
Equity Portion of Allowance for Funds Used During Construction (AFUDC) | |
| (253 | ) | |
| (1,014 | ) |
Cash Surrender Value of Life Insurance | |
| (199 | ) | |
| (207 | ) |
Stock Compensation Expense | |
| 1,072 | | |
| 1,366 | |
Changes in Assets and Liabilities: | |
| | | |
| | |
Accounts Receivable | |
| (2,001 | ) | |
| 788 | |
Unbilled Revenues | |
| (3,233 | ) | |
| (2,408 | ) |
Materials & Supplies | |
| 495 | | |
| (249 | ) |
Prepayments | |
| (2,092 | ) | |
| (846 | ) |
Accounts Payable | |
| (2,396 | ) | |
| 3,418 | |
Accrued Taxes | |
| 3,706 | | |
| 843 | |
Accrued Interest | |
| 114 | | |
| 563 | |
Employee Benefit Plans | |
| (4,457 | ) | |
| (975 | ) |
Unearned Revenue & Advanced Service Fees | |
| 299 | | |
| 111 | |
Recovered Costs-Environmental Litigation Settlement | |
| (8,003 | ) | |
| — | |
Other Assets and Liabilities | |
| (1,131 | ) | |
| 580 | |
| |
| | | |
| | |
NET CASH PROVIDED BY OPERATING ACTIVITIES | |
| 17,879 | | |
| 29,287 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Utility Plant Expenditures, Including AFUDC-Debt of $180 in 2024 and $651 in 2023 | |
| (28,737 | ) | |
| (50,635 | ) |
| |
| | | |
| | |
NET CASH USED IN INVESTING ACTIVITIES | |
| (28,737 | ) | |
| (50,635 | ) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Redemption of Long-term Debt | |
| (2,493 | ) | |
| (2,553 | ) |
Proceeds from Issuance of Long-term Debt | |
| 561 | | |
| 62,880 | |
Net Short-term Bank Borrowings | |
| 29,500 | | |
| (32,000 | ) |
Deferred Debt Issuance Expense | |
| (41 | ) | |
| (107 | ) |
Payment of Grantee Withholding Taxes in Exchange for Restricted Stock | |
| (1,328 | ) | |
| — | |
Proceeds from Issuance of Common Stock | |
| 505 | | |
| 5,745 | |
Payment of Common Dividends | |
| (11,531 | ) | |
| (11,049 | ) |
Payment of Preferred Dividends | |
| (60 | ) | |
| (60 | ) |
Construction Advances and Contributions-Net | |
| 1,380 | | |
| (959 | ) |
| |
| | | |
| | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | |
| 16,493 | | |
| 21,897 | |
NET CHANGES IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |
| 5,635 | | |
| 549 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | |
| 2,390 | | |
| 3,828 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | |
$ | 8,025 | | |
$ | 4,377 | |
| |
| | | |
| | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY: | |
| | | |
| | |
Utility Plant received as Construction Advances and Contributions | |
$ | 4,461 | | |
$ | 4,219 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | |
| | | |
| | |
Cash Paid During the Period for: | |
| | | |
| | |
Interest | |
$ | 7,417 | | |
$ | 5,491 | |
Interest Capitalized | |
$ | 180 | | |
$ | 651 | |
Income Taxes | |
$ | 752 | | |
$ | 260 | |
See Accompanying Notes to Unaudited Condensed
Consolidated Financial Statements
MIDDLESEX WATER COMPANY
CONDENSED CONSOLIDATED
STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT
(Unaudited)
(In thousands)
| | June 30, | | December 31, |
| | 2024 | | 2023 |
Common Stock, No Par Value | | | | |
Shares Authorized - 40,000 | | | | |
Shares Outstanding - 2024 - 17,829; 2023 - 17,821 | | $ | 247,014 | | | $ | 246,764 | |
Retained Earnings | | | 185,864 | | | | 176,227 | |
TOTAL COMMON EQUITY | | $ | 432,878 | | | $ | 422,991 | |
| | | | | | | | |
Cumulative Preferred Stock, No Par Value: | | | | | | | | |
Shares Authorized - 120 | | | | | | | | |
Shares Outstanding - 20 | | | | | | | | |
Convertible: | | | | | | | | |
Shares Outstanding, $7.00 Series - 10 | | $ | 1,005 | | | $ | 1,005 | |
Nonredeemable: | | | | | | | | |
Shares Outstanding, $7.00 Series - 1 | | | 79 | | | | 79 | |
Shares Outstanding, $4.75 Series - 10 | | | 1,000 | | | | 1,000 | |
TOTAL PREFERRED STOCK | | $ | 2,084 | | | $ | 2,084 | |
| | | | | | | | |
Long-term Debt: | | | | | | | | |
First Mortgage Bonds, 0.00%-5.50%, due 2024-2059 | | $ | 277,619 | | | $ | 278,374 | |
Amortizing Secured Notes, 3.94%-7.05%, due 2028-2046 | | | 68,342 | | | | 69,724 | |
State Revolving Trust Notes, 2.00%-4.03%, due 2025-2044 | | | 16,843 | | | | 16,638 | |
SUBTOTAL LONG-TERM DEBT | | | 362,804 | | | | 364,736 | |
Add: Premium on Issuance of Long-term Debt | | | 6,432 | | | | 6,529 | |
Less: Unamortized Debt Expense | | | (5,293 | ) | | | (5,372 | ) |
Less: Current Portion of Long-term Debt | | | (7,968 | ) | | | (7,740 | ) |
TOTAL LONG-TERM DEBT | | $ | 355,975 | | | $ | 358,153 | |
See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements
MIDDLESEX WATER COMPANY
CONDENSED CONSOLIDATED
STATEMENTS OF COMMON STOCKHOLDERS' EQUITY
(Unaudited)
(In thousands)
| |
Common | |
Common | |
| |
|
| |
Stock | |
Stock | |
Retained | |
|
| |
Shares | |
Amount | |
Earnings | |
Total |
| |
| |
| |
| |
|
Balance at January 1, 2023 | |
| 17,642 | | |
$ | 233,054 | | |
$ | 167,274 | | |
$ | 400,328 | |
Net Income | |
| — | | |
| — | | |
| 5,868 | | |
| 5,868 | |
Dividend Reinvestment & Common Stock Purchase Plan | |
| 29 | | |
| 2,342 | | |
| — | | |
| 2,342 | |
Restricted Stock Award - Net - Employees | |
| — | | |
| 360 | | |
| — | | |
| 360 | |
Cash Dividends on Common Stock ($0.3125 per share) | |
| — | | |
| — | | |
| (5,513 | ) | |
| (5,513 | ) |
Cash Dividends on Preferred Stock | |
| — | | |
| — | | |
| (30 | ) | |
| (30 | ) |
Balance at March 31, 2023 | |
| 17,671 | | |
$ | 235,756 | | |
$ | 167,599 | | |
$ | 403,355 | |
| |
| | | |
| | | |
| | | |
| | |
Net Income | |
| — | | |
| — | | |
| 9,901 | | |
| 9,901 | |
Dividend Reinvestment & Common Stock Purchase Plan | |
| 46 | | |
| 3,402 | | |
| — | | |
| 3,402 | |
Restricted Stock Award - Net - Employees | |
| 7 | | |
| 27 | | |
| — | | |
| 27 | |
Restricted Stock Award - Board of Directors | |
| 5 | | |
| 360 | | |
| — | | |
| 360 | |
Cash Dividends on Common Stock ($0.3125 per share) | |
| — | | |
| — | | |
| (5,538 | ) | |
| (5,538 | ) |
Cash Dividends on Preferred Stock | |
| — | | |
| — | | |
| (30 | ) | |
| (30 | ) |
Balance at June 30, 2023 | |
| 17,729 | | |
$ | 239,545 | | |
$ | 171,932 | | |
$ | 411,477 | |
| |
| | | |
| | | |
| | | |
| | |
Balance at January 1, 2024 | |
| 17,821 | | |
$ | 246,764 | | |
$ | 176,227 | | |
$ | 422,991 | |
Net Income | |
| — | | |
| — | | |
| 10,682 | | |
| 10,682 | |
Dividend Reinvestment & Common Stock Purchase Plan | |
| 5 | | |
| 252 | | |
| — | | |
| 252 | |
Restricted Stock Award - Net - Employees | |
| (12 | ) | |
| (465 | ) | |
| — | | |
| (465 | ) |
Cash Dividends on Common Stock ($0.3250 per share) | |
| — | | |
| — | | |
| (5,738 | ) | |
| (5,738 | ) |
Cash Dividends on Preferred Stock | |
| — | | |
| — | | |
| (30 | ) | |
| (30 | ) |
Balance at March 31, 2024 | |
| 17,814 | | |
$ | 246,551 | | |
$ | 181,141 | | |
$ | 427,692 | |
| |
| | | |
| | | |
| | | |
| | |
Net Income | |
| — | | |
| — | | |
| 10,546 | | |
| 10,546 | |
Dividend Reinvestment & Common Stock Purchase Plan | |
| 5 | | |
| 253 | | |
| — | | |
| 253 | |
Restricted Stock Award - Net - Employees | |
| 3 | | |
| (187 | ) | |
| — | | |
| (187 | ) |
Restricted Stock Award - Board of Directors | |
| 7 | | |
| 397 | | |
| — | | |
| 397 | |
Cash Dividends on Common Stock ($0.3250 per share) | |
| — | | |
| — | | |
| (5,793 | ) | |
| (5,793 | ) |
Cash Dividends on Preferred Stock | |
| — | | |
| — | | |
| (30 | ) | |
| (30 | ) |
Balance at June 30, 2024 | |
| 17,829 | | |
$ | 247,014 | | |
$ | 185,864 | | |
$ | 432,878 | |
See Accompanying Notes to
Unaudited Condensed Consolidated Financial Statements
MIDDLESEX WATER COMPANY
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
Note 1 – Basis of Presentation and Recent Developments
Middlesex Water Company (Middlesex or the Company)
is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), Pinelands Water Company (Pinelands Water) and Pinelands
Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA), and Utility Service Affiliates (Perth
Amboy) Inc. (USA-PA). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh)
are wholly-owned subsidiaries of Tidewater. The financial statements for Middlesex and its wholly-owned subsidiaries are reported on
a consolidated basis. All significant intercompany accounts and transactions have been eliminated.
The consolidated notes within the 2023 Annual Report
on Form 10-K (the 2023 Form 10-K) are applicable to these financial statements and, in the opinion of the Company, the accompanying unaudited
condensed consolidated financial statements contain all adjustments necessary (including normal recurring accruals) to present fairly
the Company’s financial position as of June 30, 2024, the results of operations for the three and six month periods ended June
30, 2024 and 2023 and cash flows for the six month periods ended June 30, 2024 and 2023. Information included in the Condensed Consolidated
Balance Sheet as of December 31, 2023, has been derived from the Company’s December 31, 2023 audited financial statements included
in the 2023 Form 10-K.
Recent Developments
United States Environmental Protection Agency
(USEPA) Issues Final Perfluoroalkyl Substances (PFAS) Regulations - In April 2024, the USEPA finalized drinking water regulations
for PFAS, establishing maximum contaminant levels (MCLs) for three PFAS compounds (Regulated PFAS) that are lower than the current New
Jersey Department of Environmental Protection MCLs adhered to by the Company. Under the new USEPA regulations effective April 2024, water
systems must monitor for Regulated PFAS and have three years to complete initial monitoring (by April 2027), followed by ongoing compliance
monitoring. Water systems must also provide the public with information on the levels of Regulated PFAS in their drinking water beginning
in 2027. Water systems have five years (by April 2029) to implement solutions that reduce Regulated PFAS if monitoring shows that drinking
water levels exceed these MCLs.
Beginning in April 2029, water systems that have
Regulated PFAS in drinking water which exceeds one or more of these MCLs must take action to reduce levels of these PFAS compounds in
their drinking water and must provide notification to the public of the violation.
In anticipation of these new USEPA standards, in
2023, the Company began implementing its strategy to meet these lower MCLs for Regulated PFAS and is currently performing preliminary
engineering studies to ensure that effective PFAS treatment approaches are implemented.
Recent Accounting Guidance
The recently issued accounting standards that have not yet been
adopted by the Company as of June 30, 2024 are as follows:
Standard | | Description | | Date of Adoption | | Application | | Effect on the Condensed Consolidated Financial Statements |
Accounting Standards Update (“ASU”) 2023-07 “Improvements to Reportable Segment Disclosures” | | The ASU requires disclosure of significant segment expenses, extends certain annual disclosures to interim periods, and additional qualitative disclosures regarding the chief operating decision maker. | | The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2024. Early adoption is permitted. | | Retrospective | | The Company is currently evaluating the requirements of ASU 2023-07. |
ASU 2023-09 “Improvements to Income Tax Disclosures” | | The ASU amends certain income tax disclosure requirements, including adding requirements to present the reconciliation of income tax expense computed at the statutory rate to actual income tax expense using both percentages and amounts and providing a disaggregation of income taxes paid. Further, certain disclosures are eliminated, including the current requirement to disclose information on changes in unrecognized tax benefits in the next 12 months. | | The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted. | | Prospective, with retrospective application also permitted. | | The Company is currently evaluating the requirements of ASU 2023-09. |
Note 2 – Rate and Regulatory Matters
Middlesex – The approval by the New Jersey
Board of Public Utilities (NJBPU) in February 2024 of the negotiated settlement of the Middlesex 2023 base rate case is expected to increase
annual operating revenues by $15.4 million, effective March 1, 2024. The approved tariff rates were designed to recover increased operating
costs as well as a return on invested capital of $563.1 million, based on an authorized return on common equity of 9.6%. Middlesex has
made capital infrastructure investments to ensure prudent upgrade and replacement of its utility assets to support continued regulatory
compliance, resilience and overall quality of service. In August 2023, Middlesex and 3M Company (3M) executed a settlement agreement (Settlement
Agreement) to resolve a lawsuit Middlesex previously initiated claiming 3M introduced PFAS, which includes Perfluorooctanoic Acid (PFOA), into
the Company’s water supply for its Park Avenue Wellfield Treatment Plant (Park Avenue Plant). The rate case settlement
provides that the net proceeds from the 3M Settlement Agreement were to be used to mitigate the increase in customer rates and reimburse
Middlesex for previously incurred costs for the construction of the Park Avenue Plant PFAS treatment upgrades, including depreciation
and carrying costs. This resulted in the reclassification of $48.3 million from Regulatory Liabilities to Contributions in Aid of Construction
from the December 31, 2023 balance sheet. In 2024, the Company also recognized the recovery of $0.9 million for depreciation and $4.1
million for carrying costs associated with the Park Avenue Plant PFAS treatment upgrades, as well as the recovery of $1.4 million of previously
incurred operating treatment costs while the Park Avenue Plant PFAS treatment upgrades were in process.
The Middlesex Lead Service Line Replacement (LSLR)
Plan, which was approved by the NJBPU in January 2024, has commenced and Middlesex submitted a customer surcharge filing with the NJBPU
in July 2024 to recover costs incurred replacing Middlesex customer-owned lead service lines. The surcharge is for $1.2 million of costs
incurred through June 2024, which are expected to be recovered between September 2024 and February 2025. The surcharge is required to
be reset every six months over the life of the LSLR Plan. Cost recovery for replacing Company-owned lead service lines are recoverable
through traditional rate making in connection with general rate case filings.
In May 2024, the NJBPU approved a Distribution System
Improvement Charge (DSIC) rate, effective May 26, 2024, that is expected to result in $0.5 million of annual revenues. A DSIC is a rate-mechanism
that allows water utilities to recover investments in, and generate a return on, qualifying capital improvements made between general
rate case proceedings.
Tidewater - Effective July 1, 2024, Tidewater
increased its Delaware Public Service Commission (DEPSC)-approved DSIC rate, which is expected to generate revenue of approximately $1.6
million annually.
In July 2024, Tidewater filed a petition seeking DEPSC
approval of deferred accounting treatment for costs associated with Tidewater’s obligation to identify and inventory lead service
lines throughout Tidewater’s service area, as required by federal law and Delaware regulations. Through June 30, 2024, Tidewater
has spent $0.3 million, included in Operations and Maintenance Expense, and expects to spend approximately $2.1 million through September
30, 2024.
In addition, in July 2024, Tidewater provided the
DEPSC a notice of intent to file a general rate case application in the third quarter 2024.
Twin Lakes Utilities, Inc. (Twin Lakes) –
Twin Lakes provides water services to approximately 115 residential customers in Shohola, Pennsylvania. Pursuant to the Pennsylvania Public
Utility Code, Twin Lakes filed a petition requesting the Pennsylvania Public Utilities Commission (PAPUC) to order the acquisition of
Twin Lakes by a capable public utility. The PAPUC assigned an Administrative Law Judge (ALJ) to adjudicate the matter and submit a recommended
decision (Recommended Decision) to the PAPUC. As part of this legal proceeding the PAPUC also issued an Order in January 2021 appointing
a large Pennsylvania based investor-owned water utility as the receiver (the Receiver Utility) of the Twin Lakes system until the petition
is fully adjudicated by the PAPUC. In November 2021, the PAPUC issued an Order affirming the ALJ’s Recommended Decision, ordering
the Receiver Utility to acquire the Twin Lakes water system and for Middlesex, the parent company of Twin Lakes, to submit $1.7 million
into an escrow account within 30 days. Twin Lakes immediately filed a Petition For Review (PFR) with the Commonwealth Court of Pennsylvania
(the Commonwealth Court) seeking reversal and vacation of the escrow requirement on the grounds that it violates the Pennsylvania Public
Utility Code as well as the United States Constitution. In addition, Twin Lakes filed an emergency petition for stay of the PAPUC Order
pending the Commonwealth Court’s review of the merits arguments contained in Twin Lakes’ PFR. In December 2021, the Commonwealth
Court granted Twin Lakes’ emergency petition, pending its review. In August 2022, the Commonwealth Court issued an opinion upholding
PAPUC’s November 2021 Order in its entirety. In September 2022, Twin Lakes filed a Petition For Allowance of Appeal (Appeal Petition)
to the Supreme Court of Pennsylvania seeking reversal of the Commonwealth Court’s decision to uphold the escrow requirement on the
grounds that the Commonwealth Court erred in failing to address Twin Lakes’ claims that because the $1.7 million escrow requirement
placed on Middlesex violated Middlesex’s constitutional rights, Middlesex’s refusal to submit this escrow payment would jeopardize
the relief Twin Lakes was otherwise entitled to in the appointment of the Receiver Utility. In March 2023, the Supreme Court of Pennsylvania
issued a decision denying Twin Lakes’ Appeal Petition without addressing this claim on the merits. As a result of the Pennsylvania
Courts’ failure to address Twin Lakes’ claim, Middlesex has subsequently filed a Complaint with the United States District
Court for the Middle District of Pennsylvania (US District Court) to address the issue of whether the PAPUC’s Order violated Middlesex’s
rights under the United States Constitution. On January 18, 2024, the US District Court issued a decision dismissing Middlesex’s
complaint without addressing Middlesex’s claims on the merits. On January 31, 2024, Middlesex filed a Notice of Appeal of the US
District Court’s decision with the United States Court of Appeals for the Third Circuit (Third Circuit Court). The Third Circuit
Court has issued a briefing schedule that will extend into July 2024 and it is expected that oral arguments will be scheduled before a
three-judge panel of the Third Circuit Court following the completion of the briefing schedule.
The financial results, total assets and financial
obligations of Twin Lakes are not material to Middlesex.
Note 3 – Capitalization
Common Stock – During the six months
ended June 30, 2024 and 2023, there were 9,683 common shares (approximately $0.5 million) and 75,764 common shares (approximately $5.7
million) respectively, issued under the Middlesex Water Company Investment Plan.
Middlesex has received approval from the NJBPU to
issue and sell up to 1.0 million shares of its common stock, without par value, through December 31, 2025. Sales of additional shares
of common stock are part of the Company’s comprehensive financing plan to fund its multi-year utility plant infrastructure investment
program. As described below in “Long-term Debt”, the NJBPU also approved the debt funding component of the financing plan.
Long-term Debt – Subject to regulatory
approval, the Company periodically issues long-term debt to fund its investments in utility plant. To the extent possible and fiscally
prudent, the Company finances qualifying capital projects under State Revolving Fund (SRF) loan programs in New Jersey and Delaware. These
government programs provide financing at interest rates typically below rates available in the broader financial markets. A portion of
the borrowings under the New Jersey SRF is interest-free.
Middlesex has received approval from the NJBPU to
borrow up to $300.0 million from the New Jersey SRF Program, the New Jersey Economic Development Authority, private placement and other
financial institutions as needed through December 31, 2025. The Company expects to issue debt securities in a series of one or more transaction
offerings over a multi-year period to help fund Middlesex’s multi-year capital construction program.
Under the New Jersey SRF program, borrowers first
enter into a construction loan agreement with the New Jersey Infrastructure Bank (NJIB) at a below market interest rate. When construction
on the qualifying project is substantially complete, NJIB will coordinate the conversion of the construction loan into a long-term securitized
loan with a portion of the principal balance having a stated interest rate of zero percent (0%) and a portion of the principal balance
at a market interest rate at the time of closing using the credit rating of the State of New Jersey.
Under the Delaware SRF program, borrowers 1) enter
into a long-term note agreement for a term not to exceed twenty years, 2) submit requisitions for cost reimbursements during the construction
period for up to two years after the agreement is executed and 3) as the proceeds are received from the requisitions, borrowers record
a corresponding debt obligation amount.
In May 2024, Tidewater closed on four DEPSC-approved
Delaware SRF loans totaling $5.6 million, all at interest rates of 2.0% with expected maturity dates in 2044. These loans are for the
construction, relocation, improvement, and/or interconnection of transmission mains and construction of a water treatment facility. Tidewater
has not drawn down on these loans as of June 30, 2024. Each project has its own construction timetable with the last spending set to occur
in 2026.
In July 2024, Tidewater received a commitment for
a $2.2 million Delaware SRF loan with a 0.0% interest rate. This loan is for costs associated with Tidewater’s obligation, as required
by federal law and Delaware regulations, to identify and inventory lead service lines throughout Tidewater’s service area. If and
when approval is received from the DEPSC, Tidewater expects to close on this loan and draw down on it in 2024.
Separately, Tidewater has two active construction
projects funded by prior year Delaware SRF loans totaling $8.3 million with remaining availability of funds for borrowing. These loans
are for the construction of a one million gallon elevated storage tank and construction, relocation, improvement, and interconnection
of transmission mains. Tidewater has drawn a total of $4.9 million through June 30, 2024 and expects that the requisitions will continue
through late 2024.
Fair Value of Financial Instruments –
The following methods and assumptions were used by the Company in estimating its fair value disclosure for financial instruments for which
it is practicable to estimate that value. The carrying amounts reflected in the condensed consolidated balance sheets for cash and cash
equivalents, accounts receivable, accounts payable and notes payable approximate their respective fair values due to the short-term maturities
of these instruments. The fair value of First Mortgage Bonds (FMBs) and SRF Bonds (collectively, the Bonds) issued by Middlesex is based
on quoted market prices for similar issues. Under the fair value hierarchy, the fair value of cash and cash equivalents is classified
as a Level 1 measurement and the fair value of notes payable and the FMBs in the table below are classified as Level 2 measurements. The
carrying amount and fair value of the FMBs were as follows:
| |
(Thousands of Dollars) |
| |
June 30, 2024 | |
December 31, 2023 |
| |
Carrying | |
Fair | |
Carrying | |
Fair |
| |
Amount | |
Value | |
Amount | |
Value |
FMBs | |
$ | 132,619 | | |
$ | 129,574 | | |
$ | 133,374 | | |
$ | 131,745 | |
It was not practicable to estimate the fair value
on our outstanding long-term debt for which there is no quoted market price and there is not an active trading market. For details, including
carrying value, interest rates and due dates on these series of long-term debt, please refer to those series noted as “Amortizing
Secured Notes” and “State Revolving Trust Notes” on the Condensed Consolidated Statements of Capital Stock and Long-Term
Debt. The carrying amount of these instruments was $230.2 million and $231.3 million at June 30, 2024 and December 31, 2023, respectively.
Customer advances for construction have carrying amounts of $21.1 million and $21.3 million at June 30, 2024 and December 31, 2023, respectively.
Their relative fair values cannot be accurately estimated since future refund payments depend on several variables, including new customer
connections, customer consumption levels and future rate increases.
Substantially all of the utility plant of the Company
is subject to the lien of its mortgage, which includes debt service and capital ratio covenants. The Company is in compliance with all
of its mortgage covenants and restrictions.
Note 4 – Earnings Per Share
Basic earnings per share (EPS) are computed on the
basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of the Convertible
Preferred Stock $7.00 Series.
| |
(In Thousands Except per Share Amounts) |
| |
Three Months Ended June 30, |
| |
2024 | |
2023 |
Basic: | |
Income | |
Shares | |
Income | |
Shares |
Net Income | |
$ | 10,546 | | |
| 17,829 | | |
$ | 9,901 | | |
| 17,713 | |
Preferred Dividend | |
| (30 | ) | |
| | | |
| (30 | ) | |
| | |
Earnings Applicable to Common Stock | |
$ | 10,516 | | |
| 17,829 | | |
$ | 9,871 | | |
| 17,713 | |
| |
| | | |
| | | |
| | | |
| | |
Basic EPS | |
$ | 0.59 | | |
| | | |
$ | 0.56 | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Diluted: | |
| | | |
| | | |
| | | |
| | |
Earnings Applicable to Common Stock | |
$ | 10,516 | | |
| 17,829 | | |
$ | 9,871 | | |
| 17,713 | |
$7.00 Series Preferred Dividend | |
| 17 | | |
| 115 | | |
| 17 | | |
| 115 | |
Adjusted Earnings Applicable to Common Stock | |
$ | 10,533 | | |
| 17,944 | | |
$ | 9,888 | | |
| 17,828 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted EPS | |
$ | 0.59 | | |
| | | |
$ | 0.55 | | |
| | |
| |
(In Thousands Except per Share Amounts) |
| |
Six Months Ended June 30, |
| |
2024 | |
2023 |
Basic: | |
Income | |
Shares | |
Income | |
Shares |
Net Income | |
$ | 21,228 | | |
| 17,824 | | |
$ | 15,767 | | |
| 17,683 | |
Preferred Dividend | |
| (60 | ) | |
| | | |
| (60 | ) | |
| | |
Earnings Applicable to Common Stock | |
$ | 21,168 | | |
| 17,824 | | |
$ | 15,707 | | |
| 17,683 | |
| |
| | | |
| | | |
| | | |
| | |
Basic EPS | |
$ | 1.19 | | |
| | | |
$ | 0.89 | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Diluted: | |
| | | |
| | | |
| | | |
| | |
Earnings Applicable to Common Stock | |
$ | 21,168 | | |
| 17,824 | | |
$ | 15,707 | | |
| 17,683 | |
$7.00 Series Preferred Dividend | |
| 34 | | |
| 115 | | |
| 34 | | |
| 115 | |
Adjusted Earnings Applicable to Common Stock | |
$ | 21,202 | | |
| 17,939 | | |
$ | 15,741 | | |
| 17,798 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted EPS | |
$ | 1.18 | | |
| | | |
$ | 0.88 | | |
| | |
Note 5 – Business Segment Data
The Company has identified two reportable segments.
One is the regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial,
industrial and fire protection customers in parts of New Jersey and Delaware. This segment also includes regulated wastewater systems
in New Jersey and Delaware. The Company is subject to regulations as to its rates, services and other matters by New Jersey and
Delaware with respect to utility services within these states. The other segment is primarily comprised of non-regulated contract services
for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware. Inter-segment
transactions relating to operational costs are treated as pass-through expenses. Finance charges on inter-segment loan activities are
based on interest rates that are below what would normally be charged by a third-party lender.
| |
(In Thousands) |
| |
Three Months Ended | |
Six Months Ended |
| |
June 30, | |
June 30, |
Operations by Segments: | |
2024 | |
2023 | |
2024 | |
2023 |
Revenues: | |
| |
| |
| |
|
Regulated | |
$ | 45,966 | | |
$ | 39,909 | | |
$ | 83,431 | | |
$ | 74,862 | |
Non – Regulated | |
| 3,410 | | |
| 3,056 | | |
| 6,614 | | |
| 6,398 | |
Inter-segment Elimination | |
| (230 | ) | |
| (164 | ) | |
| (375 | ) | |
| (303 | ) |
Consolidated Revenues | |
$ | 49,146 | | |
$ | 42,801 | | |
$ | 89,670 | | |
$ | 80,957 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Income: | |
| | | |
| | | |
| | | |
| | |
Regulated | |
$ | 14,314 | | |
$ | 9,820 | | |
$ | 23,315 | | |
$ | 16,535 | |
Non – Regulated | |
| 1,001 | | |
| 849 | | |
| 1,865 | | |
| 1,622 | |
Consolidated Operating Income | |
$ | 15,315 | | |
$ | 10,669 | | |
$ | 25,180 | | |
$ | 18,157 | |
| |
| | | |
| | | |
| | | |
| | |
Net Income: | |
| | | |
| | | |
| | | |
| | |
Regulated | |
$ | 9,826 | | |
$ | 9,307 | | |
$ | 19,877 | | |
$ | 14,631 | |
Non – Regulated | |
| 720 | | |
| 594 | | |
| 1,351 | | |
| 1,136 | |
Consolidated Net Income | |
$ | 10,546 | | |
$ | 9,901 | | |
$ | 21,228 | | |
$ | 15,767 | |
| |
| | | |
| | | |
| | | |
| | |
Capital Expenditures: | |
| | | |
| | | |
| | | |
| | |
Regulated | |
$ | 14,325 | | |
$ | 26,114 | | |
$ | 28,701 | | |
$ | 50,579 | |
Non – Regulated | |
| 23 | | |
| 6 | | |
| 36 | | |
| 56 | |
Total Capital Expenditures | |
$ | 14,348 | | |
$ | 26,120 | | |
$ | 28,737 | | |
$ | 50,635 | |
| |
As of | | |
As of | | |
| | | |
| | |
| |
June 30, 2024 | | |
December 31, 2023 | | |
| | | |
| | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Regulated | |
$ | 1,272,096 | | |
$ | 1,235,549 | | |
| | | |
| | |
Non – Regulated | |
| 9,645 | | |
| 8,068 | | |
| | | |
| | |
Inter-segment Elimination | |
| (7,102 | ) | |
| (7,565 | ) | |
| | | |
| | |
Consolidated Assets | |
$ | 1,274,639 | | |
$ | 1,236,052 | | |
| | | |
| | |
Note 6 – Short-term Borrowings
The Company maintains lines of credit aggregating
$140.0 million.
| | (Millions) | | | | | | |
| | As of June 30, 2024 | | | | | | |
| | Outstanding | | Available | | Maximum | | Credit Type | | Renewal Date |
Bank of America | | $ | 10.0 | | | $ | 50.0 | | | $ | 60.0 | | | Uncommitted | | January 24, 2025 |
PNC Bank | | | 54.8 | | | $ | 13.2 | | | | 68.0 | | | Committed | | January 31, 2026 |
CoBank, ACB | | | 7.5 | | | | 4.5 | | | | 12.0 | | | Committed | | May 20, 2026 |
| | $ | 72.3 | | | $ | 67.7 | | | $ | 140.0 | | | | | |
The interest rates are set for borrowings under the
Bank of America and PNC Bank lines of credit using the Secured Overnight Financing Rate (SOFR) and then adding a specific financial institution
credit spread. The interest rate for borrowings under the CoBank, ACB (CoBank) line of credit are set weekly using CoBank’s internal
cost of funds index that is similar to the SOFR and adding a credit spread. There is no requirement for a compensating balance under any
of the established lines of credit.
The $10.0 million outstanding from Bank of America
as of June 30, 2024 matured in July 2024. The borrowings outstanding under the PNC Bank and CoBank, ACB lines of credit as of June 30,
2024 mature daily and are being rolled over on a daily basis. The proceeds of $63.6 million received in July 2024 from the Company’s
3M Settlement Agreement were used to reduce borrowings under its lines of credit. See Note 2 for additional details.
The weighted average interest rate on the outstanding
borrowings at June 30, 2024 under these credit lines is 6.51%.
The weighted average daily amounts of borrowings outstanding
under these credit lines and the weighted average interest rates on those amounts were as follows:
| |
(In Thousands) |
| |
Three Months Ended | |
Six Months Ended |
| |
June 30, | |
June 30, |
| |
2024 | |
2023 | |
2024 | |
2023 |
Average Daily Amounts Outstanding | |
$ | 62,934 | | |
$ | 24,220 | | |
$ | 56,463 | | |
$ | 36,848 | |
Weighted Average Interest Rates | |
| 6.43% | | |
| 6.09% | | |
| 6.42% | | |
| 5.75% | |
Note 7 – Commitments and Contingent Liabilities
Water Supply – Middlesex has an agreement
with the New Jersey Water Supply Authority (NJWSA) for the purchase of untreated water through November 30, 2048. This agreement with
the NJWSA provides for an average purchase of 27 million gallons a day (mgd) with a peak up to 47.0 mgd. Pricing is set annually by the
NJWSA through a public rate making process. The agreement has provisions for additional pricing in the event Middlesex overdrafts or exceeds
certain monthly and annual thresholds.
Middlesex also has an agreement with a non-affiliated
NJBPU-regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2026, provides for the minimum
purchase of 3.0 mgd of treated water with provisions for additional purchases if needed.
Tidewater contracts with the City of Dover in Delaware
to purchase treated water of up to 60.0 million gallons annually.
Purchased water costs are shown below:
| |
(In Thousands) |
| |
Three Months Ended | |
Six Months Ended |
| |
June 30, | |
June 30, |
| |
2024 | |
2023 | |
2024 | |
2023 |
| |
| |
| |
| |
|
Treated | |
$ | 992 | | |
$ | 1,363 | | |
$ | 1,901 | | |
$ | 2,747 | |
Untreated | |
| 861 | | |
| 739 | | |
| 1,711 | | |
| 1,540 | |
Total Costs | |
$ | 1,853 | | |
$ | 2,102 | | |
$ | 3,612 | | |
$ | 4,287 | |
Leases – The Company determines if an
arrangement is a lease at inception. Generally, a lease agreement exists if the Company determines that the arrangement gives the Company
control over the use of an identified asset and obtains substantially all of the benefits from the identified asset.
The Company has entered into an operating lease of
office space for administrative purposes, expiring in 2030. The Company has not entered into any finance leases. The exercise of a lease
renewal option for the Company’s administrative offices is solely at the discretion of the Company.
The right-of-use (ROU) asset recorded represents the
Company’s right to use an underlying asset for the lease term and lease liability represents the Company’s obligation to make
lease payments arising from the lease. Lease ROU assets and liabilities are recognized at the commencement date based on the present value
of lease payments over the lease term. The Company’s operating lease does not provide an implicit discount rate and as such the
Company used an estimated incremental borrowing rate (4.03%) based on the information available at the commencement date in determining
the present value of lease payments.
Given the impacts of accounting for regulated operations,
and the resulting recognition of expense at the amounts recovered in customer rates, expenditures for operating leases are consistent
with lease expense and were $0.2 million for each of the three months ended June 30, 2024 and 2023, respectively, and $0.4 million for
each of the six months ended June 30, 2024 and 2023, respectively.
Information related to operating lease ROU assets
and lease liabilities is as follows:
| |
(In Millions) |
| |
As of |
| |
June 30, 2024 | |
December 31, 2023 |
ROU Asset at Lease Inception | |
$ | 7.3 | | |
$ | 7.3 | |
Accumulated Amortization | |
| (4.4 | ) | |
| (4.1 | ) |
ROU Asset | |
$ | 2.9 | | |
$ | 3.2 | |
The Company’s future minimum operating lease commitments as
of June 30, 2024 are as follows:
| |
(In Millions) |
2024 | |
$ | 0.4 | |
2025 | |
| 0.8 | |
2026 | |
| 0.9 | |
2027 | |
| 0.9 | |
2028 | |
| 0.9 | |
Thereafter | |
| 0.9 | |
Total Lease Payments | |
$ | 4.8 | |
Imputed Interest | |
| (1.5 | ) |
Present Value of Lease Payments | |
| 3.3 | |
Less Current Portion* | |
| (0.6 | ) |
Non-Current Lease Liability | |
$ | 2.7 | |
| |
| | |
*Included in Other Current Liabilities |
|
|
Construction – The Company has entered
into several construction contracts that, in the aggregate, obligate expenditure of an estimated $13 million in the future. The actual
amount and timing of capital expenditures is dependent on the need for upgrade or replacement of existing infrastructure, customer growth,
residential new home construction and sales, project scheduling, supply chain issues and continued refinement of project scope and costs.
With continued higher mortgage interest rates, as well as other financial market uncertainties, there is no assurance that projected customer
growth and residential new home construction and sales will occur.
PFOA Matter – In November 2021, the Company
was served with two PFOA-related class action lawsuits seeking restitution for medical, water replacement and other related costs and
economic damages. Middlesex and 3M agreed to enter into a joint mediation on these lawsuits and their ultimate resolution is not known
at this time. See Note 2 for additional details.
Contingencies – Based on our operations
in the heavily-regulated water and wastewater industries, the Company is routinely involved in disputes, claims, lawsuits and other regulatory
and legal matters, including responsibility for fines and penalties relative to regulatory compliance. At this time, Management does not
believe the final resolution of any such matters, whether asserted or unasserted, will have a material adverse effect on the Company’s
financial position, results of operations or cash flows. In addition, the Company maintains business insurance coverage that may
mitigate the effect of any current or future loss contingencies.
Change in Control Agreements – The Company
has Change in Control Agreements with its executive officers that provide compensation and benefits in the event of termination of employment
under certain conditions in connection with a change in control of the Company.
Note 8 – Employee Benefit Plans
Pension Benefits – The Company’s
defined benefit pension plan (Pension Plan) covers all active employees hired prior to April 1, 2007. Employees hired after March 31,
2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides for a potential annual
contribution in an amount at the discretion of the Company, based upon a percentage of the participants’ annual paid compensation.
For the three and six month periods ended June 30, 2024, the Company made cash contributions to the Pension Plan of $2.0 million. For
the three and six month periods ended June 30, 2023, the Company did not make cash contributions to the Pension Plan. The Company does
not expect to make any additional cash contributions to the Pension Plan over the remainder of the current year.
Other Postretirement Benefits – The Company’s
retirement plan other than pensions (Other Benefits Plan) covers substantially all currently eligible retired employees. Employees hired
after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For each of the six
month periods ended June 30, 2024 and 2023, the Company did not make cash contributions to its Other Benefits Plan. The Company expects
to make additional Other Benefits Plan cash contributions of $0.9 million over the remainder of the current year.
The following tables set forth information relating to the Company’s
periodic costs (benefit) for its employee retirement benefit plans:
| |
(In Thousands) |
| |
Pension Benefits | |
Other Benefits |
| |
Three Months Ended June 30, |
| |
2024 | |
2023 | |
2024 | |
2023 |
| |
| |
| |
| |
|
Service Cost | |
$ | 318 | | |
$ | 388 | | |
$ | 80 | | |
$ | 98 | |
Interest Cost | |
| 1,070 | | |
| 1,067 | | |
| 328 | | |
| 402 | |
Expected Return on Assets | |
| (1,580 | ) | |
| (1,466 | ) | |
| (846 | ) | |
| (771 | ) |
Amortization of Unrecognized Losses | |
| 38 | | |
| 164 | | |
| (275 | ) | |
| (48 | ) |
Net Periodic (Benefit) Cost* | |
$ | (154 | ) | |
$ | 153 | | |
$ | (713 | ) | |
$ | (319 | ) |
| |
(In Thousands) |
| |
Pension Benefits | |
Other Benefits |
| |
Six Months Ended June 30, |
| |
2024 | |
2023 | |
2024 | |
2023 |
Service Cost | |
$ | 635 | | |
$ | 776 | | |
$ | 160 | | |
$ | 196 | |
Interest Cost | |
| 2,140 | | |
| 2,134 | | |
| 657 | | |
| 804 | |
Expected Return on Assets | |
| (3,161 | ) | |
| (2,932 | ) | |
| (1,692 | ) | |
| (1,542 | ) |
Amortization of Unrecognized Losses | |
| 76 | | |
| 328 | | |
| (549 | ) | |
| (96 | ) |
Net Periodic (Benefit) Cost* | |
$ | (310 | ) | |
$ | 306 | | |
$ | (1,424 | ) | |
$ | (638 | ) |
*
Note 9 – Revenue Recognition from Contracts with Customers
The Company’s revenues are primarily generated
from regulated tariff-based sales of water and wastewater services and non-regulated operation and maintenance contracts for services
on water and wastewater systems owned by others. Revenue from contracts with customers is recognized when control of a promised good or
service is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange
for those goods and services.
The Company’s regulated revenue from contracts
with customers results from tariff-based sales from the provision of water and wastewater services to residential, industrial, commercial,
fire-protection and wholesale customers. Residential customers are billed quarterly while most industrial, commercial, fire-protection
and wholesale customers are billed monthly. Payments by customers are due between 15 and 30 days after the invoice date. Revenue is recognized
as the water and wastewater services are delivered to customers as well as from accrual of unbilled revenues estimated from the last meter
reading date to the end of the accounting period utilizing factors such as historical customer data, regional weather indicators and general
economic conditions in the relevant service territories. Unearned Revenues and Advance Service Fees include fixed service charge billings
in advance to Tidewater customers recognized as service is provided to the customer.
Non-regulated service contract revenues consist of
base service fees, as well as fees for additional billable services provided to customers. Fees are billed monthly and are due within
30 days after the invoice date. The Company considers the amounts billed to represent the value of these services provided to customers.
These contracts expire at various times through June 2032 and contain remaining performance obligations for which the Company expects
to recognize revenue in the future. These contracts also contain termination provisions.
Substantially all of the amounts included in operating
revenues and accounts receivable are from contracts with customers. The Company records its allowance for credit losses based on historical
write-offs combined with an evaluation of current economic conditions within its service territories.
The Company’s contracts do not contain any significant
financing components.
The Company’s operating revenues are comprised of the following:
| |
(In Thousands) |
| |
Three Months Ended June 30, | |
Six Months Ended June 30, |
| |
2024 | |
2023 | |
2024 | |
2023 |
Regulated Tariff Sales | |
| | | |
| | | |
| | | |
| | |
Residential | |
$ | 24,736 | | |
$ | 22,653 | | |
$ | 45,066 | | |
$ | 41,657 | |
Commercial | |
| 8,584 | | |
| 6,249 | | |
| 14,559 | | |
| 11,627 | |
Industrial | |
| 3,639 | | |
| 2,806 | | |
| 6,773 | | |
| 5,645 | |
Fire Protection | |
| 3,656 | | |
| 3,145 | | |
| 6,948 | | |
| 6,249 | |
Wholesale | |
| 5,208 | | |
| 4,968 | | |
| 9,880 | | |
| 9,521 | |
Non-Regulated Contract Operations | |
| 3,293 | | |
| 2,942 | | |
| 6,381 | | |
| 6,172 | |
Total Revenue from Contracts with Customers | |
$ | 49,116 | | |
$ | 42,763 | | |
$ | 89,607 | | |
$ | 80,871 | |
Other Regulated Revenues | |
| 143 | | |
| 88 | | |
| 205 | | |
| 163 | |
Other Non-Regulated Revenues | |
| 117 | | |
| 114 | | |
| 233 | | |
| 226 | |
Inter-segment Elimination | |
| (230 | ) | |
| (164 | ) | |
| (375 | ) | |
| (303 | ) |
Total Revenue | |
$ | 49,146 | | |
$ | 42,801 | | |
$ | 89,670 | | |
$ | 80,957 | |
Item 2. Management’s Discussion
and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read
in conjunction with the unaudited condensed consolidated financial statements of Middlesex Water Company (Middlesex or the Company) included
elsewhere herein and with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Forward-Looking Statements
Certain statements contained in this periodic report
and in the documents incorporated by reference constitute “forward-looking statements” within the meaning of Section 21E of
the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. The Company intends that these statements be covered
by the safe harbors created under those laws. They include, but are not limited to statements as to:
|
- |
expected financial condition, performance, prospects and earnings of the Company; |
|
- |
strategic plans for growth; |
|
- |
the amount and timing of rate increases and other regulatory matters, including the recovery of certain costs recorded as regulatory assets; |
|
- |
the Company’s expected liquidity needs during the upcoming fiscal year and beyond and the sources and availability of funds to meet its liquidity needs; |
|
- |
expected customer rates, consumption volumes, service fees, revenues, margins, expenses and operating results; |
|
- |
financial projections; |
|
- |
the expected amount of cash contributions to fund the Company’s retirement benefit plans, anticipated discount rates and rates of return on plan assets; |
|
- |
the ability of the Company to pay dividends; |
|
- |
the Company’s compliance with environmental laws and regulations and estimations of the materiality of any related costs; |
|
- |
the safety and reliability of the Company’s equipment, facilities and operations; |
|
- |
the Company’s plans to renew municipal franchises and consents in the territories it serves; |
|
- |
trends; and |
|
- |
the availability and quality of our water supply. |
These forward-looking statements are subject to risks,
uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by the forward-looking
statements. Important factors that could cause actual results to differ materially from anticipated results and outcomes include, but
are not limited to:
|
- |
effects of general economic conditions; |
|
- |
increases in competition for growth in non-franchised markets to be potentially served by the Company; |
|
- |
ability of the Company to adequately control selected operating expenses which are necessary to maintain safe and proper utility services, and which may be beyond the Company’s control; |
|
- |
availability of adequate supplies of quality water; |
|
- |
actions taken by government regulators, including decisions on rate increase requests; |
|
- |
new or modified water quality standards and compliance with related legal and regulatory requirements; |
|
- |
weather variations, including climate variability, and other natural phenomena impacting utility operations; |
|
- |
financial and operating risks associated with acquisitions and/or privatizations; |
|
- |
acts of war or terrorism; |
|
- |
cyber-attacks; |
|
- |
changes in the pace of new housing development; |
|
- |
availability and cost of capital resources; |
|
- |
timely availability of materials and supplies for operations and critical infrastructure projects; |
|
- |
effectiveness of internal control over financial reporting; |
|
|
- |
impact of pandemics; and |
|
- |
other factors discussed elsewhere in this report. |
Many of these factors are beyond the Company’s
ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements,
which only speak to the Company’s understanding as of the date of this report. The Company does not undertake any obligation to
release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this report or
to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
For an additional discussion of factors that may affect
the Company’s business and results of operations, see Item 1A. - Risk Factors in the Company’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2023.
Overview
Middlesex Water Company (Middlesex or the Company)
has operated as a water utility in New Jersey since 1897 and in Delaware through our wholly-owned subsidiary, Tidewater Utilities, Inc.
(Tidewater), since 1992. We are in the business of collecting, treating and distributing water for domestic, commercial, municipal, industrial
and fire protection purposes. We operate water and wastewater systems under contract for governmental entities and private entities primarily
in New Jersey and Delaware and provide regulated wastewater services in New Jersey. We are regulated by state public utility commissions
as to rates charged to customers for water and wastewater services, as to the quality of water and wastewater service we provide and as
to certain other matters in the states in which our regulated subsidiaries operate. Only our Utility Service Affiliates, Inc. (USA), Utility
Service Affiliates (Perth Amboy), Inc. (USA-PA) and White Marsh Environmental Services, Inc. (White Marsh) subsidiaries are not regulated
public utilities as related to rates and services quality. All municipal or commercial entities whose utility operations are managed by
these entities, however, are subject to environmental regulation at the federal and state levels.
Our principal New Jersey water utility system (the
Middlesex System) provides water services to approximately 60,000 retail customers, primarily in central New Jersey. The Middlesex System
also provides water sales under contract to municipalities in central New Jersey with a total population of over 0.2 million. Our other
New Jersey subsidiaries, Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively,
Pinelands) provide water and wastewater services to approximately 2,500 customers in Southampton Township, New Jersey.
Our Delaware subsidiaries, Tidewater and Southern
Shores Water Company, LLC, provide water services to approximately 60,000 retail customers in New Castle, Kent and Sussex Counties, Delaware.
Tidewater’s subsidiary, White Marsh, services approximately 4,300 households in Kent and Sussex Counties through various operations
and maintenance contracts.
USA-PA operates the water and wastewater systems for
the City of Perth Amboy, New Jersey (Perth Amboy) under a 10-year operations and maintenance contract expiring in 2028. In addition to
performing day-to day operations, USA-PA is also responsible for emergency response and management of capital projects funded by Perth
Amboy.
USA operates the Borough of Avalon, New Jersey’s
(Avalon) water utility, sewer utility and storm water system under a ten-year operations and maintenance contract expiring in 2032. USA
also operates the Borough of Highland Park, New Jersey’s (Highland Park) water and wastewater systems under a 10-year operations
and maintenance contract expiring in 2030. In addition to performing day-to-day service operations, USA is responsible for emergency response
and management of capital projects funded by Avalon and Highland Park.
Under a marketing agreement with HomeServe USA Corp.
(HomeServe) expiring in 2031, USA offers residential customers in New Jersey and Delaware water and wastewater related services and home
maintenance programs. HomeServe is a leading national provider of such home maintenance service programs. USA receives a service fee for
the billing, cash collection and other administrative matters associated with HomeServe’s service contracts. USA also provides unregulated
water and wastewater services under contract with several New Jersey municipalities.
Recent Developments
Middlesex
Chief Financial Officer Retirement and Succession Announcement – On
June 10, 2024, the Company named Mohammed G. Zerhouni as its new Senior Vice President, Chief Financial Officer and Treasurer
effective June 24, 2024. Mr. Zerhouni joined Middlesex following a comprehensive search for a successor to former Senior Vice
President, Treasurer and Chief Financial Officer, A. Bruce O’Connor.
Middlesex Base Water Rate Increase Approval
- The approval by the New Jersey Board of Public Utilities (NJBPU) in February 2024 of the negotiated settlement of the Middlesex 2023
base rate case is expected to increase annual operating revenues by $15.4 million effective March 1, 2024. The approved tariff rates were
designed to recover increased operating costs as well as a return on invested capital of $563.1 million, based on an authorized return
on common equity of 9.6%. Middlesex has made capital infrastructure investments to ensure prudent upgrade and replacement of its utility
assets to support continued regulatory compliance, resilience and overall quality of service.
Middlesex Distribution System Improvement Charge
(DSIC) - In May 2024, the NJBPU approved a DSIC rate, effective May 26, 2024, that is expected to result in $0.5 million of annual
revenues. A DSIC is a rate-mechanism that allows water utilities to recover investments in, and generate a return on, qualifying capital
improvements made between general rate case proceedings.
Tidewater DSIC - Effective July 1, 2024, Tidewater
increased its Delaware Public Service Commission (DEPSC)-approved DSIC rate, which is expected to generate revenue of approximately $1.6
million annually.
Tidewater Deferred Accounting Treatment Petition
for Lead Service Line Inventory Costs - In July 2024, Tidewater filed a petition seeking DEPSC approval of deferred accounting treatment
for costs associated with Tidewater’s obligation to identify and inventory lead service lines throughout Tidewater’s service
area, as required by federal law and Delaware regulations. Through June 30, 2024, Tidewater has spent $0.3 million, included in Operations
and Maintenance Expense, and expects to spend approximately $2.1 million through September 30, 2024.
United States Environmental Protection Agency
(USEPA) Issues Final Perfluoroalkyl Substances (PFAS) Regulations - In April 2024, the USEPA finalized drinking water
regulations for PFAS, establishing maximum contaminant levels (MCLs) for three PFAS compounds (Regulated PFAS) that are lower than
the current New Jersey Department of Environmental Protection MCLs adhered to by the Company. Under the new USEPA regulations,
effective April 2024, water systems must monitor for Regulated PFAS and have three years to complete initial monitoring (by April
2027), followed by ongoing compliance monitoring. Water systems must also provide the public with information on the levels of
Regulated PFAS in their drinking water beginning in 2027. Water systems have five years (by April 2029) to implement solutions that
reduce Regulated PFAS if monitoring shows that drinking water levels exceed these MCLs.
Beginning in April 2029, water systems that have Regulated
PFAS in drinking water which exceeds one or more of these MCLs must take action to reduce levels of these PFAS compounds in their drinking
water and must provide notification to the public of the violation.
In anticipation of these new USEPA standards, in 2023,
the Company began, and continues, implementing its strategy to meet these lower MCLs for Regulated PFAS and is currently performing preliminary
engineering studies to ensure that effective PFAS treatment approaches are implemented.
Capital Construction Program - The Company’s
multi-year capital construction program encompasses numerous projects designed to upgrade and replace utility infrastructure as well as
enhance the integrity and reliability of assets to maintain and improve service for the current and future generations of water and wastewater
customers. The 2024 projects include, but are not limited to:
| ● | Replacement of approximately 17,000 linear feet of cast iron 6" water main with ductile iron 8”
water main in Woodbridge, New Jersey; |
| ● | Replacement of control room and electrical distribution equipment at our Carl J. Olsen Surface Water Treatment
Plant (CJO Plant); |
| ● | Supply and storage improvements and installation of emergency generators at several of our Tidewater facilities; |
| ● | Upgrades and improvements to our Enterprise Resource Planning System; and |
| ● | Various water main replacements and improvements. |
The actual amount and timing of capital expenditures
is dependent on project scheduling and refinement of engineering estimates for certain capital projects.
Outlook
Our ability to increase operating income and net income
is based significantly on four factors: weather, adequate and timely rate relief, effective cost management and customer growth. These
factors are discussed in the Results of Operations section below. Unfavorable weather patterns may occur at any time, which can result
in lower customer demand for water.
We continue to make investments in system infrastructure
and our operating costs continue to increase in 2024 in a variety of categories. These factors, among others, will require a base rate
increase request filing for Tidewater in the third quarter of 2024 and may require base rate increase request filings for Pinelands Water
and Pinelands Wastewater in the near term.
Overall, organic residential customer growth continues
in our Tidewater system (approximately 4% in 2023). However, current and evolving economic market conditions may challenge that growth.
Our strategy for profitable growth is focused on the
following key areas:
| ● | Invest in projects, products and services that complement our core water and wastewater competencies; |
| ● | Timely and adequate recovery of infrastructure investments and other costs to maintain service quality; |
| ● | Prudent acquisitions of investor and municipally-owned water and wastewater utilities; and |
| ● | Operation of municipal and industrial water and wastewater systems on a contract basis which meet our
risk profile. |
Operating Results by Segment
The discussion of the Company’s operating results
is on a consolidated basis and includes significant factors by subsidiary. The Company has two operating segments, Regulated and Non-Regulated.
The operations of the Regulated segment are subject to regulations promulgated by state public utility commissions as to rates and level
of service. Rates and level of service in the Non-Regulated segment are subject to the terms of individually-negotiated and executed contracts
with municipal, industrial and other clients. Both segments are subject to federal and state environmental, water and wastewater quality
and other associated legal and regulatory requirements.
The segments in the tables included below consist
of the following companies: Regulated-Middlesex, Tidewater, Pinelands and Southern Shores; Non-Regulated-USA, USA-PA, and White Marsh.
Results of Operations – Three Months Ended June 30, 2024
| |
(In Thousands) | |
| |
Three Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
Regulated | | |
Non- Regulated | | |
Total | | |
Regulated | | |
Non- Regulated | | |
Total | |
Operating Revenues | |
$ | 45,853 | | |
$ | 3,293 | | |
$ | 49,146 | | |
$ | 39,859 | | |
$ | 2,942 | | |
$ | 42,801 | |
Operations and Maintenance Expense | |
| 19,660 | | |
| 2,165 | | |
| 21,825 | | |
| 19,243 | | |
| 1,961 | | |
| 21,204 | |
Depreciation | |
| 6,239 | | |
| 66 | | |
| 6,305 | | |
| 6,119 | | |
| 65 | | |
| 6,184 | |
Other Taxes | |
| 5,640 | | |
| 61 | | |
| 5,701 | | |
| 4,677 | | |
| 67 | | |
| 4,744 | |
Operating Income | |
$ | 14,314 | | |
$ | 1,001 | | |
$ | 15,315 | | |
$ | 9,820 | | |
$ | 849 | | |
$ | 10,669 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other Income, net | |
| 2,606 | | |
| 50 | | |
| 2,656 | | |
| 2,102 | | |
| 40 | | |
| 2,142 | |
Interest Charges | |
| 4,041 | | |
| — | | |
| 4,041 | | |
| 3,251 | | |
| — | | |
| 3,251 | |
Income Taxes Expense (Benefit) | |
| 3,053 | | |
| 331 | | |
| 3,384 | | |
| (636 | ) | |
| 295 | | |
| (341 | ) |
Net Income | |
$ | 9,826 | | |
$ | 720 | | |
$ | 10,546 | | |
$ | 9,307 | | |
$ | 594 | | |
$ | 9,901 | |
Operating Revenues
Operating revenues for the three months ended June
30, 2024 increased $6.3 million from the same period in 2023 due to the following factors:
| ● | Middlesex System revenues increased $5.2 million due to the approved base rate increase effective March
1, 2024 and higher commercial and industrial customer billings; |
| ● | Tidewater System revenues increased $0.6 million due to customer growth and higher customer demand; |
| ● | Non-regulated revenues increased $0.4 million, primarily due to higher supplemental contract services;
and |
| ● | Pinelands revenues increased $0.1 million due to scheduled rate increases resulting from Pinelands 2023
base rate increase. |
Operations and Maintenance Expense
Operations and Maintenance Expense for the three months
ended June 30, 2024 increased $0.6 million from the same period in 2023 due to the following factors:
| ● | An enhanced water treatment process at Middlesex’s Park Avenue Plant resulted in $0.4 million of
increased costs; |
| ● | Labor costs increased $0.4 million due to wage increases; |
| ● | Tidewater lead service line inventory compliance costs increased costs by $0.3 million. See Note 2 for
additional details; |
| ● | Outside professional support service costs for legal, finance and regulatory matters rose by $0.1 million; |
| ● | Amortization of proceeds from the 3M Company (3M) settlement agreement (Settlement
Agreement) reduced costs $0.8 million. The conclusion of Middlesex’s 2023 base rate increase request allowed Middlesex to recover
costs, including certain prior year operating expenses, from the proceeds of the 3M Settlement Agreement between Middlesex and 3M
to resolve a lawsuit Middlesex previously initiated claiming 3M introduced PFAS into the Company’s water supply for its Park Avenue
Wellfield. See Note 2 for additional details; and |
| ● | All other operation and maintenance expense categories increased $0.2 million. |
Depreciation
Depreciation expense for the three months ended June
30, 2024 increased $0.1 million from the same period in 2023 due to additional utility plant in service.
Other Taxes
Other Taxes for the three months ended June 30, 2024
increased $1.0 million from the same period in 2023 primarily due to higher gross receipts taxes on higher revenues in our Middlesex System
and higher payroll related taxes on increased labor costs in our Middlesex System.
Other Income, net
Other Income, net for the three months ended June
30, 2024 increased $0.5 million from the same period in 2023 due primarily to the recovery of carrying costs on the PFAS treatment at
Middlesex’s Park Avenue Plant and higher actuarially-determined retirement benefit plans non-service benefit. Lower Allowance for
Funds Used During Construction resulting from a lower level of capital projects in progress partially offset these increases. The conclusion
of Middlesex’s 2023 base rate increase request allowed Middlesex to recover costs, including carrying costs, from the proceeds from
the 3M Settlement Agreement. See Note 2 for additional details.
Interest Charges
Interest Charges for the three months ended June 30,
2024 increased $0.8 million from the same period in 2023 due to higher average debt outstanding and an increase in average borrowing rates.
Income Taxes
Income Taxes for the three months ended June 30, 2024
increased by $3.7 million from the same period in 2023, primarily due to higher pre-tax income and lower income tax benefits associated
with decreased repair expenditures on tangible property in the Middlesex System offset by the recovery of income taxes on the taxable
portion of the proceeds from the 3M Settlement Agreement recognized in the current period. See Note 2 for additional details.
Results of Operations – Six Months Ended
June 30, 2024
| |
(In Thousands) | |
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
Regulated | | |
Non- Regulated | | |
Total | | |
Regulated | | |
Non- Regulated | | |
Total | |
Operating Revenues | |
$ | 83,289 | | |
$ | 6,381 | | |
$ | 89,670 | | |
$ | 74,785 | | |
$ | 6,172 | | |
$ | 80,957 | |
Operations and Maintenance Expense | |
| 38,023 | | |
| 4,267 | | |
| 42,290 | | |
| 37,173 | | |
| 4,289 | | |
| 41,462 | |
Depreciation | |
| 11,568 | | |
| 133 | | |
| 11,701 | | |
| 12,039 | | |
| 131 | | |
| 12,170 | |
Other Taxes | |
| 10,383 | | |
| 116 | | |
| 10,499 | | |
| 9,038 | | |
| 130 | | |
| 9,168 | |
Operating Income | |
| 23,315 | | |
| 1,865 | | |
| 25,180 | | |
| 16,535 | | |
| 1,622 | | |
| 18,157 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other Income, net | |
| 7,912 | | |
| 109 | | |
| 8,021 | | |
| 3,770 | | |
| 83 | | |
| 3,853 | |
Interest Charges | |
| 7,310 | | |
| — | | |
| 7,310 | | |
| 5,846 | | |
| — | | |
| 5,846 | |
Income Taxes Expense (Benefit) | |
| 4,040 | | |
| 623 | | |
| 4,663 | | |
| (172 | ) | |
| 569 | | |
| 397 | |
Net Income | |
$ | 19,877 | | |
$ | 1,351 | | |
$ | 21,228 | | |
$ | 14,631 | | |
$ | 1,136 | | |
$ | 15,767 | |
Operating Revenues
Operating Revenues for the six months ended June 30,
2024 increased $8.7 million from the same period in 2023 due to the following factors:
| ● | Middlesex System revenues increased $6.8 million due to the approved base rate increase effective March
1, 2024 and higher commercial and industrial customer billings; |
| ● | Tidewater System revenues increased $1.4 million due to customer growth and higher customer demand; |
| ● | Pinelands revenues increased $0.2 million due to scheduled rate increases resulting from Pinelands 2023
base rate increase; |
| ● | Non-regulated revenues increased $0.2 million, primarily due to higher supplemental contract services;
and |
| ● | All other revenue categories increased $0.1 million. |
Operations and Maintenance Expense
Operations and Maintenance Expense for the six months
ended June 30, 2024 increased $0.8 million from the same period in 2023 due to the following factors:
| ● | Labor and employee benefit cost increased $1.4 million due to compensation and 401k Plan
contribution increases; |
| ● | An enhanced water treatment process at Middlesex’s Park Avenue Plant resulted in $0.8 million of
increased costs; |
| ● | Outside professional support service costs for legal, finance and regulatory matters rose by $0.3 million; |
| ● | Tidewater lead service line inventory compliance costs increased costs by $0.3 million. See Note 2 for
additional details; |
| ● | Higher business insurance premiums increased costs by $0.3 million; |
| ● | Recovery of prior year water treatment operating costs at the Park Avenue Plant and amortization of proceeds
from the 3M Settlement Agreement reduced costs $2.4 million. The conclusion of Middlesex’s 2023 base rate increase request allowed
Middlesex to recover costs, including certain prior year operating expenses, from the proceeds from the 3M Settlement Agreement. See Note
2 for additional details; and |
| ● | All other operation and maintenance expense categories increased $0.1 million. |
Depreciation
Depreciation for the six months ended June 30 decreased
$0.5 million from the same period in 2023 due to the recovery of prior year depreciation related to upgrades at Middlesex’s Park
Avenue Plant partially offset by additional utility plant in service. The conclusion of Middlesex’s 2023 base rate increase request
allowed Middlesex to recover costs, including deprecation, from the proceeds from the 3M Settlement Agreement. See Note 2 for additional
details.
Other Taxes
Other Taxes for the six months ended June 30, 2024
increased $1.3 million from the same period in 2023 primarily due to higher gross receipts taxes on higher revenues in our Middlesex System
and higher payroll related taxes on increased labor costs in our Middlesex System.
Other Income, net
Other Income, net for the six months ended June 30,
2024 increased $4.2 million from the same period in 2023 due primarily to the recovery of carrying costs on the PFAS treatment upgrades
at Middlesex’s Park Avenue Plant and higher actuarially-determined retirement benefit plans non-service benefit. Lower Allowance
for Funds Used During Construction resulting from a lower level of capital projects in progress partially offset these increases. The
conclusion of Middlesex’s 2023 base rate increase request allowed Middlesex to recover costs, including carrying costs, from the
proceeds from the 3M Settlement Agreement. See Note 2 for additional details.
Interest Charges
Interest Charges for the six months ended June 30,
2024 increased $1.5 million from the same period in 2023 due to higher average debt outstanding and an increase in average borrowing rates.
Income Taxes
Income Taxes for the six months ended June 30, 2024
increased by $4.3 million from the same period in 2023, primarily due to higher pre-tax income and lower income tax benefits associated
with decreased repair expenditures on tangible property in the Middlesex System offset by the recovery of income taxes on the taxable
portion of the proceeds from the 3M Settlement Agreement recognized in the current period. See Note 2 for additional details.
Liquidity and Capital Resources
Operating Cash Flows
Cash flows from operations are largely based on four
factors: weather, adequate and timely rate increases, effective cost management and customer growth. The effect of those factors on net
income is discussed in “Results of Operations.”
For the six months ended June 30, 2024, cash flows
from operating activities decreased $11.4 million to $17.9 million. The decrease in cash flows from operating activities primarily resulted
from accrued recovered costs from Middlesex’s 3M Settlement, timing of vendor payments and higher interest payments partially offset
by the impact of Middlesex’s approved base rate increase effective March 1, 2024.
Investing Cash Flows
For the six months ended June 30, 2024, cash flows
used in investing activities decreased $21.9 million to $28.7 million due to decreased utility plant expenditures in 2024.
For further discussion on the Company’s future
capital expenditures and expected funding sources, see “Capital Expenditures and Commitments” below.
Financing Cash Flows
For the three months ended June 30 , 2024, cash flows
from financing activities decreased $5.4 million to $16.5 million. The decrease in cash flows provided by financing activities is due
to lower proceeds from the issuance of common stock under the Middlesex Water Company Investment Plan (Investment Plan) and lower net
borrowings.
Capital Expenditures and Commitments
To fund our capital program, we use internally generated
funds, short-term and long-term debt borrowings, proceeds from sales of common stock under the Investment Plan and proceeds from sales
offerings to the public of our common stock. In addition, in July 2024, we received proceeds of $63.6 million from the 3M Settlement Agreement,
which were used to pay down our lines of credit outstanding balance to further support the funding of our capital program.
Middlesex has received approval from the NJBPU to
borrow up to $300.0 million from the New Jersey SRF Program, the New Jersey Economic Development Authority, private placement and other
financial institutions as needed through December 31, 2025. The Company expects to issue debt securities in a series of one or more transaction
offerings over a multi-year period to help fund Middlesex’s multi-year capital construction program.
In May 2024, Tidewater closed on four DEPSC-approved
Delaware SRF loans totaling $5.6 million, all at interest rates of 2.0% with expected maturity dates in 2044. These loans are for the
construction, relocation, improvement, and/or interconnection of transmission mains and construction of a water treatment facility. Each
project has its own construction timetable with the last spending set to occur in 2026.
In July 2024, Tidewater received a commitment for
a $2.2 million Delaware SRF loan with a 0.0% interest rate. This loan is for costs associated with Tidewater’s obligation, as required
by federal law and Delaware regulations, to identify and inventory lead service lines throughout Tidewater’s service area. After
approval is received from the DEPSC, Tidewater expects to close on this loan in September 2024 and draw down the full amount in the fourth
quarter of 2024.
In order to fully fund the ongoing investment program
in our utility plant infrastructure and maintain a balanced capital structure consistent with regulators’ expectations for a regulated
water utility, Middlesex may offer for sale additional shares of its common stock. The amount, the timing and the sales method of the
common stock is dependent on the timing of the construction expenditures, the level of additional debt financing and financial market
conditions. As approved by the NJBPU, the Company is authorized to issue and sell up to 1.0 million shares of its common stock in one
or more transactions through December 31, 2025.
Recent Accounting Pronouncements – See
Note 1 of the Notes to Unaudited Condensed Consolidated Financial Statements for a discussion of recent accounting pronouncements and
guidance.
Item 3. Quantitative and Qualitative Disclosures of Market Risk
We are exposed to market risk associated with changes
in interest rates and commodity prices. The Company is subject to the risk of fluctuating interest rates in the normal course of business.
Our policy is to manage interest rates through the use of fixed rate long-term debt and, to a lesser extent, short-term debt. The Company’s
interest rate risk related to existing fixed rate, long-term debt is not material due to the term of the majority of our First Mortgage
Bonds, which have final maturity dates ranging from 2024 to 2059. Over the next twelve months, approximately $8.0 million of the current
portion of existing long-term debt instruments will mature. Applying a hypothetical change in the rate of interest charged by 10% on those
borrowings, would not have a material effect on our earnings.
Our risks associated with price increases for chemicals,
electricity and other commodities are reduced through contractual arrangements and the ability to recover price increases through rates
charged to the Company’s regulated utility customers. Non-performance by these commodity suppliers could have a material adverse
impact on our results of operations, financial position and cash flows.
We are exposed to credit risk for both our Regulated
and Non-Regulated business segments. Our Regulated operations serve residential, commercial, industrial and municipal customers while
our Non-Regulated operations engage in business activities with developers, government entities and other customers. Our primary credit
risk is exposure to customer default on contractual obligations and the associated loss that may be incurred due to the non-payment of
customer accounts receivable balances. Our credit risk is managed through established credit and collection policies which are in compliance
with applicable regulatory requirements and involve monitoring of customer exposure and the use of credit risk mitigation measures such
as letters of credit or prepayment arrangements. Our credit portfolio is diversified with no significant customer or industry concentrations.
In addition, our Regulated businesses are generally able to recover all prudently incurred costs including uncollectible customer accounts
receivable expenses and collection costs through customers’ rates.
The Company's retirement benefit plan assets are subject
to fluctuating market prices of debt and equity securities. Changes to the Company's retirement benefit plan asset values can impact the
Company's retirement benefit plan expense, funded status and future minimum funding requirements. Risk is mitigated by our ability to
recover retirement benefit plan costs through rates for regulated utility services charged to our customers.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
Disclosure controls and procedures are controls and
other procedures that are designed to ensure that information required to be disclosed in Company reports filed or submitted under the
Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s
rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information
required to be disclosed in Company reports filed under the Exchange Act is accumulated and communicated to management, including the
Company’s Chief Executive Officer and Chief Financial Officer as appropriate, to allow timely decisions regarding disclosure.
As required by Rule 13a-15 under the Exchange Act,
an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures was conducted
by the Company’s Chief Executive Officer along with the Company’s Chief Financial Officer for the quarter ended June 30, 2024.
Based upon that evaluation, the Company’s Chief Executive Officer and the Company’s Chief Financial Officer concluded that
no changes in internal control over financial reporting occurred during the quarter ended June 30, 2024 that has materially affected,
or are reasonably likely to materially affect, internal control over financial reporting and that our disclosure controls and procedures
were not effective as of June 30, 2024 due to the material weakness described below. A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of the Company's annual or interim financial statements will not be prevented or detected on a timely basis.
In 2023, the Company’s independent registered
public accounting firm, Baker Tilly US, LLP (Baker Tilly), conducted a routine internal quality review of its integrated audit of the
Company’s 2022 consolidated financial statements and internal control over financial reporting as of December 31, 2022. As a result
of this review, Baker Tilly re-examined the Company’s information technology general controls (ITGCs) in the areas of user access
and change management over certain information technology (IT) systems that support the Company’s financial reporting processes.
Certain of those controls were found to be deficient because of a lack of sufficient IT control processes designed to prevent or detect
unauthorized changes in applications and data in selected IT environments. These ineffective controls create a possibility that material
misstatements in financial reporting processes and financial statement accounts in our consolidated financial statements will not be prevented
or detected on a timely basis and, therefore, based on the assessment, management has concluded that they represent a material weakness
in our internal control over financial reporting and that the Company’s internal control over financial reporting was not effective
as of June 30, 2024.
Notwithstanding the material weakness referred to
above, Management, including our Principal Executive Officer and Principal Financial Officer, believe that the financial statements contained
in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 fairly present, in all material respects, the financial condition,
results of operations and cash flows of the Company for all periods presented in accordance with accounting principles generally accepted
in the United States of America.
We are committed to remediating the material weakness
in a timely manner. Our remediation process includes, but is not limited to, enhancements to our ITGCs and automated auditing features
of our IT systems as well as increased monitoring of IT system changes made through certain user accounts. Since the material weakness
was first identified, Management has implemented various auditing and monitoring solutions that provide greater transparency into changes
made within our information technology (IT) systems. These control solutions are supported by a timely review process that focuses on
the proper authorization and approval of IT system changes. We have completed the design of and implemented additional controls to remediate
the ITGC material weakness and are currently testing the operating effectiveness of these controls.
The Audit Committee of our Board of Directors and
Company Management will continue to closely monitor the remediation efforts discussed in this section, including any additional remediation
efforts that our Management identifies as necessary. When they are completed, tested and determined effective, we will be able to conclude
that the material weakness has been remediated.
PART II. OTHER INFORMATION
Item 1. |
Legal Proceedings |
The following information updates and amends the information
provided in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 in Part I, Item 3—Legal Proceedings.
Capitalized terms used but not otherwise defined herein have the meanings set forth in the Company’s Form 10-K.
PFOA Regulatory Notice of Non-Compliance
Vera et al. v. Middlesex Water Company –
The deadline of February 29, 2024 set by the Superior Court of New Jersey for the parties to submit a final settlement agreement with
the Court was cancelled to allow the parties additional time to reach a settlement.
Lonsk et al. v. Middlesex Water Company and
3M Company - The deadline of March 4, 2024 set by the Superior Court of New Jersey for the parties to submit a final settlement
agreement with the Court was cancelled to allow the parties additional time to reach a settlement.
The information about risk factors does not differ
materially from those set forth in Part I, Item 1A. of the Company’s Annual Report on Form 10-K for the year ended December 31,
2023.
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
None.
Item 3. |
Defaults Upon Senior Securities |
None.
Item 4. |
Mine Safety Disclosures |
Not applicable.
Item 5. |
Other Information |
| (c) | Insider Trading Arrangements and Policies - During the three months ended June 30, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K. |
Item 6. |
Exhibits |
|
Exhibits designated with a dagger (t) are management contracts or compensatory plans. |
|
|
(t)10.13 |
Employment Agreement, dated as of June 24, 2024, between the Company and Mohammed G. Zerhouni, filed as Exhibit 99.2 of the Company’s Current Report on Form 8-K dated June 10, 2024. |
|
|
(t)10.14 |
Change in Control Termination Agreement, dated as of June 24, 2024, between the Company and Mohammed G. Zerhouni, filed as Exhibit 99.3 of the Company’s Current Report on Form 8-K dated June 10, 2024. |
|
|
10.55 |
Financing Agreement (Minos Conaway Project), dated May 17, 2024, between the Delaware Drinking Water State Revolving Fund, acting by and through the Delaware Department of Health and Social Services, Division of Public Health and Tidewater Utilities, Inc. |
|
|
10.56 |
Financing Agreement (Kendale Road Project), dated May 17, 2024, between the Delaware Drinking Water State Revolving Fund, acting by and through the Delaware Department of Health and Social Services, Division of Public Health and Tidewater Utilities, Inc. |
|
|
10.57 |
Financing Agreement (Bethany Bay Project), dated May 17, 2024, between the Delaware Drinking Water State Revolving Fund, acting by and through the Delaware Department of Health and Social Services, Division of Public Health and Tidewater Utilities, Inc. |
|
|
10.58 |
Financing Agreement (DelDOT – Lochmeath), dated May 17, 2024, between the Delaware Drinking Water State Revolving Fund, acting by and through the Delaware Department of Health and Social Services, Division of Public Health and Tidewater Utilities, Inc. |
|
|
31.1 |
Section 302 Certification by Nadine Leslie pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934. |
|
|
31.2 |
Section 302 Certification by Mohammed G. Zerhouni pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934. |
|
|
32.1 |
Section 906 Certification by Nadine Leslie pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
32.2 |
Section 906 Certification by Mohammed G. Zerhouni pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
101.INS |
XBRL Instance Document |
|
|
101.SCH |
XBRL Schema Document |
|
|
101.CAL |
XBRL Calculation Linkbase Document |
|
|
101.LAB |
XBRL Labels Linkbase Document |
|
|
101.PRE |
XBRL Presentation Linkbase Document |
|
|
101.DEF |
XBRL Definition Linkbase Document |
|
|
104 |
Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
MIDDLESEX WATER COMPANY |
|
|
|
|
|
|
By: |
/s/Mohammed G. Zerhouni |
|
|
|
Mohammed G. Zerhouni |
|
|
|
Senior Vice President, Chief Financial Officer and Treasurer |
|
|
|
|
|
|
(Principal Financial Officer) |
|
Date: July 31, 2024
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Exhibit 10.55
TIDEWATER UTILITIES, INC.
$1,011,700 GENERAL OBLIGATION BOND
(DELDOT - RT 1 - MINOS CONAWAY
MAIN REPLACEMENTS PROJECT)
SERIES 2024A-DWSRF
FINANCING AGREEMENT
BETWEEN
TIDEWATER UTILITIES, INC.
AND
DELAWARE DRINKING WATER STATE REVOLVING
FUND,
ACTING BY AND THROUGH THE
DELAWARE DEPARTMENT OF HEALTH AND
SOCIAL SERVICES,
DIVISION OF PUBLIC HEALTH
Loan No. 22000039
TABLE OF CONTENTS
|
PAGE |
ARTICLE I DEFINITIONS |
1 |
Section 1.1.
Definitions |
1 |
Section 1.2. Rules of Construction |
3 |
ARTICLE II REPRESENTATIONS |
3 |
Section 2.1.
Representations by Borrower |
3 |
ARTICLE III ADVANCE AND USE OF LOAN PROCEEDS; CONSTRUCTION
OF PROJECT |
4 |
Section 3.1.
Advance of Loan Proceeds |
4 |
Section 3.2.
Application of Loan Proceeds |
5 |
Section 3.3. Agreement to Draw
Loan Proceeds and Penalty for Delay |
8 |
Section 3.4. Agreement to Accomplish
Project |
8 |
Section 3.5.
Permits |
9 |
Section 3.6. Construction Contractors |
9 |
Section 3.7. Signage Requirements
under the Infrastructure Investment and Jobs Act (IIJA) |
10 |
Section 3.8.
Engineering Services |
11 |
Section 3.9. Borrower Required
to Complete Project |
11 |
Section 3.10. Inclusion of
Eligible Project Reimbursement Costs Within The Loan |
12 |
ARTICLE IV ADDITIONAL FEDERAL REQUIREMENTS |
12 |
Section 4.1.
Federal Requirements |
12 |
Section 4.2.
Americans with Disabilities Act |
13 |
Section 4.3. Nondiscrimination;
Sexual Harassment |
13 |
ARTICLE V REPAYMENT OF LOAN; GENERAL OBLIGATION |
14 |
Section 5.1.
Repayment of Loan |
14 |
Section 5.2.
General Obligation |
14 |
SECTION 5.3. [RESERVED] |
14 |
ARTICLE VI PREPAYMENTS |
14 |
Section 6.1.
Prepayments of Loan |
14 |
ARTICLE VII OPERATION AND USE OF SYSTEM |
14 |
Section 7.1.
Inspection of System and Borrower’s Books and Records |
14 |
Section 7.2. Performance Certification |
15 |
Section 7.3. Operation, Maintenance
and Use of System |
15 |
ARTICLE VIII INSURANCE, DAMAGE AND DESTRUCTION |
15 |
Section 8.1.
Insurance |
15 |
ARTICLE IX SPECIAL COVENANTS |
15 |
Section 9.1.
Maintenance of Existence |
15 |
Section 9.2. Financial Records
and Statements |
15 |
Section 9.3. Certificate as
to No Default |
16 |
Section 9.4. Further Assurances |
16 |
Section 9.5.
Other Indebtedness |
16 |
Section 9.6. Assignment by
Borrower |
16 |
ARTICLE X DEFAULTS AND REMEDIES |
17 |
Section
10.1. Events of Default |
17 |
Section 10.2.
Notice of Default |
18 |
Section 10.3.
Remedies on Default |
18 |
Section 10.4. Delay and Waiver |
18 |
Section 10.5. Right to Cure
Default |
18 |
ARTICLE XI MISCELLANEOUS |
19 |
Section 11.1.
Successors and Assigns |
19 |
Section 11.2. Amendments |
19 |
Section 11.3.
Limitation of Liability of Borrower’s Officers |
19 |
Section 11.4. Applicable Law |
19 |
Section 11.5. Severability |
19 |
Section 11.6.
Notice |
19 |
Section 11.7. Headings |
20 |
Section 11.8. Terms of Agreement |
20 |
Section 11.9.
Counterparts |
21 |
EXHIBIT A |
PROJECT DESCRIPTION |
EXHIBIT B |
PROJECT BUDGET |
EXHIBIT C |
FORM OF REQUISITION |
EXHIBIT D |
SCHEDULE OF DISBURSEMENTS |
EXHIBIT E |
FORM OF CHANGE ORDER |
EXHIBIT F |
PROJECTED DRAWDOWN CERTIFICATE |
FINANCING AGREEMENT
THIS FINANCING
AGREEMENT (this “Agreement”) is made as of this 17th day of May, 2024, between the DELAWARE DRINKING WATER
STATE REVOLVING FUND, acting by and through the DELAWARE DEPARTMENT OF HEALTH & SOCIAL SERVICES, DIVISION OF PUBLIC HEALTH, a
public agency of The State of Delaware (the “Department”) and TIDEWATER UTILITIES, INC., a corporation organized under
the laws of The State of Delaware (the “Borrower”).
Pursuant to Title
29 Delaware Code Section 7903 (the “Act”), the General Assembly established a permanent and perpetual fund known as
the “Delaware Drinking Water State Revolving Fund” (the “Fund”) and empowered the Secretary of the Department
of Health & Social Services to administer such Fund. From the Fund, the Department from time to time makes loans to and acquires obligations
of eligible persons in Delaware to finance the costs of drinking water facilities in accordance with the Federal Safe Drinking Water Act.
General information on Drinking Water State Revolving Funds can be found at: https://www.epa.gov/dwsrf.
The Borrower requested
a loan (the “Loan”) from the Fund and will evidence its obligation to repay the Loan by the signing of this Agreement and
by the delivery of its General Obligation Bond (DelDOT - RT 1 - Minos Conaway Main Replacements Project), Series 2024A- DWSRF (the “Bond”).
The Borrower will use the Loan Proceeds from the Fund to: (i) finance the relocation of existing mains within adjacent roadways in the
vicinity of and south of Minos Conaway Road, as more fully described in Exhibit A and (ii) if desired, pay certain administrative
costs and costs of issuing the Bond (collectively, the “Project”).
ARTICLE I
DEFINITIONS
Section 1.1. Definitions.
The capitalized
terms contained in this Agreement shall have the meanings set forth below unless the context requires otherwise and any capitalized terms
not otherwise defined herein shall have the meaning assigned to such terms in the Act:
“Agreement”
means this Financing Agreement between the Department and the Borrower, together with any amendments or supplements hereto.
“Authorized
Representative” means the President, Vice President, Chairman, Treasurer, and Secretary of the Borrower or any employee of the Borrower
authorized by resolution or certificate of the Borrower to perform the act or sign the document in question.
“Business Day”
means a day of the year which is not a Saturday or Sunday or a day on which banking institutions located in New York or Delaware are required
or authorized to remain closed or on which the New York Stock Exchange is closed.
“Closing
Date” means the date this Agreement is executed and delivered by the Borrower and the Department.
“Commitment
Letter” shall mean the commitment letter from the Department to the Borrower dated February 6, 2024 and all extensions and amendments
thereto.
“Consulting
Engineer” means any firm of independent consulting engineers of recognized standing and experienced in the field of environmental
engineering and registered to do business in Delaware. Any such firm shall be subject to the reasonable approval of the Department.
“Department” means the Department of Health and Social
Services, Division of
Public Health.
“Event of Default” shall
have the meaning set forth in Section 10.1.
“Fiscal Year” means the
period of twelve months established by the Borrower as its annual accounting period.
“Loan” means the loan from the Department to the
Borrower pursuant to this
Agreement.
“Loan Proceeds”
means the funds applied to make the loan to the Borrower pursuant to this Agreement.
“Notice to Proceed”
means a written notice given by the Borrower and signed by an Authorized Representative issued to each construction contractor fixing
the date on which construction, equipping, acquisition, expansion or renovation of the Project as described in Exhibit A
will commence, a copy of which must be furnished to the Department by the Borrower within one year of the Closing Date.
“Penalty” shall have the meaning set forth in
Section 3.3.
“Project”
means, collectively, the various improvements and upgrades to the System of the Borrower, as more fully described in Exhibit A,
the costs of the construction, acquisition or equipping of which are to be financed in whole or in part with the Loan Proceeds.
“Project
Budget” means the budget for the financing of the Project, a copy of which is attached to this Agreement as Exhibit B.
“Project
Costs” means the costs of the construction, acquisition or equipping of the Project, as further described in the Project Budget,
and such other costs as may be approved in writing by the Department, provided such costs are permitted by the Act.
“System”
means all plants, systems, facilities, equipment or property, of which the Project constitutes the whole or a part, owned, operated or
maintained by the Borrower and
used in connection with the drinking water services
for the systems which comprise the Project, all as described in Exhibit A.
Section 1.2. Rules of Construction.
The following rules shall apply to
the construction of this Agreement unless the context requires otherwise:
(a) Singular
words shall connote the plural number as well as the singular and vice versa.
(b)
All references in this Agreement to particular Sections or Exhibits are references to Sections or Exhibits of this Agreement unless
otherwise indicated.
(c)
The headings and table of contents as used in this Agreement are solely for convenience of reference and shall not constitute a
part of this Agreement nor shall they affect its meaning, construction or effect.
ARTICLE II
REPRESENTATIONS
Section 2.1. Representations by Borrower.
The Borrower makes the following representations
as the basis for its undertakings under this Agreement:
(a)
The Borrower is a duly organized and validly existing corporation in good standing under the laws of the State of Delaware.
(b)
The Borrower has full right, power and authority to (i) execute this Agreement and the other documents related thereto, (ii) own
and operate the System, (iii) construct, acquire or equip the Project and finance the Project Costs by borrowing money for such purpose
pursuant to this Agreement, and (iv) carry out and consummate all of the transactions contemplated by this Agreement.
(c) All
permits, licenses, registrations, certificates, authorizations and approvals required to have been obtained as of the date of
signing of this Agreement have been obtained for (i) the execution by the Borrower of this Agreement, (ii) the performance and
enforcement of the obligations of the Borrower thereunder, (iii) the acquisition, construction, equipping, occupation, operation and
use of the Project, and (iv) the operation and use of the System. The Borrower knows of no reason why any other necessary permits or
approvals cannot be obtained as required.
(d)
This Agreement has been executed by a duly authorized officer of the Borrower and constitutes the legal, valid and binding obligation
of the Borrower enforceable against the Borrower in accordance with the terms of this Agreement.
(e)
There are not pending nor, to the best of the knowledge of the undersigned officer of the Borrower, threatened, any actions, suits,
proceedings or investigations of a legal,
equitable, regulatory, administrative
or legislative nature, in which a judgment, order or resolution may have a material adverse effect on the Borrower, or its business, assets,
condition (financial or otherwise), operations or prospects or in its ability to perform its obligations under this Agreement.
(f)
There have been no material defaults by any contractor or subcontractor under any contract made in connection with the construction
or equipping of the Project.
(g)
No material adverse change has occurred in the financial condition of the Borrower from that indicated in the financial statements,
application and other information furnished to the Department in connection with this Agreement.
(h) No Event of Default has occurred and is continuing.
(i)
Except as may otherwise be approved by the Department or permitted by the terms hereof, the Project and the System at all times
will be owned by the Borrower and will not be operated or controlled by any other entity or person.
(j) The Project will be a part of the System.
(k)
The Loan Proceeds and funds available from the other sources specified in the Project Budget will be sufficient to pay the estimated
Project Costs.
(l)
The Borrower has received or has commitments to obtain all funds and other financing for the Project as contemplated in the Project
Budget.
(m)
The Borrower expects to complete the acquisition, construction and equipping of the Project on or before the projected date of
April 30, 2026. The Borrower expects to adhere to the estimated drawdown schedule attached hereto as Exhibit D and certified to
in the "Certificate of the Borrower and Projected Drawdown Schedule of the Project" attached hereto as Exhibit F and
made a part hereof. This projected date of completion is subject to an extension if such extension is mutually agreed upon by the Department
and the Borrower. Noncompliance with this Section 2.1(m) may cause loan funds to become de-obligated and reallocated to other drinking
water projects at the discretion of the Department.
ARTICLE III
ADVANCE AND USE OF LOAN PROCEEDS;
CONSTRUCTION OF PROJECT
Section 3.1. Advance of Loan Proceeds.
The Department
agrees to advance to the Borrower pursuant to this Agreement up to One Million Eleven Thousand Seven Hundred Dollars ($1,011,700) to pay
Project Costs in accordance with the Project Budget.
Section 3.2. Application of Loan Proceeds.
(a)
The Borrower agrees to apply the Loan Proceeds solely and exclusively to the payment, or the reimbursement of the Borrower for
the payment, of Project Costs and further agrees, upon the request of the Department, to exhibit to the Department, vouchers, statements,
bills of sale or other evidence of the actual payment of such Project Costs. The Department shall disburse the Loan Proceeds to or for
the account of the Borrower upon execution of this Agreement and upon receipt by the Department of the following:
(1)
A requisition (upon which the Department shall be entitled to rely) signed by an Authorized Representative and containing all information
called for by, and otherwise being in the form of, Exhibit C attached hereto.
(2)
If such requisition includes an item for payment for labor or to contractors, builders or materialmen (i) a certificate, signed
by an Authorized Representative, stating that such work was actually performed or such materials, supplies or equipment were actually
furnished or installed in or about the construction of the Project; and (ii) a certificate signed by an Authorized Representative stating
either that such materials, supplies or equipment are not subject to any lien or security interest or that such lien or security interest
will be released or discharged upon payment of the requisition.
Upon receipt of
each such requisition and accompanying certificate or certificates, the Department shall disburse Loan Proceeds hereunder to or for the
account of the Borrower in accordance with such requisition in an amount and to the extent approved by the Department. The Borrower expects
to adhere to the estimated drawdown schedule attached hereto as Exhibit D. The Department shall have no obligation to disburse
any such Loan Proceeds if the Borrower is in default hereunder, nor shall the Department have any obligation to approve any requisition
if the Borrower is not in compliance with the terms of this Agreement.
(b) The
Borrower shall comply with all applicable State of Delaware and federal laws. Except as may otherwise be approved by the Department,
disbursements shall be held at ninety- five percent (95%) of the maximum amount authorized hereunder to ensure satisfactory
completion of the Project. Upon receipt from the Borrower of the certificate specified in Section 3.4 and a final requisition
detailing all retainages to which the Borrower is then entitled, the Department, to the extent approved by the Department and
subject to the provisions of this Section and Section 3.4, will disburse Loan Proceeds to or for the account of the Borrower to the
extent of such approval.
(c)
The Department may apply Loan Proceeds to pay any Penalty assessed pursuant to Section 3.3.
(d)
The Department shall have no obligation to disburse Loan Proceeds in excess of the amount necessary to pay for approved Project
Costs.
(e)
The Borrower shall comply in all respects with all applicable federal laws, regulations and other requirements related to or arising
out of or in connection with the Project and the funding thereto by the Fund.
(f)
The Borrower shall comply in all respects with the Federal Single Audit Act (the “SAA”), 2 CFR 200 Subpart F, as a
sub-recipient of Federal funds. As a recipient of Loan Proceeds from the Fund, the Borrower is required to notify the Department when
a SAA audit has been conducted and provide the Department within 30 days of completion with a copy of the SAA audit if the Borrower expends
$750,000 or more in Loan Proceeds and other federal financial assistance in its fiscal year. Other federal financial assistance sources
include, but are not limited to, equivalency funds received by the Delaware Water Pollution Control Revolving Fund, other federal water
infrastructure funding programs (e.g., USDA RD, CDBG, and EPA’s WIFIA and Community Grants, among others), as well as health care,
social services, highways, and education funding programs. The Borrower shall notify the Department when they have reached the $750,000
expenditure threshold.
For purposes of
the Fund, an expenditure occurs at the time that Loan Proceeds are disbursed by the Borrower for the purpose for which the Fund assistance
is provided (e.g., Project Costs). For example, for the Loan, the expenditure occurs at the time the Borrower pays an invoice. In the
case of refinancing assistance, the expenditure occurs at the time the Borrower uses the Loan Proceeds to refinance the existing debt.
The Borrower is responsible
for (i) maintaining an annual (fiscal year) accounting system and identifying all expenditures of federal financial assistance, (ii) submitting
its SAA audit to the Federal Audit Clearinghouse within the earlier of 30 calendar days after receipt of the auditor's report(s) or nine
months after the end of the audit period, and (iii) notifying the Department that the SAA audit has been submitted to the Federal Audit
Clearinghouse and providing a copy to the state SRF program upon request. The Borrower shall inform the Department of any findings and
recommendations pertaining to Loan Proceeds received from the Fund contained in SAA audits conducted by the Borrower.
The SAA dollar threshold,
currently at $750,000 as previously stated, that requires performance of an audit increases periodically, and the Borrower is required
to know the threshold for a given year.
(g)
The Borrower shall comply with the Delaware Department of Labor Prevailing Wage Rate Regulations.
(h)
The Borrower shall comply with the Delaware Drinking Water State Revolving Fund's Davis-Bacon Wage Rate Act Requirement as set
forth in the closing documents. The Borrower agrees that all contractors or subcontractors utilized by the Borrower in the Project will
complete and file the U.S. Department of Labor’s payroll form WH-347.
(i)
As a recipient of Fund assistance, the Borrower shall comply with the Prohibition on Certain Telecommunication and Video Surveillance
Services or Equipment located in 2 CFR 200.216, as such regulation relates to the Project. The Borrower agrees that none of the Loan Proceeds
shall be used to procure, enter into, extend or renew contracts or obtain equipment, services or systems that use “covered telecommunications
equipment or services,” as identified in the regulation, as a substantial or essential component of any system, or as critical technology
as part of any system.
(j) As
a recipient of Fund assistance, the Borrower agrees that none of the Loan Proceeds made available to the Borrower shall be used for
the Project for the construction, alteration, maintenance, or repair of the System unless all of the iron and steel products used in
the Project are produced in the United States (“American Iron and Steel Requirement”), unless: (i) the Borrower has
requested and obtained a waiver from the Environmental Protection Agency pertaining to the Project or (ii) the Department has
otherwise advised the Borrower in writing that the American Iron and Steel Requirement is not applicable to the Project. The
American Iron and Steel Requirement shall not apply in any case or category of cases in which the Administrator of the Environmental
Protection Agency finds that: (i) applying the requirement would be inconsistent with the public interest; (ii) iron and steel
products are not produced in the United States in sufficient and reasonably available quantities and of a satisfactory quality; or
(iii) inclusion of iron and steel products produced in the United States will increase the cost of the overall project by more than
25 percent.
In this section
3.2(j), the term ‘‘iron and steel products’’ means the following products made primarily of iron or steel-lined
or unlined pipes and fittings, manhole covers and other municipal castings, hydrants, tanks, flanges, pipe clamps and restraints, valves,
structural steel, reinforced precast concrete, and construction materials. “Steel” means an alloy that includes at least 50
percent iron, between .02 and 2 percent carbon, and may include other elements.
The Bipartisan
Infrastructure Law of 2021, also known as the Infrastructure Investment and Jobs Act of 2021 (“IIJA”), established the Build
America Buy America (BABA) Act domestic sourcing requirements for federal financial assistance programs for infrastructure, including
the Fund, and the Borrower must comply with the BABA provision. BABA also creates expanded American Iron and Steel requirements to include
construction materials and manufactured goods for domestic preference and sourcing requirements.
In procuring
materials for public works projects, entities using taxpayer-financed Federal assistance should give a commonsense procurement preference
for the materials and products produced by companies and workers in the United States in accordance with the high ideals embodied in the
environmental, worker, workplace safety, and other regulatory requirements of the United States. The benefits of domestic content procurement
preferences extend beyond economics. Common construction materials used in public works infrastructure projects, including steel, iron,
manufactured products, non-ferrous metals, plastic and polymer- based products (including polyvinylchloride, composite building materials,
and polymers used in fiber optic cables), glass (including optic glass), lumber, and drywall are not adequately covered by a domestic
content procurement preference, thus limiting the impact of taxpayer purchases to enhance supply chains in the United States.
(k)
The Borrower agrees to comply with all federal requirements applicable to the Loan Proceeds received (including those imposed by
IIJA, Public Law No. 117-58) which the Borrower understands includes, but is not limited to, the following requirements: that all of the
iron and steel, manufactured products, and construction materials used in the Project are to be produced in the United States (“Build
America, Buy America Requirements”) unless (i) the Borrower has requested and obtained a waiver from the Department pertaining to
the Project or the Project is otherwise covered by a general applicability waiver; or (ii) the Department has
otherwise advised the Borrower in writing that the Build
America, Buy America Requirements are not applicable to the Project.
(l)
The Borrower, as a sub-recipient of Federal funds, agrees that when collecting and managing environmental data under this Agreement,
it will protect the data by following all applicable State of Delaware law cybersecurity requirements, if the Borrower’s network
or information system is connected to the Environmental Protection Agency networks to transfer data to the Environmental Protection Agency
using systems other than the Environmental Information Exchange Network or the Environmental Protection Agency’s Central Data Exchange.
Section 3.3. Agreement to Draw Loan Proceeds and Penalty
for Delay.
The Borrower
agrees after the Closing Date to commence work in earnest on the Project and make draws on the Loan Proceeds of at least ten percent (10%)
of the Project Costs within one year of the Closing Date. The Borrower further agrees to provide a Notice to Proceed within one year of
the Closing Date.
If by May 17, 2025,
which is one year from the Closing Date, (i) the Borrower has not submitted requisition(s), in the manner required by Section 3.2, for
more than ten percent (10%) of the Project Costs, and (ii) the Department has not received a Notice to Proceed, the Department may in
its discretion assess a penalty equal to one percent (1%) of the Loan Proceeds (the “Penalty”). Such Penalty may be drawn
by the Department from the Loan Proceeds. It is within the Department’s complete discretion whether to impose the Penalty based
upon its review of affirmative steps taken by the Borrower to commence and complete the Project and the totality of the circumstances
surrounding any such delay in requesting disbursement of Loan Proceeds.
Section 3.4. Agreement to Accomplish Project.
The Borrower will
cause the Project to be acquired, constructed, expanded, renovated or equipped as described in Exhibit A and in accordance
with the Project Budget and the plans, specifications and designs prepared by the Consulting Engineer and approved by the Department.
The Borrower will complete the Project by the date set forth in Section 2.1(m). All plans, specifications and designs have been approved
by all applicable regulatory agencies. The Borrower agrees to maintain complete and accurate books and records of the Project Costs and
permit the Department through its duly authorized representatives to inspect such books and records at any reasonable time. The Borrower
and the Department may amend the description of the Project set forth in Exhibit A.
The Borrower
will deliver to the Department a certificate signed by an Authorized Representative of the Borrower and by the Consulting Engineer stating
(i) that the Project has been completed substantially in accordance with this Section, the plans and specifications as amended from time
to time, as approved by the Department, and in substantial compliance with all material applicable laws, ordinances, rules and regulations,
(ii) the date of such completion, (iii) that all certificates of occupancy or other material permits necessary for the Project’s
use, occupancy and
operation have been issued or obtained, and (iv) the
amount, if any, to be reserved for payment of Project Costs.
Section 3.5. Permits.
The Borrower,
at its sole cost and expense, shall comply with, and shall obtain all permits, consents and approvals required by local, state or federal
laws, ordinances, rules, regulations or requirements in connection with the acquisition, construction, equipping, occupation, operation
or use of the Project. The Borrower shall, upon request, promptly furnish to the Department copies of all such permits, consents and approvals.
The Borrower shall also comply with all lawful program or procedural guidelines or requirements duly promulgated and amended as of the
date hereof by the Department in connection with the acquisition, construction, equipping, occupation, operation or use of projects financed
by the Fund under the Act. The Borrower shall also comply in all respects with all applicable State of Delaware and federal laws, regulations
and other requirements relating to or arising out of or in connection with the Project and the funding thereof by the Fund.
Section 3.6. Construction Contractors.
Each construction
contractor employed in the accomplishment of the Project shall be required in the construction contract to furnish a performance bond
and a payment bond, each in an amount equal to one hundred percent (100%) of the particular contract price. Such bonds shall list the
Borrower as beneficiary. Each contractor shall be required to maintain, during the construction period covered by the particular construction
contract, builder’s risk insurance, workers compensation insurance, public liability insurance, property damage insurance and vehicle
liability insurance in amounts and on terms customarily maintained on such projects. Upon request of the Department, the Borrower shall
cause each contractor to furnish evidence of such bonds and insurance to the Department. In addition to the foregoing,
(a)
Each construction contractor employed in the accomplishment of the Project is required to comply with the Anti-Kickback Act (and
is required to insert similar requirements in all subcontracts) and all other applicable federal laws and regulations.
(b)
All construction contracts and contractors’ estimate forms will be prepared so that materials and equipment may be readily
itemized and identified as to eligible and noneligible costs.
(c)
Any change in a construction contract that will alter the contract price or completion time or will substantially modify the proposed
use of the Project must be submitted to the Department for prior approval via a change order in the form of the change order attached
hereto as Exhibit E.
(d)
The construction of the Project facilities will conform to applicable federal, state and local laws, ordinances and regulations.
(e)
The Borrower will proceed expeditiously and complete the Project facilities in accordance with the approved application, project
schedule, surveys, plans, profiles, cross- sections, specifications and amendments approved by the Department.
Recipients
and sub-recipients of Fund assistance, including the Borrower, shall not make any award or permit any award (sub-grant or contract) at
any tier to any party which is debarred or suspended or is otherwise excluded from or ineligible for participation in Federal assistance
programs under Executive Order 12549, “Debarment and Suspension.” Grantees and sub-grantees, including the Borrower, shall
refer to the "List of Parties Excluded From Federal Procurement and Non-Procurement Programs" to insure that the contractor
or subcontracts are not on this list. A search for exclusion records can be made at the official US Government System for Award Management
website at https://www.sam.gov. For assistance visit the Federal Service Desk online at www.fsd.gov or by calling (866)
606-8220.
(f)
Recipients have taken and will continue to take all necessary affirmative steps to solicit, and document its solicitation efforts
of, minority business enterprises and women’s business enterprises, individually and collectively referred to as Disadvantaged Business
Enterprises (DBE), in accordance with the Six Good Faith Efforts, (40 CFR Part 33).
(g)
Recipients have taken and will continue to take all necessary affirmative steps to assure that it is in compliance with all requirements
for the procurement of architectural and engineering services as identified in 40 U.S.C. Section 1101 et. Seq, for all architectural and
engineering contracts executed, amended or renewed.
Section 3.7. Signage Requirements under the Infrastructure
Investment and Jobs Act (IIJA).
(a) Building A Better America Emblem. The
Borrower will ensure that a sign isp laced at construction sites supported under the Loan displaying the official Building A Better
America emblem and must identify the project as a “project funded by President Biden’s Bipartisan Infrastructure
Law.” Construction is defined at 40 CFR 33.103 as “erection, alteration, or repair (including dredging, excavating, and
painting) of buildings, structures, or other improvements to real property, and activities in response to a release or a threat of a
release of a hazardous substance into the environment, or activities to prevent the introduction of a hazardous substance into a
water supply.” The sign must be placed at construction sites in an easily visible location that can be directly linked to the
work taking place and must be maintained in good condition throughout the construction period.
In cases where
the construction site covers a large area (e.g., lead service line replacement or septic tank repair/replacement projects), a sign should
be placed in an easily visible location near where the work is being performed (e.g., entrance to the neighborhood, along a main road
through town, etc.). Signage costs are considered an allowable Project Cost, provided the costs associated with the signage are reasonable.
Additionally, to increase public awareness of projects serving communities where English is not the predominant language, the Borrower
is encouraged to translate the language on signs (excluding the official Building a Better America emblem or EPA logo or seal) into the
appropriate non-English language(s). The costs of such translation are allowable Project Costs, provided the costs are reasonable.
The Borrower
will ensure compliance with the guidelines and design specifications for using the official Building A Better America emblem and corresponding
logomark available at: https://www.whitehouse.gov/wp-content/uploads/2022/08/Building-A- Better-America-Brand-Guide.pdf.
(b)
EPA Logo. The Borrower will ensure that signage displays the EPA logo along with the official Building A Better America emblem.
The EPA logo must not be displayed in a manner that implies that EPA itself is conducting the project. Instead, the EPA logo must be accompanied
with a statement indicating that the Borrower received financial assistance from EPA for the project.
The Borrower
will ensure compliance with the sign specifications provided by the EPA Office of Public Affairs (“OPA”) available at: https://www.epa.gov/grants/epa-logo-seal-
specifications-signage-produced-epa-assistance-agreement-recipients. As provided in the sign specifications from OPA, the EPA logo
is the preferred identifier for assistance agreement projects and use of the EPA seal requires prior approval from the EPA. To obtain
the appropriate EPA logo or seal graphic file, the Borrower should send a request directly to OPA and include the EPA Project Officer
in the communication. Instructions for contacting OPA is available on the Using the EPA Seal and Logo page at https://www.epa.gov/aboutepa/using-epa-seal-and-
logo.
(c)
Procuring Signs. Consistent with section 6002 of RCRA, 42 U.S.C. 6962, and 2 CFR 200.323, the Borrower is encouraged to use recycled
or recovered materials when procuring signs. Signage costs are considered an allowable Project Cost under this Agreement provided that
the costs associated with signage are reasonable. Additionally, to increase public awareness of projects serving communities where English
is not the predominant language, the Borrower is encouraged to translate the language on signs (excluding the official Building A Better
America emblem or EPA logo or seal) into the appropriate non-English language(s). The costs of such translation are allowable, provided
the costs are reasonable.
The EPA encourages
the recipient to notify the EPA Project Officer listed in this award document of public or media events publicizing the accomplishment
of significant events related to construction projects as a result of this agreement and provide the opportunity for attendance and participation
by federal representatives with at least ten (10) working days’ notice.
Section 3.8. Engineering Services.
The Borrower has
retained or employed the Consulting Engineer to provide engineering services covering planning and design, operation of the System, and
the supervision and inspection of the construction of the Project. The Consulting Engineer will provide to the Department the certificate
required by Section 3.4.
Section 3.9. Borrower Required to Complete Project.
Subject to the
provisions of Section 9.5 hereof, if the Loan Proceeds are not sufficient to pay in full the cost of the Project, the Borrower will complete
the Project at its own
expense and shall not be entitled
to any reimbursement therefor from the Department or the Fund or to any abatement, diminution or postponement of the Borrower’s
repayments under this Agreement.
Section 3.10. Inclusion of Eligible Project Reimbursement
Costs Within The Loan.
Project Costs incurred
prior to the initiation of construction and after approval of the Project by the Department are eligible for reimbursement from Loan Proceeds
provided that the Project continues to meet all the criteria and requirements set forth by the Department. Notwithstanding anything to
the contrary herein, costs incurred and associated with the initial stages of the Project, such as planning and design, are eligible for
reimbursement regardless of when such costs were incurred.
ARTICLE IV
ADDITIONAL FEDERAL REQUIREMENTS
Section 4.1. Federal Requirements.
(a)
As a recipient of Fund assistance, the Borrower shall comply Federal State Revolving Loan Requirements Section 1452 of the Federal
Safe Drinking Water Act, 42 U.S.C.
§300j-12 et seq., as amended.
(b)
Pursuant to Title VI of the Civil Rights Act of 1964, 42 U.S.C. § 2000d, as a recipient of Fund assistance, the Borrower agrees
not to discriminate on the basis of race, color or national origin in any activity funded through this Agreement.
(c)
Pursuant to the Age Discrimination Act, 42 U.S.C. § 6101 et seq., as a recipient of Fund assistance, the Borrower agrees not
to discriminate on the basis of age in any activity funded through this Agreement.
(d)
Pursuant to Section 504 of the Rehabilitation Act of 1973, 29 U.S.C. § 794, as a recipient of Fund assistance, the Borrower
agrees not to discriminate on the basis of disability in any activity funded through this Agreement.
(e)
Pursuant to Section 1452 of the Federal Safe Drinking Water Act Amendments of 1996, P.L. 104-182, and Title IX of the Education
Amendments of 1972, 20 U.S.C. § 1681 et seq., as amended, as a recipient of Fund assistance, the Borrower agrees not to discriminate
on the basis of sex in any activity funded through this Agreement.
(f)
Pursuant to Executive Order 11246, dated September 24, 1965, as amended by Executive Order 11375, dated October 13, 1967, and as
supplemented by U.S. Department of Labor regulations set forth at 41 C.F.R. Ch. 60, as a recipient of Fund assistance, the Borrower agrees
to provide an equal opportunity for employment to all contracts and subcontracts awarded for the Project and funded through this Agreement.
(g)
Pursuant to Executive Order 12898, dated February 11, 1994, as a recipient of Fund assistance, the Borrower agrees not to fund
any action through this Agreement that will have disproportionately high and adverse effects on minority or low-income populations.
Section 4.2. Americans with Disabilities Act.
Pursuant to federal
regulations promulgated under the authority of the Americans With Disabilities Act, 28 C.F.R. § 35.101 et seq., no individual with
a disability shall, on the basis of the disability, be excluded from participation in this Agreement or from activities provided for under
this Agreement, and the Borrower agrees to comply with the General Prohibitions Against Discrimination, 28 C.F.R. § 35.130, and all
other regulations promulgated under Title II of the Americans With Disabilities Act which are applicable to the benefits, services, programs,
and activities provided by the Department as an agency of the State of Delaware through this Agreement. The State of Delaware and the
Department shall be indemnified and held harmless from all losses, damages, expenses, claims, demands, suits and actions brought by any
party against the State of Delaware or the Department as a result of the Borrower’s failure to comply with its obligations under
the preceding provisions.
Section 4.3. Nondiscrimination; Sexual Harassment.
The Borrower
shall comply, or cause its contractor or subcontractor, or other agents or representatives to comply, with the following requirements:
(a)
In the hiring of any employees for the manufacture of supplies, performance of work, or any other activity required under this
Agreement or any Project contract, no person who is qualified and available to perform the work to which the employment relates shall
be discriminated against by reason of gender, race, creed or color.
(b)
No employee involved in the manufacture of supplies, the performance of work or any other activity required under this Agreement
shall be discriminated against in any manner or intimidated on account of gender, race, creed, or color.
(c)
A written sexual harassment policy providing that sexual harassment will not be tolerated and employees who practice it will be
disciplined shall be established and maintained by the Borrower and employees shall be informed of the policy.
(d)
No contractor who is qualified to perform the work relating to this Agreement shall discriminate against any other contractor by
reason of gender, race, creed, or color.
(e)
All necessary employment documents and records shall be provided and access shall be granted to the Department to books, records,
and accounts for purposes of investigation to ascertain compliance with the provisions of this Nondiscrimination/Sexual Harassment Clause.
If documents or records reflecting the necessary information requested are not available, such information shall be furnished on reporting
forms supplied by the Department.
(f)
This Nondiscrimination/Sexual Harassment Clause shall be included in any contract awarded for the Project so that such provisions
will be binding upon any contractors engaged for the Project.
(g)
The Department may cancel or terminate this Agreement and all money due or to become due under this Agreement may be forfeited
for a violation of the terms and conditions of this Nondiscrimination/Sexual Harassment Clause. In addition, the Department may proceed
with debarment or suspension and may place the party not
in compliance in the Contractor Responsibility File, a repository of information on contractors.
ARTICLE V
REPAYMENT OF LOAN; GENERAL OBLIGATION
Section 5.1. Repayment of Loan.
The Borrower shall repay the Loan pursuant to the terms of
the Bond issued to the Department.
Section 5.2. General Obligation.
The Borrower’s repayment obligation
constitutes a general obligation of the Borrower, secured by a pledge of its full faith, revenue and credit.
Section 5.3. [RESERVED]
ARTICLE
VI
PREPAYMENTS
Section 6.1. Prepayments of Loan.
At its option
and upon providing prior written notice to the Department, the Borrower may prepay the Loan, in whole or in part, without penalty, at
any time. Such prior written notice shall specify the date on which the Borrower will make such prepayment and whether the Loan will be
prepaid in full or in part, and if in part, the principal amount to be prepaid. Any such prepayment shall be applied against Loan principal
installments then outstanding as shall be directed by the Borrower.
ARTICLE VII
OPERATION AND USE OF SYSTEM
Section 7.1. Inspection of System and Borrower’s
Books and Records.
The Department
and its duly authorized representatives and agents shall have such reasonable rights of access to the System as may be necessary to determine
whether the Borrower is in compliance with the requirements of this Agreement and shall have the right at all reasonable times and upon
reasonable prior notice to the Borrower to examine and copy the books and records of the Borrower insofar as such books and records relate
to the System.
The Borrower
agrees to comply with all record keeping and reporting requirements under all applicable legal authorities, including any reports required
by the Department, such as performance indicators of program deliverables and information on costs and project progress. The Borrower
understands that (i) each contract and subcontract related to the Project is subject to audit by appropriate federal and state entities
and (ii) failure to comply with the applicable legal requirements and this Agreement may result in a default hereunder that
results in a repayment of Loan Proceeds in advance of
the maturity of the Bond and/or other remedial actions.
Section 7.2. Performance Certification.
The Borrower will
notify the Department when the Project is completed and operation commenced on or before the date set out in Section 2.1(m).
Section 7.3. Operation, Maintenance and Use of System.
At its own cost
and expense, the Borrower shall operate the System in a proper, sound and economical manner and in compliance with all legal requirements,
shall maintain the System in good repair and operating condition and from time to time shall make all necessary repairs, renewals and
replacements.
ARTICLE VIII
INSURANCE, DAMAGE AND DESTRUCTION
Section 8.1. Insurance.
Unless the
Department otherwise agrees in writing, the Borrower shall maintain or cause to be maintained insurance against such risks as are customarily
insured against by owners of systems similar in size and character to the System.
ARTICLE IX
SPECIAL
COVENANTS
Section 9.1. Maintenance of Existence.
The Borrower
shall maintain its existence as a “Person” (as defined in the Federal Safe Drinking Water Act) and, without consent of the
Department, which consent shall not be unreasonably withheld, shall not dissolve or otherwise dispose of all or substantially all of its
assets or consolidate or merge with or into another entity. Notwithstanding the foregoing, the Borrower may consolidate or merge with
or into, or sell or otherwise transfer all or substantially all of its assets to a political subdivision of The State of Delaware, and
the Borrower thereafter may dissolve, if the surviving, resulting or transferee political subdivision, if other than the Borrower, assumes,
in written form acceptable to the Department, all of the obligations of the Borrower contained in this Agreement, and there is furnished
to the Department an Opinion of Counsel acceptable to the Department subject to customary exceptions and qualifications, to the effect
that such assumption constitutes the legal, valid and binding obligations of the surviving, resulting or transferee entity in accordance
with its terms.
Section 9.2. Financial Records and Statements.
The Borrower shall
maintain proper books of record and account in which proper entries shall be made in accordance with generally accepted accounting principles,
consistently applied, of all its business and affairs related to the System. The Borrower shall have an annual
audit made by an independent certified
public accountant within one hundred twenty (120) days after the end of each Fiscal Year. Such report shall include either (a) disclosure
language confirming the Borrower’s continued compliance with its loan and mortgage covenants and restrictions or (b) a certificate
of the accountants to the effect that, during the course of such accountant's regular examination of the Borrower's financial condition,
nothing came to such accountant's attention that would constitute an Event of Default hereunder. A copy of the audited annual report shall
be forwarded to the Department when completed.
Section 9.3. Certificate as to No Default.
The Borrower shall
deliver to the Department, within one hundred twenty (120) days after the close of each Fiscal Year, a certificate signed by an Authorized
Representative stating that, during such year and as of the date of such certificate, no event or condition has happened or existed, or
is happening or existing, which constitutes an Event of Default, or if such an event or condition has happened or existed, or is happening
or existing, specifying the nature and period of such event or condition and what action the Borrower has taken, is taking or proposes
to take to rectify it.
Section 9.4. Further Assurances.
The Borrower shall
to the fullest extent permitted by law pass, make, do, execute, acknowledge and deliver such further resolutions, acts, deeds, conveyances,
assignments, transfers and assurances as may be necessary or desirable for the better assuring, conveying, granting, assigning and confirming
the rights of the Department under this Agreement, or as may be required to carry out the purpose of this Agreement. The Borrower shall
at all times, to the fullest extent permitted by law, defend, preserve and protect all rights of the Department under this Agreement against
all claims and demands of all persons.
Section 9.5. Other Indebtedness.
In the event that
the Borrower is required to borrow additional funds in order to complete the Project, the Borrower agrees to consult with the Department
before borrowing any such additional funds. The Borrower agrees to pay when due all amounts required by any other bonded indebtedness
and to perform all of its obligations in connection therewith.
Section 9.6. Assignment by Borrower.
The
Borrower may not assign its rights under this Agreement without the prior written consent of the Department, which consent shall not
be unreasonably withheld. If the Borrower desires to assign its rights under this Agreement to another “Person” (as
defined in the Federal Safe Drinking Water Act), the Borrower shall give notice of such fact to the Department. If the Department
consents to the proposed assignment, the Borrower may proceed with the proposed assignment, but such assignment shall not become
effective until the Department is furnished: (i) an assumption agreement in form and substance satisfactory to the Department by
which the assignee agrees to assume all of the Borrower’s obligations under this Agreement, and (ii) an Opinion of Counsel to
the assignee, subject to customary exceptions and qualifications, that the assumption agreement and this Agreement constitute legal,
valid and binding obligations
of the assignee enforceable
against the assignee in accordance with their terms and that the assignment and assumption comply in all respects with the provisions
of this Agreement. Notwithstanding the foregoing, the assignment of the rights of the Borrower under this Agreement or the assumption
of the obligations thereunder by the assignee shall in no way be construed as releasing the Borrower’s obligations unless specifically
agreed to by the Department.
ARTICLE X
DEFAULTS
AND REMEDIES
Section 10.1. Events of Default.
Each of the following events shall be
an “Event of Default” hereunder:
(a)
The failure to pay any payment of principal, interest and/or any administrative fee when due hereunder or under the Bond;
(b)
The Borrower’s failure to perform or observe any of the other covenants, agreements or conditions of this Agreement and the
continuation of such failure for a period of thirty (30) days after the Department gives the Borrower written notice specifying such failure
and requesting that it be cured, unless the Department shall agree in writing to an extension of such time prior to its expiration; provided,
however, if the failure stated in the notice is correctable but cannot be corrected within the applicable period, the Department will
not unreasonably withhold its consent to an extension of such time if corrective action is instituted by the Borrower within the applicable
period and diligently pursued until the default is corrected;
(c)
Any warranty, representation or other statement by or on behalf of Borrower contained in this Agreement or in any instrument furnished
in compliance with or in reference to this Agreement is false or misleading in any material respect;
(d)
An order or decree shall be entered, with the Borrower’s consent or acquiescence, appointing a receiver or receivers of the
System or any part thereof or of the income thereof, or if such order or decree, having been entered without the Borrower’s consent
or acquiescence, shall not be vacated, discharged or stayed on appeal within ninety (90) days after the entry thereof;
(e)
Any proceeding shall be instituted, with the Borrower’s consent or acquiescence, for the purpose of effecting a composition
between the Borrower and its creditors, pursuant to any federal or state statute now or hereafter enacted, if the claims of such creditors
are under any circumstances payable from the revenues of the System; or
(f)
Any bankruptcy, insolvency or other similar proceeding shall be instituted by or against the Borrower under any federal or state
bankruptcy or insolvency law now or hereinafter in effect and, if instituted against the Borrower, is not dismissed within ninety (90)
days after filing.
Section 10.2. Notice of Default.
The Borrower agrees
to give the Department prompt written notice if any order, decree or proceeding referred to in Section 10.1(d) through (f), inclusive,
is entered or instituted against the Borrower or of the occurrence of any other event or condition which constitutes an Event of Default
immediately upon becoming aware of the existence thereof.
Section 10.3. Remedies on Default.
Whenever any
Event of Default referred to in Section 10.1 shall have happened and be continuing, the Department shall, in addition to any other remedies
provided herein or by law, have the right, at its option without any further demand or notice, to take one or both of the following remedial
steps:
(a) Discontinue advances of Loan Proceeds hereunder;
(b)
Declare immediately due and payable all payments due or to become due under this Agreement or under the Bond, and upon notice to
the Borrower, the same shall become immediately due and payable by the Borrower without further notice or demand; and
(c)
Take whatever other action at law or in equity may appear necessary or desirable to collect the payments then due and thereafter
to become due under this Agreement or to enforce any other of the Department’s rights under this Agreement or to enforce performance
by the Borrower of its covenants, agreements or undertakings contained herein.
Section 10.4. Delay and Waiver.
No delay or omission
to exercise any right or power accruing upon any Event of Default shall impair any such right or power or shall be construed to be a waiver
of any such Event of Default or acquiescence therein, and every such right and power may be exercised from time to time and as often as
may be deemed expedient. No waiver of any Event of Default under this Agreement shall extend to or shall affect any subsequent Event of
Default or shall impair any rights or remedies consequent thereto.
Section 10.5. Right to Cure Default.
If the Borrower
shall fail to make any payment or to perform any act required by it under this Agreement, the Department without prior notice to or demand
upon the Borrower and without waiving or releasing any obligation or default, may (but shall be under no obligation to) make such payment
or perform such act. All amounts so paid by the Department and all costs, fees and expenses so incurred shall be payable by the Borrower
as an additional obligation under this Agreement, together with interest thereon at the rate of interest of five percent (5%) per annum
until paid. The Borrower’s obligation under this Section shall survive the repayment of the Bond.
ARTICLE
XI
MISCELLANEOUS
Section 11.1. Successors and Assigns.
This Agreement
shall be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and assigns.
Section 11.2. Amendments.
The Department
and the Borrower shall have the right to amend from time to time any of the terms and conditions of this Agreement, provided that
all amendments shall be in writing and shall be signed by or on behalf of the Department and the Borrower.
Section 11.3. Limitation of Liability of Borrower’s
Officers.
No present or future
director, official, officer, employee or agent of the Borrower shall be liable personally in respect of this Agreement or for any other
action taken by such individual pursuant to or in connection with the financing provided for in this Agreement.
Section 11.4. Applicable Law.
This Agreement shall be governed by the applicable laws of
The State of
Delaware.
Section 11.5. Severability.
If any clause,
provision, or section of this Agreement shall be held illegal or invalid by any court, the illegality or invalidity of such clause, provision
or Section shall not affect the remainder of this Agreement which shall be construed and enforced as if such illegal or invalid clause,
provision or section had not been contained in this Agreement. If any agreement or obligation contained in this Agreement is held to be
in violation of law, then such agreement or obligation shall be deemed to be the agreement or obligation of the Department and the Borrower,
as the case may be, only to the extent permitted by law.
Section 11.6. Notice.
Unless otherwise
provided for herein, all demands, notices, approvals, consents, requests, opinions and other communications under this Agreement shall
be in writing and shall be deemed to have been given when delivered in person or mailed by first class registered or certified mail, postage
prepaid, addressed as follows:
|
Department: |
Delaware Department of Health and Social Services |
|
|
Division of Public Health |
|
|
Office of Drinking Water Jesse Cooper Building |
|
|
417 Federal Street – Room 226 |
|
|
Dover, DE 19901 |
|
|
Attention: DWSRF Program Director |
|
|
|
|
With a copy to: |
|
|
|
|
|
|
Delaware Department of Natural Resources |
|
|
& Environmental Control, on behalf of the Delaware |
|
|
Department of Health and Social Services |
|
|
Office Of The Secretary, Environmental |
|
|
Finance 97 Commerce Way, Suite 106 |
|
|
Dover, DE 19904 |
|
|
Attention: Laura Robbins, Chief of Administration |
|
|
|
|
and |
|
|
|
|
|
Borrower: |
Tidewater Utilities, Inc. |
|
|
1100 South Little Creek Road |
|
|
Dover, DE 19901 |
|
|
Attention: Mr. Robert J. Capko, Treasurer |
|
|
|
|
With a copy to: |
|
|
|
|
|
|
Middlesex Water Company |
|
|
485C Route One South, Suite 400 |
|
|
Iselin, NJ 08830 |
|
|
Attn: Jay L. Kooper, Vice President, General Counsel &
Secretary |
The Department, and the Borrower
may designate, by notice given hereunder, any further or different addresses to which subsequent demands, notices, approvals, consents,
requests, opinion or other communications shall be sent or persons to whose attention the same shall be directed.
Section 11.7. Headings.
The headings of the several articles
and sections of this Agreement are inserted for convenience only and do not comprise a part of this Agreement.
Section 11.8. Terms of Agreement.
This Agreement shall be effective
upon its execution and delivery by the Borrower and the Department. Except as otherwise specified, the Borrower’s obligations under
this Agreement shall expire upon payment in full
of the Bond and all other amounts payable by the Borrower under this Agreement.
Section 11.9. Counterparts.
This Agreement may be executed in any
number of counterparts, each of which shall be an original and all of which together shall constitute but one and the same instrument.
WITNESS the following signatures, all duly authorized.
FOR THE DELAWARE
DRINKING WATER STATE REVOL YING FUND, ACTING BY AND THROUGH THE DELAWARE DEPARTMENT OF HEALTH AND SOCIAL SERVICES, DIVISION OF PUBLIC
HEALTH
By:./s/ Laura Robbins
Laura Robbins
DNREC, Chief of Administration
Delaware Department of Natural
Resources and
Environmental Control, on behalf of the
Delaware Department of Health and Social Services
TIDEWATER UTILITIES, INC.
By:/s/ Robert J. Capko
Name: Robert J. Capko
Title: Treasurer
(SEAL)
Attest:
By: /s/ Jay L. Kooper
Jay L. Kooper
Secretary
[SIGNATURE PAGE TO FINANCING
AGREEMENT -SERIES 2024A-DWSRF - DELDOT RT 1 MINOS CONAWAY MAIN REPLACEMENTS]
EXHIBIT A
Project Description
The Delaware Department
of Transportation (DelDOT) is currently in the process of upgrading portions of Rt. 1 and adjacent roadways in the vicinity of and south
of Minos Conaway Road. The Borrower has significant existing infrastructure throughout the proposed DelDOT project. As a part of the Project,
all existing mains within the DelDOT project area will be relocated and upgraded as appropriate.
The relocation
of the existing mains in the DelDOT project area is required in order for the DelDOT project to proceed. The main replacements proposed
as part of the Project will serve the needs of the current service area throughout the interconnected Tidewater, Rehoboth, Angola, and
Meadow’s water systems.
The DeIDOT project
has identified many areas where the existing water main will be under the proposed travel lane. Main breaks and subsequent repair work
pose safety concerns. The new main will be installed outside of the travel lanes.
EXHIBIT B
Project Budget
Project Budget: | |
Total Cost |
Engineering | |
$ | 25,000.00 | |
Construction | |
$ | 897,000.00 | |
Contingency | |
$ | 89,700.00 | |
Total Budget | |
$ | 1,011,700.00 | |
Source of Funds: | |
| | |
DWSRF Loan | |
$ | 1,011,700.00 | |
EXHIBIT C
Form of Requisition
|
|
|
PROJECT NAME:_______________________ |
|
FUNDING RECIPIENT: ________________ |
|
|
E. I. # _______________________ |
|
|
|
UNITED STATES |
AND/ STATE OF DELAWARE |
REQUISITION NO: ___________________ |
DEPARTMENT OF AGRICULTURE |
OR
DHSS |
|
RURAL DEVELOPMENT |
|
DATE: _______________________ |
|
|
|
USDA LOAN NO. ____________________ |
|
STATE LOAN NO. ___________________ |
USDA GRANT NO. ___________________ |
SEPARATELY OR |
STATE GRANT NO. __________________ |
|
JOINTLY FUNDED PROJECT |
|
ACCOUNT SUMMARY AND REQUEST
FOR LOAN/GRANT DISBURSEMENT
DISBURSEMENT
ITEMS |
AMOUNT
BUDGETED |
PREVIOUS
DISBURSEMENTS |
THIS
PERIOD |
TOTAL
TO DATE |
REMAINING
FUNDS |
CONSTRUCTION |
|
|
|
|
|
CONTRACT
NAME OR # |
|
|
|
|
|
CONTRACT
NAME OR # |
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CONTRACT
NAME OR # |
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LAND AND R.O.W. |
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LEGAL AND ADMIN |
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ENGINEERING FEES |
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INTEREST |
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CONTINGENCIES |
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INITIAL O & M |
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OTHER
(describe) |
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DISBURSEMENT
TOTALS |
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SOURCES OF FUNDING |
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USDA LOAN |
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USDA GRANT |
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STATE LOAN |
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STATE GRANT |
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OTHER
(describe) |
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OTHER
(describe) |
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OTHER
(describe) |
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SOURCE TOTALS (must
equal disbursement totals above) |
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See Notes on Page 2 (other side)
Page 2
LOAN/GRANT DISBURSEMENT FORM
Requisition No.__________
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PREPARED BY (BORROWER/GRANTEE) DATE |
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APPROVED BY (DHSS/ODW) DATE |
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APPROVED BY (ARCHITECT/ENGINEER) DATE |
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APPROVED BY (USDA/RD) DATE |
Borrower/Grantee’s Certification
The undersigned certifies that (1) the amounts
requested by this requisition will be applied solely and exclusively to the payment, or the reimbursement of the recipient for the
payment, of Project Costs, and (2) any materials, supplies or equipment covered by this requisition are not subject to any lien or
security interest or such lien or security interest will be released upon payment of this requisition.
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Consulting Engineer’s Certification
The undersigned Consulting Engineer for the Recipient
hereby Certifies that insofar as the amounts covered by this Requisition include payment for labor or to contractors, builders or materialmen,
such work was actually performed or such materials, supplies or equipment were actually furnished to or installed in the Project. |
Recipient’s Authorized Representative Name, Title (PRINTED)
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Title and Company Name (PRINTED) |
Recipient’s Authorized Representative Signature Date
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Consulting Engineer’s Name (PRINTED) |
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Authorized Consulting Engineer Signature Date |
| NOTES: | 1. Include copies of all invoices or other acceptable documentation to support above request. Provide one (1) set
for each funding agency. |
2. On
jointly funded projects, disbursements will not be processed until this document is approved by authorized representatives of both the
U. S. Department of Agriculture and the State of Delaware, Department of Health and Social Services.
Forms-Jointly Funded-Disbursement.doc This form provides all
information required by USDA Form RD 440-11
EXHIBIT D
Schedule of Disbursements
Date | |
Amount ($) |
June-24 | |
| 25,000 | |
April-26 | |
| 986,700 | |
Total: | |
$ | 1,011,700 | |
EXHIBIT E
Form of Change Order
UNITED STATES |
AND/ STATE OF DELAWARE |
ORDER NO: ___________________ |
DEPARTMENT OF AGRICULTURE |
OR
DHSS |
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RURAL DEVELOPMENT |
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DATE: _______________________ |
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STATE: ____________________ |
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COUNTY:___________________ |
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SEPARATELY OR JOINTLY FUNDED
PROJECT
CONTRACT CHANGE ORDER
CONTRACT FOR: ____________________ |
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You are hereby requested to comply
with the following changes from the contract plans and specifications:
Description of Changes (Supplemental Plans and Specifications Attached) |
DECREASE
in Contract Price |
INCREASE
In Contract Price |
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$ |
$ |
TOTALS |
$ |
$ |
NET CHANGE IN CONTRACT PRICE |
$ |
$ |
JUSTIFICATION: Explain (Differing Site
Conditions) (Errors or Omissions in Drawings or Specifications) (Changes in Regulatory Requirements) (Design Changes) (Over run or Under
run in Quantities) (Factors Affecting Time of Completion) (Other: Describe below)
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The original amount of the Contract: |
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Dollars ($_________________) |
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The amount of the Contract as adjusted by all previously approved Change Orders: |
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Dollars ($_________________) |
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The amount of the Contract will be (Decreased) (Increased) through this Change Order by the sum of: |
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Dollars ($_________________) |
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The Contract Total including this and all previous Change Orders will be: |
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Dollars ($_________________) |
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The Contract Period provided for completion will be (Increased) (Decreased) (Unchanged)
by: |
______________Calendar Days |
Page 2
CONTRACT CHANGE ORDER FORM
CHANGE ORDER NO. _________
This document will become a supplement to the contract and
all provisions will apply hereto.
Requested: |
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(Owner) |
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(Date) |
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Recommended: |
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(Owner’s Architect/Engineer) |
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(Date) |
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Accepted: |
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(Contractor) |
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(Date) |
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Approved by State of Delaware: |
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(Date) |
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Approved by U. S. Department
of Agriculture: |
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(Date) |
After all five (5) copies of the Change
Order have been signed and dated by authorized representatives of all the applicable parties in the spaces provided above, transmit one
(1) copy to each party as listed below.
( ) U. S. Department of Agriculture’s Copy
( ) State
of Delaware’s Copy
( ) Contractor’s Copy
( ) Borrower/Grantee’s Copy ( ) Architect/Engineer’s
Copy
Forms- Jointly Funded-Change Order.doc This form provides all
information required by USDA Form RD 1924 (Rev. 2-97)
EXHIBIT "F"
CERTIFICATE
OF THE BORROWER AND PROJECTED DRAWDOWN SCHEDULE OF THE PROJECT
The undersigned,
as representatives of Tidewater Utilities, Inc. (the "Borrower") in connection with the issuance of its $1,011,700 General Obligation
Bond (DelDOT - RT 1 - Minos Conaway Main Replacements Project), Series 2024A-DWSRF, have reviewed the estimated drawdown schedule prepared
by the Borrower, attached hereto as Exhibit D and made a part hereof.
We hereby certify
as of May 17, 2024 that the estimated drawdown schedule attached hereto as Exhibit D and statements made under Section 2.1(m) "Representations
by Borrower" in the foregoing Financing Agreement between the Borrower and the Delaware Drinking Water State Revolving Fund, acting
by and through the Delaware Department of Health and Social Services, Division of Public Health, are to the best of our knowledge true
and correct as of the date hereof.
[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]
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TIDEWATER UTILITIES, INC. |
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By: |
/s/ Robert J. Capko |
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Robert J. Capko |
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Treasurer |
Attest:
By: |
/s/ Jay L. Kooper |
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Jay L. Kooper |
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Secretary |
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[SIGNATURE PAGE TO EXHIBIT F-
CERTIFICATE AS TOPROJECTEDDRAWDOWN SCHEDULE SERIES 2024A-DWSRF - DELDOT RT 1 MINOS CONAWAY MAIN REPLACEMENTS}
Exhibit 10.56
TIDEWATER UTILITIES, INC.
$1,164,400
GENERAL OBLIGATION BOND
(KENDALE ROAD INTERCONNECTION PROJECT)
SERIES 2024D-DWSRF
FINANCING AGREEMENT
BETWEEN
TIDEWATER UTILITIES, INC.
AND
DELAWARE DRINKING WATER STATE REVOLVING
FUND,
ACTING BY AND THROUGH THE
DELAWARE DEPARTMENT OF HEALTH AND
SOCIAL SERVICES,
DIVISION OF PUBLIC HEALTH
Loan No. 22000041
TABLE OF CONTENTS
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PAGE |
ARTICLE I DEFINITIONS |
1 |
Section 1.1.
Definitions |
1 |
Section 1.2. Rules of Construction |
3 |
ARTICLE II REPRESENTATIONS |
3 |
Section 2.1.
Representations by Borrower |
3 |
ARTICLE III ADVANCE AND USE OF LOAN PROCEEDS; CONSTRUCTION OF PROJECT |
4 |
Section 3.1.
Advance of Loan Proceeds |
4 |
Section 3.2.
Application of Loan Proceeds |
5 |
Section 3.3. Agreement to Draw
Loan Proceeds and Penalty for Delay |
8 |
Section 3.4. Agreement to Accomplish
Project |
8 |
Section 3.5.
Permits |
9 |
Section 3.6. Construction Contractors |
9 |
Section 3.7. Signage Requirements
under the Infrastructure Investment and Jobs Act (IIJA) |
10 |
Section 3.8.
Engineering Services |
11 |
Section 3.9. Borrower Required
to Complete Project |
11 |
Section 3.10. Inclusion of
Eligible Project Reimbursement Costs Within The Loan |
12 |
ARTICLE IV ADDITIONAL FEDERAL REQUIREMENTS |
12 |
Section 4.1.
Federal Requirements |
12 |
Section 4.2.
Americans with Disabilities Act |
13 |
Section 4.3. Nondiscrimination;
Sexual Harassment |
13 |
ARTICLE V REPAYMENT OF LOAN; GENERAL OBLIGATION |
14 |
Section 5.1.
Repayment of Loan |
14 |
Section 5.2.
General Obligation |
14 |
SECTION 5.3. [RESERVED] |
14 |
ARTICLE VI PREPAYMENTS |
14 |
Section 6.1.
Prepayments of Loan |
14 |
ARTICLE VII OPERATION AND USE OF SYSTEM |
14 |
Section 7.1.
Inspection of System and Borrower’s Books and Records |
14 |
Section 7.2. Performance Certification |
15 |
Section 7.3. Operation, Maintenance
and Use of System |
15 |
ARTICLE VIII INSURANCE, DAMAGE AND DESTRUCTION |
15 |
Section 8.1.
Insurance |
15 |
ARTICLE IX SPECIAL COVENANTS |
15 |
Section 9.1.
Maintenance of Existence |
15 |
Section 9.2. Financial Records
and Statements |
15 |
Section 9.3. Certificate as
to No Default |
16 |
Section 9.4. Further Assurances |
16 |
Section 9.5.
Other Indebtedness |
16 |
Section 9.6. Assignment by
Borrower |
16 |
ARTICLE X DEFAULTS AND REMEDIES |
17 |
Section
10.1. Events of Default |
17 |
Section 10.2.
Notice of Default |
18 |
Section 10.3.
Remedies on Default |
18 |
Section 10.4. Delay and Waiver |
18 |
Section 10.5. Right to Cure
Default |
18 |
ARTICLE XI MISCELLANEOUS |
19 |
Section 11.1.
Successors and Assigns |
19 |
Section 11.2. Amendments |
19 |
Section 11.3.
Limitation of Liability of Borrower’s Officers |
19 |
Section 11.4. Applicable Law |
19 |
Section 11.5. Severability |
19 |
Section 11.6.
Notice |
19 |
Section 11.7. Headings |
20 |
Section 11.8. Terms of Agreement |
20 |
Section 11.9.
Counterparts |
21 |
EXHIBIT A |
PROJECT DESCRIPTION |
EXHIBIT B |
PROJECT BUDGET |
EXHIBIT C |
FORM OF REQUISITION |
EXHIBIT D |
SCHEDULE OF DISBURSEMENTS |
EXHIBIT E |
FORM OF CHANGE ORDER |
EXHIBIT F |
PROJECTED DRAWDOWN CERTIFICATE |
FINANCING AGREEMENT
THIS FINANCING
AGREEMENT (this “Agreement”) is made as of this 17th day of May, 2024, between the DELAWARE DRINKING WATER
STATE REVOLVING FUND, acting by and through the DELAWARE DEPARTMENT OF HEALTH & SOCIAL SERVICES, DIVISION OF PUBLIC HEALTH, a
public agency of The State of Delaware (the “Department”) and TIDEWATER UTILITIES, INC., a corporation organized under
the laws of The State of Delaware (the “Borrower”).
Pursuant to Title
29 Delaware Code Section 7903 (the “Act”), the General Assembly established a permanent and perpetual fund known as
the “Delaware Drinking Water State Revolving Fund” (the “Fund”) and empowered the Secretary of the Department
of Health & Social Services to administer such Fund. From the Fund, the Department from time to time makes loans to and acquires obligations
of eligible persons in Delaware to finance the costs of drinking water facilities in accordance with the Federal Safe Drinking Water Act.
General information on Drinking Water State Revolving Funds can be found at: https://www.epa.gov/dwsrf.
The Borrower requested
a loan (the “Loan”) from the Fund and will evidence its obligation to repay the Loan by the signing of this Agreement and
by the delivery of its General Obligation Bond (Kendale Road Interconnection Project), Series 2024D-DWSRF (the “Bond”). The
Borrower will use the Loan Proceeds from the Fund to: (i) finance the extension of a 16'' main along Kendale Road to connect the existing
16" mains located on Beaver Dam Road and Robinsonville Road, as more fully described in Exhibit A and (ii) if desired,
pay certain administrative costs and costs of issuing the Bond (collectively, the “Project”).
ARTICLE I
DEFINITIONS
Section 1.1. Definitions.
The capitalized
terms contained in this Agreement shall have the meanings set forth below unless the context requires otherwise and any capitalized terms
not otherwise defined herein shall have the meaning assigned to such terms in the Act:
“Agreement”
means this Financing Agreement between the Department and the Borrower, together with any amendments or supplements hereto.
“Authorized
Representative” means the President, Vice President, Chairman, Treasurer, and Secretary of the Borrower or any employee of the Borrower
authorized by resolution or certificate of the Borrower to perform the act or sign the document in question.
“Business Day”
means a day of the year which is not a Saturday or Sunday or a day on which banking institutions located in New York or Delaware are required
or authorized to remain closed or on which the New York Stock Exchange is closed.
“Closing
Date” means the date this Agreement is executed and delivered by the Borrower and the Department.
“Commitment
Letter” shall mean the commitment letter from the Department to the Borrower dated February 6, 2024 and all extensions and amendments
thereto.
“Consulting
Engineer” means any firm of independent consulting engineers of recognized standing and experienced in the field of environmental
engineering and registered to do business in Delaware. Any such firm shall be subject to the reasonable approval of the Department.
“Department” means the Department of Health and
Social Services, Division of
Public Health.
“Event of Default” shall
have the meaning set forth in Section 10.1.
“Fiscal Year” means the
period of twelve months established by the Borrower as its annual accounting period.
“Loan” means the loan from the Department to the
Borrower pursuant to this
Agreement.
“Loan Proceeds”
means the funds applied to make the loan to the Borrower pursuant to this Agreement.
“Notice to
Proceed” means a written notice given by the Borrower and signed by an Authorized Representative issued to each construction contractor
fixing the date on which construction, equipping, acquisition, expansion or renovation of the Project as described in Exhibit A
will commence, a copy of which must be furnished to the Department by the Borrower within one year of the Closing Date.
“Penalty” shall have the meaning set forth in
Section 3.3.
“Project”
means, collectively, the various improvements and upgrades to the System of the Borrower, as more fully described in Exhibit A,
the costs of the construction, acquisition or equipping of which are to be financed in whole or in part with the Loan Proceeds.
“Project
Budget” means the budget for the financing of the Project, a copy of which is attached to this Agreement as Exhibit B.
“Project Costs”
means the costs of the construction, acquisition or equipping of the Project, as further described in the Project Budget, and such other
costs as may be approved in writing by the Department, provided such costs are permitted by the Act.
“System”
means all plants, systems, facilities, equipment or property, of which the Project constitutes the whole or a part, owned, operated or
maintained by the Borrower and
used in connection with the drinking water services
for the systems which comprise the Project, all as described in Exhibit A.
Section 1.2. Rules of Construction.
The following rules shall apply to
the construction of this Agreement unless the context requires otherwise:
(a) Singular
words shall connote the plural number as well as the singular and vice versa.
(b) All references in this Agreement to particular
Sections or Exhibits are references to Sections or Exhibits of this Agreement unless otherwise indicated.
(c)
The headings and table of contents as used in this Agreement are solely for convenience of reference and shall not constitute a
part of this Agreement nor shall they affect its meaning, construction or effect.
ARTICLE II
REPRESENTATIONS
Section 2.1. Representations by Borrower.
The Borrower makes the following representations
as the basis for its undertakings under this Agreement:
(a)
The Borrower is a duly organized and validly existing corporation in good standing under the laws of the State of Delaware.
(b)
The Borrower has full right, power and authority to (i) execute this Agreement and the other documents related thereto, (ii) own
and operate the System, (iii) construct, acquire or equip the Project and finance the Project Costs by borrowing money for such purpose
pursuant to this Agreement, and (iv) carry out and consummate all of the transactions contemplated by this Agreement.
(c) All
permits, licenses, registrations, certificates, authorizations and approvals required to have been obtained as of the date of
signing of this Agreement have been obtained for (i) the execution by the Borrower of this Agreement, (ii) the performance and
enforcement of the obligations of the Borrower thereunder, (iii) the acquisition, construction, equipping, occupation, operation and
use of the Project, and (iv) the operation and use of the System. The Borrower knows of no reason why any other necessary permits or
approvals cannot be obtained as required.
(d)
This Agreement has been executed by a duly authorized officer of the Borrower and constitutes the legal, valid and binding obligation
of the Borrower enforceable against the Borrower in accordance with the terms of this Agreement.
(e)
There are not pending nor, to the best of the knowledge of the undersigned officer of the Borrower, threatened, any actions, suits,
proceedings or investigations of a legal,
equitable, regulatory, administrative
or legislative nature, in which a judgment, order or resolution may have a material adverse effect on the Borrower, or its business, assets,
condition (financial or otherwise), operations or prospects or in its ability to perform its obligations under this Agreement.
(f)
There have been no material defaults by any contractor or subcontractor under any contract made in connection with the construction
or equipping of the Project.
(g)
No material adverse change has occurred in the financial condition of the Borrower from that indicated in the financial statements,
application and other information furnished to the Department in connection with this Agreement.
(h) No Event of Default has occurred and is continuing.
(i)
Except as may otherwise be approved by the Department or permitted by the terms hereof, the Project and the System at all times
will be owned by the Borrower and will not be operated or controlled by any other entity or person.
(j) The Project will be a part of the System.
(k)
The Loan Proceeds and funds available from the other sources specified in the Project Budget will be sufficient to pay the estimated
Project Costs.
(l)
The Borrower has received or has commitments to obtain all funds and other financing for the Project as contemplated in the Project
Budget.
(m)
The Borrower expects to complete the acquisition, construction and equipping of the Project on or before the projected date of
June 30, 2025. The Borrower expects to adhere to the estimated drawdown schedule attached hereto as Exhibit D and certified to
in the "Certificate of the Borrower and Projected Drawdown Schedule of the Project" attached hereto as Exhibit F and
made a part hereof. This projected date of completion is subject to an extension if such extension is mutually agreed upon by the Department
and the Borrower. Noncompliance with this Section 2.1(m) may cause loan funds to become de-obligated and reallocated to other drinking
water projects at the discretion of the Department.
ARTICLE III
ADVANCE AND USE OF LOAN PROCEEDS; CONSTRUCTION
OF PROJECT
Section 3.1. Advance of Loan Proceeds.
The Department
agrees to advance to the Borrower pursuant to this Agreement up to One Million One Hundred Sixty-Four Thousand Four Hundred Dollars ($1,164,400)
to pay Project Costs in accordance with the Project Budget.
Section 3.2. Application of Loan Proceeds.
(a)
The Borrower agrees to apply the Loan Proceeds solely and exclusively to the payment, or the reimbursement of the Borrower for
the payment, of Project Costs and further agrees, upon the request of the Department, to exhibit to the Department, vouchers, statements,
bills of sale or other evidence of the actual payment of such Project Costs. The Department shall disburse the Loan Proceeds to or for
the account of the Borrower upon execution of this Agreement and upon receipt by the Department of the following:
(1)
A requisition (upon which the Department shall be entitled to rely) signed by an Authorized Representative and containing all information
called for by, and otherwise being in the form of, Exhibit C attached hereto.
(2)
If such requisition includes an item for payment for labor or to contractors, builders or materialmen (i) a certificate, signed
by an Authorized Representative, stating that such work was actually performed or such materials, supplies or equipment were actually
furnished or installed in or about the construction of the Project; and (ii) a certificate signed by an Authorized Representative stating
either that such materials, supplies or equipment are not subject to any lien or security interest or that such lien or security interest
will be released or discharged upon payment of the requisition.
Upon receipt of
each such requisition and accompanying certificate or certificates, the Department shall disburse Loan Proceeds hereunder to or for the
account of the Borrower in accordance with such requisition in an amount and to the extent approved by the Department. The Borrower expects
to adhere to the estimated drawdown schedule attached hereto as Exhibit D. The Department shall have no obligation to disburse
any such Loan Proceeds if the Borrower is in default hereunder, nor shall the Department have any obligation to approve any requisition
if the Borrower is not in compliance with the terms of this Agreement.
(b) The
Borrower shall comply with all applicable State of Delaware and federal laws. Except as may otherwise be approved by the Department,
disbursements shall be held at ninety- five percent (95%) of the maximum amount authorized hereunder to ensure satisfactory
completion of the Project. Upon receipt from the Borrower of the certificate specified in Section 3.4 and a final requisition
detailing all retainages to which the Borrower is then entitled, the Department, to the extent approved by the Department and
subject to the provisions of this Section and Section 3.4, will disburse Loan Proceeds to or for the account of the Borrower to the
extent of such approval.
(c)
The Department may apply Loan Proceeds to pay any Penalty assessed pursuant to Section 3.3.
(d)
The Department shall have no obligation to disburse Loan Proceeds in excess of the amount necessary to pay for approved Project
Costs.
(e)
The Borrower shall comply in all respects with all applicable federal laws, regulations and other requirements related to or arising
out of or in connection with the Project and the funding thereto by the Fund.
(f)
The Borrower shall comply in all respects with the Federal Single Audit Act (the “SAA”), 2 CFR 200 Subpart F, as a
sub-recipient of Federal funds. As a recipient of Loan Proceeds from the Fund, the Borrower is required to notify the Department when
a SAA audit has been conducted and provide the Department within 30 days of completion with a copy of the SAA audit if the Borrower expends
$750,000 or more in Loan Proceeds and other federal financial assistance in its fiscal year. Other federal financial assistance sources
include, but are not limited to, equivalency funds received by the Delaware Water Pollution Control Revolving Fund, other federal water
infrastructure funding programs (e.g., USDA RD, CDBG, and EPA’s WIFIA and Community Grants, among others), as well as health care,
social services, highways, and education funding programs. The Borrower shall notify the Department when they have reached the $750,000
expenditure threshold.
For purposes of
the Fund, an expenditure occurs at the time that Loan Proceeds are disbursed by the Borrower for the purpose for which the Fund assistance
is provided (e.g., Project Costs). For example, for the Loan, the expenditure occurs at the time the Borrower pays an invoice. In the
case of refinancing assistance, the expenditure occurs at the time the Borrower uses the Loan Proceeds to refinance the existing debt.
The Borrower is responsible
for (i) maintaining an annual (fiscal year) accounting system and identifying all expenditures of federal financial assistance, (ii) submitting
its SAA audit to the Federal Audit Clearinghouse within the earlier of 30 calendar days after receipt of the auditor's report(s) or nine
months after the end of the audit period, and (iii) notifying the Department that the SAA audit has been submitted to the Federal Audit
Clearinghouse and providing a copy to the state SRF program upon request. The Borrower shall inform the Department of any findings and
recommendations pertaining to Loan Proceeds received from the Fund contained in SAA audits conducted by the Borrower.
The SAA dollar
threshold, currently at $750,000 as previously stated, that requires performance of an audit increases periodically, and the Borrower
is required to know the threshold for a given year.
(g)
The Borrower shall comply with the Delaware Department of Labor Prevailing Wage Rate Regulations.
(h)
The Borrower shall comply with the Delaware Drinking Water State Revolving Fund's Davis-Bacon Wage Rate Act Requirement as set
forth in the closing documents. The Borrower agrees that all contractors or subcontractors utilized by the Borrower in the Project will
complete and file the U.S. Department of Labor’s payroll form WH-347.
(i)
As a recipient of Fund assistance, the Borrower shall comply with the Prohibition on Certain Telecommunication and Video Surveillance
Services or Equipment located in 2 CFR 200.216, as such regulation relates to the Project. The Borrower agrees that none of the Loan Proceeds
shall be used to procure, enter into, extend or renew contracts or obtain equipment, services or systems that use “covered telecommunications
equipment or services,” as identified in the regulation, as a substantial or essential component of any system, or as critical technology
as part of any system.
(j) As
a recipient of Fund assistance, the Borrower agrees that none of the Loan Proceeds made available to the Borrower shall be used for
the Project for the construction, alteration, maintenance, or repair of the System unless all of the iron and steel products used in
the Project are produced in the United States (“American Iron and Steel Requirement”), unless: (i) the Borrower has
requested and obtained a waiver from the Environmental Protection Agency pertaining to the Project or (ii) the Department has
otherwise advised the Borrower in writing that the American Iron and Steel Requirement is not applicable to the Project. The
American Iron and Steel Requirement shall not apply in any case or category of cases in which the Administrator of the Environmental
Protection Agency finds that: (i) applying the requirement would be inconsistent with the public interest; (ii) iron and steel
products are not produced in the United States in sufficient and reasonably available quantities and of a satisfactory quality; or
(iii) inclusion of iron and steel products produced in the United States will increase the cost of the overall project by more than
25 percent.
In this section
3.2(j), the term ‘‘iron and steel products’’ means the following products made primarily of iron or steel-lined
or unlined pipes and fittings, manhole covers and other municipal castings, hydrants, tanks, flanges, pipe clamps and restraints, valves,
structural steel, reinforced precast concrete, and construction materials. “Steel” means an alloy that includes at least 50
percent iron, between .02 and 2 percent carbon, and may include other elements.
The Bipartisan
Infrastructure Law of 2021, also known as the Infrastructure Investment and Jobs Act of 2021 (“IIJA”), established the Build
America Buy America (BABA) Act domestic sourcing requirements for federal financial assistance programs for infrastructure, including
the Fund, and the Borrower must comply with the BABA provision. BABA also creates expanded American Iron and Steel requirements to include
construction materials and manufactured goods for domestic preference and sourcing requirements.
In procuring
materials for public works projects, entities using taxpayer-financed Federal assistance should give a commonsense procurement preference
for the materials and products produced by companies and workers in the United States in accordance with the high ideals embodied in the
environmental, worker, workplace safety, and other regulatory requirements of the United States. The benefits of domestic content procurement
preferences extend beyond economics. Common construction materials used in public works infrastructure projects, including steel, iron,
manufactured products, non-ferrous metals, plastic and polymer- based products (including polyvinylchloride, composite building materials,
and polymers used in fiber optic cables), glass (including optic glass), lumber, and drywall are not adequately covered by a domestic
content procurement preference, thus limiting the impact of taxpayer purchases to enhance supply chains in the United States.
(k)
The Borrower agrees to comply with all federal requirements applicable to the Loan Proceeds received (including those imposed by
IIJA, Public Law No. 117-58) which the Borrower understands includes, but is not limited to, the following requirements: that all of the
iron and steel, manufactured products, and construction materials used in the Project are to be produced in the United States (“Build
America, Buy America Requirements”) unless (i) the Borrower has requested and obtained a waiver from the Department pertaining to
the Project or the Project is otherwise covered by a general applicability waiver; or (ii) the Department has
otherwise advised the Borrower in writing that the Build
America, Buy America Requirements are not applicable to the Project.
(l)
The Borrower, as a sub-recipient of Federal funds, agrees that when collecting and managing environmental data under this Agreement,
it will protect the data by following all applicable State of Delaware law cybersecurity requirements, if the Borrower’s network
or information system is connected to the Environmental Protection Agency networks to transfer data to the Environmental Protection Agency
using systems other than the Environmental Information Exchange Network or the Environmental Protection Agency’s Central Data Exchange.
Section 3.3. Agreement to Draw Loan Proceeds and Penalty
for Delay.
The Borrower
agrees after the Closing Date to commence work in earnest on the Project and make draws on the Loan Proceeds of at least ten percent (10%)
of the Project Costs within one year of the Closing Date. The Borrower further agrees to provide a Notice to Proceed within one year of
the Closing Date.
If by May 17, 2025,
which is one year from the Closing Date, (i) the Borrower has not submitted requisition(s), in the manner required by Section 3.2, for
more than ten percent (10%) of the Project Costs, and (ii) the Department has not received a Notice to Proceed, the Department may in
its discretion assess a penalty equal to one percent (1%) of the Loan Proceeds (the “Penalty”). Such Penalty may be drawn
by the Department from the Loan Proceeds. It is within the Department’s complete discretion whether to impose the Penalty based
upon its review of affirmative steps taken by the Borrower to commence and complete the Project and the totality of the circumstances
surrounding any such delay in requesting disbursement of Loan Proceeds.
Section 3.4. Agreement to Accomplish Project.
The Borrower will
cause the Project to be acquired, constructed, expanded, renovated or equipped as described in Exhibit A and in accordance
with the Project Budget and the plans, specifications and designs prepared by the Consulting Engineer and approved by the Department.
The Borrower will complete the Project by the date set forth in Section 2.1(m). All plans, specifications and designs have been approved
by all applicable regulatory agencies. The Borrower agrees to maintain complete and accurate books and records of the Project Costs and
permit the Department through its duly authorized representatives to inspect such books and records at any reasonable time. The Borrower
and the Department may amend the description of the Project set forth in Exhibit A.
The Borrower
will deliver to the Department a certificate signed by an Authorized Representative of the Borrower and by the Consulting Engineer stating
(i) that the Project has been completed substantially in accordance with this Section, the plans and specifications as amended from time
to time, as approved by the Department, and in substantial compliance with all material applicable laws, ordinances, rules and regulations,
(ii) the date of such completion, (iii) that all certificates of occupancy or other material permits necessary for the Project’s
use, occupancy and
operation have been issued or obtained, and (iv) the
amount, if any, to be reserved for payment of Project Costs.
Section 3.5. Permits.
The Borrower,
at its sole cost and expense, shall comply with, and shall obtain all permits, consents and approvals required by local, state or federal
laws, ordinances, rules, regulations or requirements in connection with the acquisition, construction, equipping, occupation, operation
or use of the Project. The Borrower shall, upon request, promptly furnish to the Department copies of all such permits, consents and approvals.
The Borrower shall also comply with all lawful program or procedural guidelines or requirements duly promulgated and amended as of the
date hereof by the Department in connection with the acquisition, construction, equipping, occupation, operation or use of projects financed
by the Fund under the Act. The Borrower shall also comply in all respects with all applicable State of Delaware and federal laws, regulations
and other requirements relating to or arising out of or in connection with the Project and the funding thereof by the Fund.
Section 3.6. Construction Contractors.
Each construction
contractor employed in the accomplishment of the Project shall be required in the construction contract to furnish a performance bond
and a payment bond, each in an amount equal to one hundred percent (100%) of the particular contract price. Such bonds shall list the
Borrower as beneficiary. Each contractor shall be required to maintain, during the construction period covered by the particular construction
contract, builder’s risk insurance, workers compensation insurance, public liability insurance, property damage insurance and vehicle
liability insurance in amounts and on terms customarily maintained on such projects. Upon request of the Department, the Borrower shall
cause each contractor to furnish evidence of such bonds and insurance to the Department. In addition to the foregoing,
(a)
Each construction contractor employed in the accomplishment of the Project is required to comply with the Anti-Kickback Act (and
is required to insert similar requirements in all subcontracts) and all other applicable federal laws and regulations.
(b)
All construction contracts and contractors’ estimate forms will be prepared so that materials and equipment may be readily
itemized and identified as to eligible and noneligible costs.
(c)
Any change in a construction contract that will alter the contract price or completion time or will substantially modify the proposed
use of the Project must be submitted to the Department for prior approval via a change order in the form of the change order attached
hereto as Exhibit E.
(d)
The construction of the Project facilities will conform to applicable federal, state and local laws, ordinances and regulations.
(e)
The Borrower will proceed expeditiously and complete the Project facilities in accordance with the approved application, project
schedule, surveys, plans, profiles, cross- sections, specifications and amendments approved by the Department.
Recipients
and sub-recipients of Fund assistance, including the Borrower, shall not make any award or permit any award (sub-grant or contract) at
any tier to any party which is debarred or suspended or is otherwise excluded from or ineligible for participation in Federal assistance
programs under Executive Order 12549, “Debarment and Suspension.” Grantees and sub-grantees, including the Borrower, shall
refer to the "List of Parties Excluded From Federal Procurement and Non-Procurement Programs" to insure that the contractor
or subcontracts are not on this list. A search for exclusion records can be made at the official US Government System for Award Management
website at https://www.sam.gov. For assistance visit the Federal Service Desk online at www.fsd.gov or by calling (866) 606-8220.
(f)
Recipients have taken and will continue to take all necessary affirmative steps to solicit, and document its solicitation efforts
of, minority business enterprises and women’s business enterprises, individually and collectively referred to as Disadvantaged Business
Enterprises (DBE), in accordance with the Six Good Faith Efforts, (40 CFR Part 33).
(g)
Recipients have taken and will continue to take all necessary affirmative steps to assure that it is in compliance with all requirements
for the procurement of architectural and engineering services as identified in 40 U.S.C. Section 1101 et. Seq, for all architectural and
engineering contracts executed, amended or renewed.
Section 3.7. Signage Requirements under the Infrastructure
Investment and Jobs Act
(IIJA).
(a)
Building A Better America Emblem. The Borrower will ensure that a sign is placed at construction sites supported under the Loan
displaying the official Building A Better America emblem and must identify the project as a “project funded by President
Biden’s Bipartisan Infrastructure Law.” Construction is defined at 40 CFR 33.103 as “erection, alteration, or
repair (including dredging, excavating, and painting) of buildings, structures, or other improvements to real property, and
activities in response to a release or a threat of a release of a hazardous substance into the environment, or activities to prevent
the introduction of a hazardous substance into a water supply.” The sign must be placed at construction sites in an easily
visible location that can be directly linked to the work taking place and must be maintained in good condition throughout the
construction period.
In cases
where the construction site covers a large area (e.g., lead service line replacement or septic tank repair/replacement projects), a sign
should be placed in an easily visible location near where the work is being performed (e.g., entrance to the neighborhood, along a main
road through town, etc.). Signage costs are considered an allowable Project Cost, provided the costs associated with the signage are reasonable.
Additionally, to increase public awareness of projects serving communities where English is not the predominant language, the Borrower
is encouraged to translate the language on signs (excluding the official Building a Better America emblem or EPA logo or seal) into the
appropriate non-English language(s). The costs of such translation are allowable Project Costs, provided the costs are reasonable.
The Borrower
will ensure compliance with the guidelines and design specifications for using the official Building A Better America emblem and corresponding
logomark available at: https://www.whitehouse.gov/wp-content/uploads/2022/08/Building-A- Better-America-Brand-Guide.pdf.
(b)
EPA Logo. The Borrower will ensure that signage displays the EPA logo along with the official Building A Better America emblem.
The EPA logo must not be displayed in a manner that implies that EPA itself is conducting the project. Instead, the EPA logo must be accompanied
with a statement indicating that the Borrower received financial assistance from EPA for the project.
The Borrower
will ensure compliance with the sign specifications provided by the EPA Office of Public Affairs (“OPA”) available at: https://www.epa.gov/grants/epa-logo-seal-
specifications-signage-produced-epa-assistance-agreement-recipients. As provided in the sign specifications from OPA, the EPA logo is
the preferred identifier for assistance agreement projects and use of the EPA seal requires prior approval from the EPA. To obtain the
appropriate EPA logo or seal graphic file, the Borrower should send a request directly to OPA and include the EPA Project Officer in the
communication. Instructions for contacting OPA is available on the Using the EPA Seal and Logo page at https://www.epa.gov/aboutepa/using-epa-seal-and-
logo.
(c)
Procuring Signs. Consistent with section 6002 of RCRA, 42 U.S.C. 6962, and 2 CFR 200.323, the Borrower is encouraged to use recycled
or recovered materials when procuring signs. Signage costs are considered an allowable Project Cost under this Agreement provided that
the costs associated with signage are reasonable. Additionally, to increase public awareness of projects serving communities where English
is not the predominant language, the Borrower is encouraged to translate the language on signs (excluding the official Building A Better
America emblem or EPA logo or seal) into the appropriate non-English language(s). The costs of such translation are allowable, provided
the costs are reasonable.
The EPA encourages
the recipient to notify the EPA Project Officer listed in this award document of public or media events publicizing the accomplishment
of significant events related to construction projects as a result of this agreement and provide the opportunity for attendance and participation
by federal representatives with at least ten (10) working days’ notice.
Section 3.8. Engineering Services.
The Borrower has
retained or employed the Consulting Engineer to provide engineering services covering planning and design, operation of the System, and
the supervision and inspection of the construction of the Project. The Consulting Engineer will provide to the Department the certificate
required by Section 3.4.
Section 3.9. Borrower Required to Complete Project.
Subject to the
provisions of Section 9.5 hereof, if the Loan Proceeds are not sufficient to pay in full the cost of the Project, the Borrower will complete
the Project at its own
expense and shall not be entitled
to any reimbursement therefor from the Department or the Fund or to any abatement, diminution or postponement of the Borrower’s
repayments under this Agreement.
Section 3.10. Inclusion of Eligible Project Reimbursement
Costs Within The Loan.
Project Costs incurred
prior to the initiation of construction and after approval of the Project by the Department are eligible for reimbursement from Loan Proceeds
provided that the Project continues to meet all the criteria and requirements set forth by the Department. Notwithstanding anything to
the contrary herein, costs incurred and associated with the initial stages of the Project, such as planning and design, are eligible for
reimbursement regardless of when such costs were incurred.
ARTICLE IV
ADDITIONAL FEDERAL REQUIREMENTS
Section 4.1. Federal Requirements.
(a)
As a recipient of Fund assistance, the Borrower shall comply Federal State Revolving Loan Requirements Section 1452 of the Federal
Safe Drinking Water Act, 42 U.S.C.
§300j-12 et seq., as amended.
(b)
Pursuant to Title VI of the Civil Rights Act of 1964, 42 U.S.C. § 2000d, as a recipient of Fund assistance, the Borrower agrees
not to discriminate on the basis of race, color or national origin in any activity funded through this Agreement.
(c)
Pursuant to the Age Discrimination Act, 42 U.S.C. § 6101 et seq., as a recipient of Fund assistance, the Borrower agrees not
to discriminate on the basis of age in any activity funded through this Agreement.
(d)
Pursuant to Section 504 of the Rehabilitation Act of 1973, 29 U.S.C. § 794, as a recipient of Fund assistance, the Borrower
agrees not to discriminate on the basis of disability in any activity funded through this Agreement.
(e)
Pursuant to Section 1452 of the Federal Safe Drinking Water Act Amendments of 1996, P.L. 104-182, and Title IX of the Education
Amendments of 1972, 20 U.S.C. § 1681 et seq., as amended, as a recipient of Fund assistance, the Borrower agrees not to discriminate
on the basis of sex in any activity funded through this Agreement.
(f)
Pursuant to Executive Order 11246, dated September 24, 1965, as amended by Executive Order 11375, dated October 13, 1967, and as
supplemented by U.S. Department of Labor regulations set forth at 41 C.F.R. Ch. 60, as a recipient of Fund assistance, the Borrower agrees
to provide an equal opportunity for employment to all contracts and subcontracts awarded for the Project and funded through this Agreement.
(g)
Pursuant to Executive Order 12898, dated February 11, 1994, as a recipient of Fund assistance, the Borrower agrees not to fund
any action through this Agreement that will have disproportionately high and adverse effects on minority or low-income populations.
Section 4.2. Americans with Disabilities Act.
Pursuant to
federal regulations promulgated under the authority of the Americans With Disabilities Act, 28 C.F.R. § 35.101 et seq., no individual
with a disability shall, on the basis of the disability, be excluded from participation in this Agreement or from activities provided
for under this Agreement, and the Borrower agrees to comply with the General Prohibitions Against Discrimination, 28 C.F.R. § 35.130,
and all other regulations promulgated under Title II of the Americans With Disabilities Act which are applicable to the benefits, services,
programs, and activities provided by the Department as an agency of the State of Delaware through this Agreement. The State of Delaware
and the Department shall be indemnified and held harmless from all losses, damages, expenses, claims, demands, suits and actions brought
by any party against the State of Delaware or the Department as a result of the Borrower’s failure to comply with its obligations
under the preceding provisions.
Section 4.3. Nondiscrimination; Sexual Harassment.
The Borrower shall
comply, or cause its contractor or subcontractor, or other agents or representatives to comply, with the following requirements:
(a)
In the hiring of any employees for the manufacture of supplies, performance of work, or any other activity required under this
Agreement or any Project contract, no person who is qualified and available to perform the work to which the employment relates shall
be discriminated against by reason of gender, race, creed or color.
(b)
No employee involved in the manufacture of supplies, the performance of work or any other activity required under this Agreement
shall be discriminated against in any manner or intimidated on account of gender, race, creed, or color.
(c)
A written sexual harassment policy providing that sexual harassment will not be tolerated and employees who practice it will be
disciplined shall be established and maintained by the Borrower and employees shall be informed of the policy.
(d)
No contractor who is qualified to perform the work relating to this Agreement shall discriminate against any other contractor by
reason of gender, race, creed, or color.
(e)
All necessary employment documents and records shall be provided and access shall be granted to the Department to books, records,
and accounts for purposes of investigation to ascertain compliance with the provisions of this Nondiscrimination/Sexual Harassment Clause.
If documents or records reflecting the necessary information requested are not available, such information shall be furnished on reporting
forms supplied by the Department.
(f)
This Nondiscrimination/Sexual Harassment Clause shall be included in any contract awarded for the Project so that such provisions
will be binding upon any contractors engaged for the Project.
(g)
The Department may cancel or terminate this Agreement and all money due or to become due under this Agreement may be forfeited
for a violation of the terms and conditions of this Nondiscrimination/Sexual Harassment Clause. In addition, the Department may proceed
with debarment or suspension and may place the party not
in compliance in the Contractor Responsibility File, a repository of information on contractors.
ARTICLE V
REPAYMENT OF LOAN; GENERAL OBLIGATION
Section 5.1. Repayment of Loan.
The Borrower shall repay the Loan pursuant to the terms of
the Bond issued to the
Department.
Section 5.2. General Obligation.
The Borrower’s repayment obligation
constitutes a general obligation of the Borrower, secured by a pledge of its full faith, revenue and credit.
Section 5.3. [RESERVED]
ARTICLE
VI
PREPAYMENTS
Section 6.1. Prepayments of Loan.
At its option
and upon providing prior written notice to the Department, the Borrower may prepay the Loan, in whole or in part, without penalty, at
any time. Such prior written notice shall specify the date on which the Borrower will make such prepayment and whether the Loan will be
prepaid in full or in part, and if in part, the principal amount to be prepaid. Any such prepayment shall be applied against Loan principal
installments then outstanding as shall be directed by the Borrower.
ARTICLE VII
OPERATION AND USE OF SYSTEM
Section 7.1. Inspection of System and Borrower’s
Books and Records.
The Department
and its duly authorized representatives and agents shall have such reasonable rights of access to the System as may be necessary to determine
whether the Borrower is in compliance with the requirements of this Agreement and shall have the right at all reasonable times and upon
reasonable prior notice to the Borrower to examine and copy the books and records of the Borrower insofar as such books and records relate
to the System.
The Borrower
agrees to comply with all record keeping and reporting requirements under all applicable legal authorities, including any reports required
by the Department, such as performance indicators of program deliverables and information on costs and project progress. The Borrower
understands that (i) each contract and subcontract related to the Project is subject to audit by appropriate federal and state entities
and (ii) failure to comply with the applicable legal requirements and this Agreement may result in a default hereunder that
results in a repayment of Loan Proceeds in advance of
the maturity of the Bond and/or other remedial actions.
Section 7.2. Performance Certification.
The Borrower will
notify the Department when the Project is completed and operation commenced on or before the date set out in Section 2.1(m).
Section 7.3. Operation, Maintenance and Use of System.
At its own cost
and expense, the Borrower shall operate the System in a proper, sound and economical manner and in compliance with all legal requirements,
shall maintain the System in good repair and operating condition and from time to time shall make all necessary repairs, renewals and
replacements.
ARTICLE VIII
INSURANCE, DAMAGE AND DESTRUCTION
Section 8.1. Insurance.
Unless the
Department otherwise agrees in writing, the Borrower shall maintain or cause to be maintained insurance against such risks as are customarily
insured against by owners of systems similar in size and character to the System.
ARTICLE IX
SPECIAL
COVENANTS
Section 9.1. Maintenance of Existence.
The Borrower
shall maintain its existence as a “Person” (as defined in the Federal Safe Drinking Water Act) and, without consent of the
Department, which consent shall not be unreasonably withheld, shall not dissolve or otherwise dispose of all or substantially all of its
assets or consolidate or merge with or into another entity. Notwithstanding the foregoing, the Borrower may consolidate or merge with
or into, or sell or otherwise transfer all or substantially all of its assets to a political subdivision of The State of Delaware, and
the Borrower thereafter may dissolve, if the surviving, resulting or transferee political subdivision, if other than the Borrower, assumes,
in written form acceptable to the Department, all of the obligations of the Borrower contained in this Agreement, and there is furnished
to the Department an Opinion of Counsel acceptable to the Department subject to customary exceptions and qualifications, to the effect
that such assumption constitutes the legal, valid and binding obligations of the surviving, resulting or transferee entity in accordance
with its terms.
Section 9.2. Financial Records and Statements.
The Borrower shall
maintain proper books of record and account in which proper entries shall be made in accordance with generally accepted accounting principles,
consistently applied, of all its business and affairs related to the System. The Borrower shall have an annual
audit made by an independent certified
public accountant within one hundred twenty (120) days after the end of each Fiscal Year. Such report shall include either (a) disclosure
language confirming the Borrower’s continued compliance with its loan and mortgage covenants and restrictions or (b) a certificate
of the accountants to the effect that, during the course of such accountant's regular examination of the Borrower's financial condition,
nothing came to such accountant's attention that would constitute an Event of Default hereunder. A copy of the audited annual report shall
be forwarded to the Department when completed.
Section 9.3. Certificate as to No Default.
The Borrower
shall deliver to the Department, within one hundred twenty (120) days after the close of each Fiscal Year, a certificate signed by an
Authorized Representative stating that, during such year and as of the date of such certificate, no event or condition has happened or
existed, or is happening or existing, which constitutes an Event of Default, or if such an event or condition has happened or existed,
or is happening or existing, specifying the nature and period of such event or condition and what action the Borrower has taken, is taking
or proposes to take to rectify it.
Section 9.4. Further Assurances.
The Borrower
shall to the fullest extent permitted by law pass, make, do, execute, acknowledge and deliver such further resolutions, acts, deeds, conveyances,
assignments, transfers and assurances as may be necessary or desirable for the better assuring, conveying, granting, assigning and confirming
the rights of the Department under this Agreement, or as may be required to carry out the purpose of this Agreement. The Borrower shall
at all times, to the fullest extent permitted by law, defend, preserve and protect all rights of the Department under this Agreement against
all claims and demands of all persons.
Section 9.5. Other Indebtedness.
In the event that
the Borrower is required to borrow additional funds in order to complete the Project, the Borrower agrees to consult with the Department
before borrowing any such additional funds. The Borrower agrees to pay when due all amounts required by any other bonded indebtedness
and to perform all of its obligations in connection therewith.
Section 9.6. Assignment by Borrower.
The
Borrower may not assign its rights under this Agreement without the prior written consent of the Department, which consent shall not
be unreasonably withheld. If the Borrower desires to assign its rights under this Agreement to another “Person” (as
defined in the Federal Safe Drinking Water Act), the Borrower shall give notice of such fact to the Department. If the Department
consents to the proposed assignment, the Borrower may proceed with the proposed assignment, but such assignment shall not become
effective until the Department is furnished: (i) an assumption agreement in form and substance satisfactory to the Department by
which the assignee agrees to assume all of the Borrower’s obligations under this Agreement, and (ii) an Opinion of Counsel to
the assignee, subject to customary exceptions and qualifications, that the assumption agreement and this Agreement constitute legal,
valid and binding obligations
of the assignee enforceable
against the assignee in accordance with their terms and that the assignment and assumption comply in all respects with the provisions
of this Agreement. Notwithstanding the foregoing, the assignment of the rights of the Borrower under this Agreement or the assumption
of the obligations thereunder by the assignee shall in no way be construed as releasing the Borrower’s obligations unless specifically
agreed to by the Department.
ARTICLE X
DEFAULTS
AND REMEDIES
Section 10.1. Events of Default.
Each of the following events shall be
an “Event of Default” hereunder:
(a)
The failure to pay any payment of principal, interest and/or any administrative fee when due hereunder or under the Bond;
(b)
The Borrower’s failure to perform or observe any of the other covenants, agreements or conditions of this Agreement and the
continuation of such failure for a period of thirty (30) days after the Department gives the Borrower written notice specifying such failure
and requesting that it be cured, unless the Department shall agree in writing to an extension of such time prior to its expiration; provided,
however, if the failure stated in the notice is correctable but cannot be corrected within the applicable period, the Department will
not unreasonably withhold its consent to an extension of such time if corrective action is instituted by the Borrower within the applicable
period and diligently pursued until the default is corrected;
(c)
Any warranty, representation or other statement by or on behalf of Borrower contained in this Agreement or in any instrument furnished
in compliance with or in reference to this Agreement is false or misleading in any material respect;
(d)
An order or decree shall be entered, with the Borrower’s consent or acquiescence, appointing a receiver or receivers of the
System or any part thereof or of the income thereof, or if such order or decree, having been entered without the Borrower’s consent
or acquiescence, shall not be vacated, discharged or stayed on appeal within ninety (90) days after the entry thereof;
(e)
Any proceeding shall be instituted, with the Borrower’s consent or acquiescence, for the purpose of effecting a composition
between the Borrower and its creditors, pursuant to any federal or state statute now or hereafter enacted, if the claims of such creditors
are under any circumstances payable from the revenues of the System; or
(f)
Any bankruptcy, insolvency or other similar proceeding shall be instituted by or against the Borrower under any federal or state
bankruptcy or insolvency law now or hereinafter in effect and, if instituted against the Borrower, is not dismissed within ninety (90)
days after filing.
Section 10.2. Notice of Default.
The Borrower agrees
to give the Department prompt written notice if any order, decree or proceeding referred to in Section 10.1(d) through (f), inclusive,
is entered or instituted against the Borrower or of the occurrence of any other event or condition which constitutes an Event of Default
immediately upon becoming aware of the existence thereof.
Section 10.3. Remedies on Default.
Whenever any
Event of Default referred to in Section 10.1 shall have happened and be continuing, the Department shall, in addition to any other remedies
provided herein or by law, have the right, at its option without any further demand or notice, to take one or both of the following remedial
steps:
(a) Discontinue advances of Loan Proceeds hereunder;
(b)
Declare immediately due and payable all payments due or to become due under this Agreement or under the Bond, and upon notice to
the Borrower, the same shall become immediately due and payable by the Borrower without further notice or demand; and
(c)
Take whatever other action at law or in equity may appear necessary or desirable to collect the payments then due and thereafter
to become due under this Agreement or to enforce any other of the Department’s rights under this Agreement or to enforce performance
by the Borrower of its covenants, agreements or undertakings contained herein.
Section 10.4. Delay and Waiver.
No delay or
omission to exercise any right or power accruing upon any Event of Default shall impair any such right or power or shall be construed
to be a waiver of any such Event of Default or acquiescence therein, and every such right and power may be exercised from time to time
and as often as may be deemed expedient. No waiver of any Event of Default under this Agreement shall extend to or shall affect any subsequent
Event of Default or shall impair any rights or remedies consequent thereto.
Section 10.5. Right to Cure Default.
If the Borrower
shall fail to make any payment or to perform any act required by it under this Agreement, the Department without prior notice to or demand
upon the Borrower and without waiving or releasing any obligation or default, may (but shall be under no obligation to) make such payment
or perform such act. All amounts so paid by the Department and all costs, fees and expenses so incurred shall be payable by the Borrower
as an additional obligation under this Agreement, together with interest thereon at the rate of interest of five percent (5%) per annum
until paid. The Borrower’s obligation under this Section shall survive the repayment of the Bond.
ARTICLE
XI
MISCELLANEOUS
Section 11.1. Successors and Assigns.
This Agreement
shall be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and assigns.
Section 11.2. Amendments.
The Department
and the Borrower shall have the right to amend from time to time any of the terms and conditions of this Agreement, provided that
all amendments shall be in writing and shall be signed by or on behalf of the Department and the Borrower.
Section 11.3. Limitation of Liability of Borrower’s
Officers.
No present or future
director, official, officer, employee or agent of the Borrower shall be liable personally in respect of this Agreement or for any other
action taken by such individual pursuant to or in connection with the financing provided for in this Agreement.
Section 11.4. Applicable Law.
This Agreement shall be governed by the applicable laws of
The State of
Delaware.
Section 11.5. Severability.
If any clause,
provision, or section of this Agreement shall be held illegal or invalid by any court, the illegality or invalidity of such clause, provision
or Section shall not affect the remainder of this Agreement which shall be construed and enforced as if such illegal or invalid clause,
provision or section had not been contained in this Agreement. If any agreement or obligation contained in this Agreement is held to be
in violation of law, then such agreement or obligation shall be deemed to be the agreement or obligation of the Department and the Borrower,
as the case may be, only to the extent permitted by law.
Section 11.6. Notice.
Unless otherwise
provided for herein, all demands, notices, approvals, consents, requests, opinions and other communications under this Agreement shall
be in writing and shall be deemed to have been given when delivered in person or mailed by first class registered or certified mail, postage
prepaid, addressed as follows:
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Department: |
Delaware Department of Health and Social Services |
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Division of Public Health |
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Office of Drinking Water Jesse Cooper Building |
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417 Federal Street – Room 226 |
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Dover, DE 19901 |
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Attention: DWSRF Program Director |
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With a copy to: |
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Delaware Department of Natural Resources |
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& Environmental Control, on behalf of the Delaware |
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Department of Health and Social Services |
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Office Of The Secretary, Environmental |
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Finance 97 Commerce Way, Suite 106 |
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Dover, DE 19904 |
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Attention: Laura Robbins, Chief of Administration |
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and |
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Borrower: |
Tidewater Utilities, Inc. |
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1100 South Little Creek Road |
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Dover, DE 19901 |
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Attention: Mr. Robert J. Capko, Treasurer |
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With a copy to: |
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Middlesex Water Company |
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485C Route One South, Suite 400 |
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Iselin, NJ 08830 |
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Attn: Jay L. Kooper, Vice President, General Counsel &
Secretary |
The Department, and the Borrower
may designate, by notice given hereunder, any further or different addresses to which subsequent demands, notices, approvals, consents,
requests, opinion or other communications shall be sent or persons to whose attention the same shall be directed.
Section 11.7. Headings.
The headings of the several articles
and sections of this Agreement are inserted for convenience only and do not comprise a part of this Agreement.
Section 11.8. Terms of Agreement.
This Agreement shall be effective upon
its execution and delivery by the Borrower and the Department. Except as otherwise specified, the Borrower’s obligations under
this Agreement shall expire upon payment in full
of the Bond and all other amounts payable by the Borrower under this Agreement.
Section 11.9. Counterparts.
This Agreement may be executed in
any number of counterparts, each of which shall be an original and all of which together shall constitute but one and the same instrument.
WITNESS the following signatures, all duly authorized.
FOR THE DELAWARE
DRINKING WATER STATE REVOLYING FUND, ACTING BY AND THROUGH THE DELAWARE DEPARTMENT OF HEALTH AND SOCIAL SERVICES, DIVISION OF PUBLIC HEALTH
By:./s/ Laura Robbins
Laura Robbins
DNREC, Chief of Administration
Delaware Department of Natural
Resources and
Environmental Control, on behalf of the
Delaware Department of Health and Social Services
TIDEWATER UTILITIES, INC.
By:/s/ Robert J. Capko
Name: Robert J. Capko
Title: Treasurer
(SEAL)
Attest:
By: /s/ Jay L. Kooper
Jay L. Kooper
Secretary
[SIGNATURE PAGE TO FINANCING AGREEMENT-SERIES
2024D-DWSRF-KENDALE ROAD INTERCONNECTION]
EXHIBIT A
Project Description
The Borrower’s
Rehoboth water system is located along the Rt. 1 corridor from the area of Cave Neck Road southeast to Rehoboth Bay and southwest to Love
Creek and beyond. The northwestern portion of the system is highly dependent on a single 12" water main running along Rt. 1. This
single main is the sole interconnection between the northeastern portions of the system, including a major water supply facility at Paynter's
Mill, and the remainder of the Rehoboth service area. A current interconnection project (Dairy Farm Road) extended a 12" water main
parallel to Rt. 1 to connect to an existing 16" main located at Beaver Dam Road. The Borrower has determined that it would be beneficial
to continue to further extend a 16" main +/-3,950 LF along Kendale Road to connect the existing 16" mains located on Beaver
Dam Road and Robinsonville Road.
The proposed
new 16" interconnection will provide resiliency and redundancy for the existing main along Rt. 1 and reduce head losses associated
with the supply of water throughout the consolidated Rehoboth water supply district. The interconnect is the completion of a large diameter
distribution main along the western end of the Rehoboth District's service area to further solidify a regional distribution approach.
The proposed
Kendale Road interconnection within the Rehoboth water system will connect existing 16" main(s) located on Beaver Dam Road and Robinsonville
Road and will provide redundancy to the single existing main interconnecting this area along Rt. 1. This redundancy will reduce the system's
vulnerability and increase resilience in the event of a disruption of the mains along Rt. 1. The proposed interconnection will also reduce
head losses, and energy required, to transmit supply from the Tidewater Paynter's Mill and Oak Crest facilities to the remainder of the
district.
EXHIBIT B
Project Budget
Project Budget: | |
Total Cost |
Engineering | |
$ | 16,000.00 | |
Construction | |
$ | 1,044,000.00 | |
Contingency | |
$ | 104,400.00 | |
Total Budget | |
$ | 1,164,400.00 | |
Source of Funds: | |
| | |
DWSRF Loan | |
$ | 1,164,400.00 | |
EXHIBIT C
Form of Requisition
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PROJECT NAME:_______________________ |
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FUNDING RECIPIENT: ________________ |
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E. I. # _______________________ |
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UNITED STATES |
AND/ STATE OF DELAWARE |
REQUISITION NO: ___________________ |
DEPARTMENT OF AGRICULTURE |
OR
DHSS |
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RURAL DEVELOPMENT |
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DATE: _______________________ |
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USDA LOAN NO. ____________________ |
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STATE LOAN NO. ___________________ |
USDA GRANT NO. ___________________ |
SEPARATELY OR |
STATE GRANT NO. __________________ |
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JOINTLY FUNDED PROJECT |
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ACCOUNT SUMMARY AND REQUEST FOR
LOAN/GRANT DISBURSEMENT
DISBURSEMENT
ITEMS |
AMOUNT
BUDGETED |
PREVIOUS
DISBURSEMENTS |
THIS
PERIOD |
TOTAL
TO DATE |
REMAINING
FUNDS |
CONSTRUCTION
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CONTRACT
NAME OR # |
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CONTRACT
NAME OR # |
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CONTRACT
NAME OR # |
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LAND AND R.O.W. |
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LEGAL AND ADMIN |
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ENGINEERING FEES |
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INTEREST |
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CONTINGENCIES |
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INITIAL O & M |
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OTHER
(describe) |
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DISBURSEMENT
TOTALS |
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SOURCES OF FUNDING |
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USDA LOAN |
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USDA GRANT |
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STATE LOAN |
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STATE GRANT |
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OTHER
(describe) |
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OTHER
(describe) |
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OTHER
(describe) |
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SOURCE TOTALS (must
equal disbursement totals above) |
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See Notes on Page 2 (other side)
Page 2
LOAN/GRANT DISBURSEMENT FORM
Requisition No.
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PREPARED BY (BORROWER/GRANTEE) DATE |
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APPROVED BY (DHSS/ODW) DATE |
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APPROVED BY (ARCHITECT/ENGINEER) DATE |
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APPROVED BY (USDA/RD) DATE |
Borrower/Grantee’s Certification
The undersigned certifies that (1) the amounts
requested by this requisition will be applied solely and exclusively to the payment, or the reimbursement of the recipient for the
payment, of Project Costs, and (2) any materials, supplies or equipment covered by this requisition are not subject to any lien or
security interest or such lien or security interest will be released upon payment of this requisition.
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Consulting Engineer’s Certification
The undersigned Consulting Engineer for the Recipient
hereby Certifies that insofar as the amounts covered by this Requisition include payment for labor or to contractors, builders or materialmen,
such work was actually performed or such materials, supplies or equipment were actually furnished to or installed in the Project. |
Recipient’s Authorized Representative Name, Title (PRINTED)
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Title and Company Name (PRINTED) |
Recipient’s Authorized Representative Signature Date
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Consulting Engineer’s Name (PRINTED) |
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Authorized Consulting Engineer Signature Date |
| NOTES: | 1. Include copies of all invoices or other acceptable documentation to support above request. Provide one (1) set
for each funding agency. |
2. On
jointly funded projects, disbursements will not be processed until this document is approved by authorized representatives of both the
U. S. Department of Agriculture and the State of Delaware, Department of Health and Social Services.
Forms-Jointly Funded-Disbursement.doc This form provides all
information required by USDA Form RD 440-11
EXHIBIT D
Schedule of Disbursements
Date | |
Amount ($) |
June-24 | |
| 20,000 | |
March-25 | |
| 260,000 | |
September-25 | |
| 400,000 | |
May-25 | |
| 400,000 | |
June-25 | |
| 84,000 | |
Total: | |
$ | 1,164,000 | |
EXHIBIT E
Form of Change Order
UNITED STATES |
AND/ STATE OF DELAWARE |
ORDER NO: ___________________ |
DEPARTMENT OF AGRICULTURE |
OR
DHSS |
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RURAL DEVELOPMENT |
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DATE: _______________________ |
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STATE: ____________________ |
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COUNTY:___________________ |
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SEPARATELY OR JOINTLY FUNDED
PROJECT
CONTRACT CHANGE ORDER
CONTRACT FOR: ____________________ |
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You are hereby requested to comply
with the following changes from the contract plans and specifications:
Description of Changes (Supplemental Plans and Specifications Attached) |
DECREASE
in Contract Price |
INCREASE
In Contract Price |
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$ |
$ |
TOTALS |
$ |
$ |
NET CHANGE IN CONTRACT PRICE |
$ |
$ |
JUSTIFICATION: Explain (Differing Site
Conditions) (Errors or Omissions in Drawings or Specifications) (Changes in Regulatory Requirements) (Design Changes) (Over run or Under
run in Quantities) (Factors Affecting Time of Completion) (Other: Describe below)
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The original amount of the Contract: |
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Dollars ($_________________) |
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The amount of the Contract as adjusted by all previously approved Change Orders: |
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Dollars ($_________________) |
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The amount of the Contract will be (Decreased) (Increased) through this Change Order by the sum of: |
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Dollars ($_________________) |
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The Contract Total including this and all previous Change Orders will be: |
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Dollars ($_________________) |
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The Contract Period provided for completion will be (Increased) (Decreased) (Unchanged)
by: |
______________Calendar Days |
Page 2
CONTRACT CHANGE ORDER FORM
CHANGE ORDER NO.
This document will become a supplement to the contract and
all provisions will apply hereto.
Requested: |
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(Owner) |
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(Date) |
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Recommended: |
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(Owner’s Architect/Engineer) |
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(Date) |
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Accepted: |
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(Contractor) |
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(Date) |
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Approved by State of Delaware: |
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(Date) |
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Approved by U. S. Department
of Agriculture: |
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(Date) |
After all five (5) copies of the Change
Order have been signed and dated by authorized representatives of all the applicable parties in the spaces provided above, transmit one
(1) copy to each party as listed below.
( ) U. S. Department of Agriculture’s Copy
( )
State of Delaware’s Copy
( ) Contractor’s Copy
( ) Borrower/Grantee’s Copy
( ) Architect/Engineer’s
Copy
Forms- Jointly Funded-Change Order.doc This form provides all
information required by USDA Form RD 1924 (Rev. 2-97)
EXHIBIT "F"
CERTIFICATE
OF THE BORROWER AND PROJECTED DRAWDOWN SCHEDULE OF THE PROJECT
The undersigned,
as representatives of Tidewater Utilities, Inc. (the "Borrower") in connection with the issuance of its $1,164,400 General Obligation
Bond (Kendale Road Interconnection Project), Series 2024D-DWSRF, have reviewed the estimated drawdown schedule prepared by the Borrower,
attached hereto as Exhibit D and made a part hereof.
We hereby certify
as of May 17, 2024 that the estimated drawdown schedule attached hereto as Exhibit D and statements made under Section 2.1(m) "Representations
by Borrower" in the foregoing Financing Agreement between the Borrower and the Delaware Drinking Water State Revolving Fund, acting
by and through the Delaware Department of Health and Social Services, Division of Public Health, are to the best of our knowledge true
and correct as of the date hereof.
[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]
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TIDEWATER UTILITIES, INC. |
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By: |
/s/ Robert J. Capko |
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Robert J. Capko |
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Treasurer |
Attest:
By: |
/s/ Jay L. Kooper |
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Secretary |
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[SIGNATURE PAGE TO EXHIBIT F - CERTIFICATE
AS TO PROJECTED DRAWDOWN SCHEDULE -
SERIES 2024D-DWSRF - KENDA
LE ROAD INTERCONNECTION}
Exhibit 10.57
TIDEWATER UTILITIES, INC.
$2,610,000 GENERAL OBLIGATION
BOND
(BETHANY BAY WATER TREATMENT FACILITY PROJECT)
SERIES 2024B-DWSRF
FINANCING AGREEMENT
BETWEEN
TIDEWATER UTILITIES, INC.
AND
DELAWARE DRINKING WATER STATE REVOLVING
FUND,
ACTING BY AND THROUGH THE
DELAWARE DEPARTMENT OF HEALTH AND
SOCIAL SERVICES,
DIVISION OF PUBLIC HEALTH
Loan No. 22000038
TABLE OF CONTENTS
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PAGE |
ARTICLE I DEFINITIONS |
1 |
Section 1.1.
Definitions |
1 |
Section 1.2. Rules of Construction |
3 |
ARTICLE II REPRESENTATIONS |
3 |
Section 2.1.
Representations by Borrower |
3 |
ARTICLE III ADVANCE AND USE OF LOAN PROCEEDS; CONSTRUCTION OF PROJECT |
4 |
Section 3.1.
Advance of Loan Proceeds |
4 |
Section 3.2.
Application of Loan Proceeds |
5 |
Section 3.3. Agreement to Draw
Loan Proceeds and Penalty for Delay |
8 |
Section 3.4. Agreement to Accomplish
Project |
8 |
Section 3.5.
Permits |
9 |
Section 3.6. Construction Contractors |
9 |
Section 3.7. Signage Requirements
under the Infrastructure Investment and Jobs Act (IIJA) |
10 |
Section 3.8.
Engineering Services |
11 |
Section 3.9. Borrower Required
to Complete Project |
11 |
Section 3.10. Inclusion of
Eligible Project Reimbursement Costs Within The Loan |
12 |
ARTICLE IV ADDITIONAL FEDERAL REQUIREMENTS |
12 |
Section 4.1.
Federal Requirements |
12 |
Section 4.2.
Americans with Disabilities Act |
13 |
Section 4.3. Nondiscrimination;
Sexual Harassment |
13 |
ARTICLE V REPAYMENT OF LOAN; GENERAL OBLIGATION |
14 |
Section 5.1.
Repayment of Loan |
14 |
Section 5.2.
General Obligation |
14 |
SECTION 5.3. [RESERVED] |
14 |
ARTICLE VI PREPAYMENTS |
14 |
Section 6.1.
Prepayments of Loan |
14 |
ARTICLE VII OPERATION AND USE OF SYSTEM |
14 |
Section 7.1.
Inspection of System and Borrower’s Books and Records |
14 |
Section 7.2. Performance Certification |
15 |
Section 7.3. Operation, Maintenance
and Use of System |
15 |
ARTICLE VIII INSURANCE, DAMAGE AND DESTRUCTION |
15 |
Section 8.1.
Insurance |
15 |
ARTICLE IX SPECIAL COVENANTS |
15 |
Section 9.1.
Maintenance of Existence |
15 |
Section 9.2. Financial Records
and Statements |
15 |
Section 9.3. Certificate as
to No Default |
16 |
Section 9.4. Further Assurances |
16 |
Section 9.5.
Other Indebtedness |
16 |
Section 9.6. Assignment by
Borrower |
16 |
ARTICLE X DEFAULTS AND REMEDIES |
17 |
Section
10.1. Events of Default |
17 |
Section 10.2.
Notice of Default |
18 |
Section 10.3.
Remedies on Default |
18 |
Section 10.4. Delay and Waiver |
18 |
Section 10.5. Right to Cure
Default |
18 |
ARTICLE XI MISCELLANEOUS |
19 |
Section 11.1.
Successors and Assigns |
19 |
Section 11.2. Amendments |
19 |
Section 11.3.
Limitation of Liability of Borrower’s Officers |
19 |
Section 11.4. Applicable Law |
19 |
Section 11.5. Severability |
19 |
Section 11.6.
Notice |
19 |
Section 11.7. Headings |
20 |
Section 11.8. Terms of Agreement |
20 |
Section 11.9.
Counterparts |
21 |
EXHIBIT A |
PROJECT DESCRIPTION |
EXHIBIT B |
PROJECT BUDGET |
EXHIBIT C |
FORM OF REQUISITION |
EXHIBIT D |
SCHEDULE OF DISBURSEMENTS |
EXHIBIT E |
FORM OF CHANGE ORDER |
EXHIBIT F |
PROJECTED DRAWDOWN CERTIFICATE |
FINANCING AGREEMENT
THIS FINANCING
AGREEMENT (this “Agreement”) is made as of this 17th day of May, 2024, between the DELAWARE DRINKING WATER
STATE REVOLVING FUND, acting by and through the DELAWARE DEPARTMENT OF HEALTH & SOCIAL SERVICES, DIVISION OF PUBLIC HEALTH, a
public agency of The State of Delaware (the “Department”) and TIDEWATER UTILITIES, INC., a corporation organized under
the laws of The State of Delaware (the “Borrower”).
Pursuant to Title
29 Delaware Code Section 7903 (the “Act”), the General Assembly established a permanent and perpetual fund known as
the “Delaware Drinking Water State Revolving Fund” (the “Fund”) and empowered the Secretary of the Department
of Health & Social Services to administer such Fund. From the Fund, the Department from time to time makes loans to and acquires obligations
of eligible persons in Delaware to finance the costs of drinking water facilities in accordance with the Federal Safe Drinking Water Act.
General information on Drinking Water State Revolving Funds can be found at: https://www.epa.gov/dwsrf.
The Borrower requested
a loan (the “Loan”) from the Fund and will evidence its obligation to repay the Loan by the signing of this Agreement and
by the delivery of its General Obligation Bond (Bethany Bay Water Treatment Facility Project), Series 2024B-DWSRF (the “Bond”).
The Borrower will use the Loan Proceeds from the Fund to: (i) finance the construction of a new water treatment facility at Bethany Bay
with the capability to provide treatment for iron and manganese, nitrates and PFAS as necessary for the four (4) supply wells, as more
fully described in Exhibit A and (ii) if desired, pay certain administrative costs and costs of issuing the Bond (collectively,
the “Project”).
ARTICLE I
DEFINITIONS
Section 1.1. Definitions.
The capitalized
terms contained in this Agreement shall have the meanings set forth below unless the context requires otherwise and any capitalized terms
not otherwise defined herein shall have the meaning assigned to such terms in the Act:
“Agreement”
means this Financing Agreement between the Department and the Borrower, together with any amendments or supplements hereto.
“Authorized
Representative” means the President, Vice President, Chairman, Treasurer, and Secretary of the Borrower or any employee of the Borrower
authorized by resolution or certificate of the Borrower to perform the act or sign the document in question.
“Business Day”
means a day of the year which is not a Saturday or Sunday or a day on which banking institutions located in New York or Delaware are required
or authorized to remain closed or on which the New York Stock Exchange is closed.
“Closing
Date” means the date this Agreement is executed and delivered by the Borrower and the Department.
“Commitment
Letter” shall mean the commitment letter from the Department to the Borrower dated February 6, 2024 and all extensions and amendments
thereto.
“Consulting
Engineer” means any firm of independent consulting engineers of recognized standing and experienced in the field of environmental
engineering and registered to do business in Delaware. Any such firm shall be subject to the reasonable approval of the Department.
“Department” means the Department of Health and
Social Services, Division of
Public Health.
“Event of Default” shall
have the meaning set forth in Section 10.1.
“Fiscal Year” means the
period of twelve months established by the Borrower as its annual accounting period.
“Loan” means the loan from the Department to
the Borrower pursuant to this Agreement.
“Loan Proceeds”
means the funds applied to make the loan to the Borrower pursuant to this Agreement.
“Notice to
Proceed” means a written notice given by the Borrower and signed by an Authorized Representative issued to each construction contractor
fixing the date on which construction, equipping, acquisition, expansion or renovation of the Project as described in Exhibit A
will commence, a copy of which must be furnished to the Department by the Borrower within one year of the Closing Date.
“Penalty” shall have the meaning set forth in
Section 3.3.
“Project”
means, collectively, the various improvements and upgrades to the System of the Borrower, as more fully described in Exhibit A,
the costs of the construction, acquisition or equipping of which are to be financed in whole or in part with the Loan Proceeds.
“Project
Budget” means the budget for the financing of the Project, a copy of which is attached to this Agreement as Exhibit B.
“Project
Costs” means the costs of the construction, acquisition or equipping of the Project, as further described in the Project Budget,
and such other costs as may be approved in writing by the Department, provided such costs are permitted by the Act.
“System”
means all plants, systems, facilities, equipment or property, of which the Project constitutes the whole or a part, owned, operated or
maintained by the Borrower and used in connection with the drinking water services for the systems which comprise the Project, all as
described in Exhibit A.
Section 1.2. Rules of Construction.
The following rules shall apply to
the construction of this Agreement unless the context requires otherwise:
(a) Singular
words shall connote the plural number as well as the singular and vice versa.
(b)
All references in this Agreement to particular Sections or Exhibits are references to Sections or Exhibits of this Agreement unless
otherwise indicated.
(c)
The headings and table of contents as used in this Agreement are solely for convenience of reference and shall not constitute a
part of this Agreement nor shall they affect its meaning, construction or effect.
ARTICLE II
REPRESENTATIONS
Section 2.1. Representations by Borrower.
The Borrower makes the following representations
as the basis for its undertakings under this Agreement:
(a)
The Borrower is a duly organized and validly existing corporation in good standing under the laws of the State of Delaware.
(b)
The Borrower has full right, power and authority to (i) execute this Agreement and the other documents related thereto, (ii) own
and operate the System, (iii) construct, acquire or equip the Project and finance the Project Costs by borrowing money for such purpose
pursuant to this Agreement, and (iv) carry out and consummate all of the transactions contemplated by this Agreement.
(c)
All permits, licenses, registrations, certificates, authorizations and approvals required to have been obtained as of the date
of signing of this Agreement have been obtained for
(i) the execution by the Borrower
of this Agreement, (ii) the performance and enforcement of the obligations of the Borrower thereunder, (iii) the acquisition, construction,
equipping, occupation, operation and use of the Project, and (iv) the operation and use of the System. The Borrower knows of no reason
why any other necessary permits or approvals cannot be obtained as required.
(d)
This Agreement has been executed by a duly authorized officer of the Borrower and constitutes the legal, valid and binding obligation
of the Borrower enforceable against the Borrower in accordance with the terms of this Agreement.
(e)
There are not pending nor, to the best of the knowledge of the undersigned officer of the Borrower, threatened, any actions, suits,
proceedings or investigations of a legal, equitable, regulatory, administrative or legislative nature, in which a judgment, order or resolution
may have a material adverse effect on the Borrower, or its business, assets, condition (financial or otherwise), operations or prospects
or in its ability to perform its obligations under this Agreement.
(f)
There have been no material defaults by any contractor or subcontractor under any contract made in connection with the construction
or equipping of the Project.
(g)
No material adverse change has occurred in the financial condition of the Borrower from that indicated in the financial statements,
application and other information furnished to the Department in connection with this Agreement.
(h) No Event of Default has occurred and is continuing.
(i)
Except as may otherwise be approved by the Department or permitted by the terms hereof, the Project and the System at all times
will be owned by the Borrower and will not be operated or controlled by any other entity or person.
(j) The Project will be a part of the System.
(k)
The Loan Proceeds and funds available from the other sources specified in the Project Budget will be sufficient to pay the estimated
Project Costs.
(l)
The Borrower has received or has commitments to obtain all funds and other financing for the Project as contemplated in the Project
Budget.
(m)
The Borrower expects to complete the acquisition, construction and equipping of the Project on or before the projected date of
May 31, 2025. The Borrower expects to adhere to the estimated drawdown schedule attached hereto as Exhibit D and certified to in
the "Certificate of the Borrower and Projected Drawdown Schedule of the Project" attached hereto as Exhibit F and made
a part hereof. This projected date of completion is subject to an extension if such extension is mutually agreed upon by the Department
and the Borrower. Noncompliance with this Section 2.1(m) may cause loan funds to become de-obligated and reallocated to other drinking
water projects at the discretion of the Department.
ARTICLE III
ADVANCE AND USE OF LOAN PROCEEDS; CONSTRUCTION
OF PROJECT
Section 3.1. Advance of Loan Proceeds.
The Department
agrees to advance to the Borrower pursuant to this Agreement up to Two Million Six Hundred Ten Thousand Dollars ($2,610,000) to pay Project
Costs in accordance with the Project Budget.
Section 3.2. Application of Loan Proceeds.
(a)
The Borrower agrees to apply the Loan Proceeds solely and exclusively to the payment, or the reimbursement of the Borrower for
the payment, of Project Costs and further agrees, upon the request of the Department, to exhibit to the Department, vouchers, statements,
bills of sale or other evidence of the actual payment of such Project Costs. The Department shall disburse the Loan Proceeds to or for
the account of the Borrower upon execution of this Agreement and upon receipt by the Department of the following:
(1)
A requisition (upon which the Department shall be entitled to rely) signed by an Authorized Representative and containing all information
called for by, and otherwise being in the form of, Exhibit C attached hereto.
(2)
If such requisition includes an item for payment for labor or to contractors, builders or materialmen (i) a certificate, signed
by an Authorized Representative, stating that such work was actually performed or such materials, supplies or equipment were actually
furnished or installed in or about the construction of the Project; and (ii) a certificate signed by an Authorized Representative stating
either that such materials, supplies or equipment are not subject to any lien or security interest or that such lien or security interest
will be released or discharged upon payment of the requisition.
Upon receipt of
each such requisition and accompanying certificate or certificates, the Department shall disburse Loan Proceeds hereunder to or for the
account of the Borrower in accordance with such requisition in an amount and to the extent approved by the Department. The Borrower expects
to adhere to the estimated drawdown schedule attached hereto as Exhibit D. The Department shall have no obligation to disburse
any such Loan Proceeds if the Borrower is in default hereunder, nor shall the Department have any obligation to approve any requisition
if the Borrower is not in compliance with the terms of this Agreement.
(b) The
Borrower shall comply with all applicable State of Delaware and federal laws. Except as may otherwise be approved by the Department,
disbursements shall be held at ninety- five percent (95%) of the maximum amount authorized hereunder to ensure satisfactory
completion of the Project. Upon receipt from the Borrower of the certificate specified in Section 3.4 and a final requisition
detailing all retainages to which the Borrower is then entitled, the Department, to the extent approved by the Department and
subject to the provisions of this Section and Section 3.4, will disburse Loan Proceeds to or for the account of the Borrower to the
extent of such approval.
(c)
The Department may apply Loan Proceeds to pay any Penalty assessed pursuant to Section 3.3.
(d)
The Department shall have no obligation to disburse Loan Proceeds in excess of the amount necessary to pay for approved Project
Costs.
(e)
The Borrower shall comply in all respects with all applicable federal laws, regulations and other requirements related to or arising
out of or in connection with the Project and the funding thereto by the Fund.
(f)
The Borrower shall comply in all respects with the Federal Single Audit Act (the “SAA”), 2 CFR 200 Subpart F, as a
sub-recipient of Federal funds. As a recipient of Loan Proceeds from the Fund, the Borrower is required to notify the Department when
a SAA audit has been conducted and provide the Department within 30 days of completion with a copy of the SAA audit if the Borrower expends
$750,000 or more in Loan Proceeds and other federal financial assistance in its fiscal year. Other federal financial assistance sources
include, but are not limited to, equivalency funds received by the Delaware Water Pollution Control Revolving Fund, other federal water
infrastructure funding programs (e.g., USDA RD, CDBG, and EPA’s WIFIA and Community Grants, among others), as well as health care,
social services, highways, and education funding programs. The Borrower shall notify the Department when they have reached the $750,000
expenditure threshold.
For purposes of
the Fund, an expenditure occurs at the time that Loan Proceeds are disbursed by the Borrower for the purpose for which the Fund assistance
is provided (e.g., Project Costs). For example, for the Loan, the expenditure occurs at the time the Borrower pays an invoice. In the
case of refinancing assistance, the expenditure occurs at the time the Borrower uses the Loan Proceeds to refinance the existing debt.
The Borrower is responsible
for (i) maintaining an annual (fiscal year) accounting system and identifying all expenditures of federal financial assistance, (ii) submitting
its SAA audit to the Federal Audit Clearinghouse within the earlier of 30 calendar days after receipt of the auditor's report(s) or nine
months after the end of the audit period, and (iii) notifying the Department that the SAA audit has been submitted to the Federal Audit
Clearinghouse and providing a copy to the state SRF program upon request. The Borrower shall inform the Department of any findings and
recommendations pertaining to Loan Proceeds received from the Fund contained in SAA audits conducted by the Borrower.
The SAA dollar
threshold, currently at $750,000 as previously stated, that requires performance of an audit increases periodically, and the Borrower
is required to know the threshold for a given year.
(g)
The Borrower shall comply with the Delaware Department of Labor Prevailing Wage Rate Regulations.
(h)
The Borrower shall comply with the Delaware Drinking Water State Revolving Fund's Davis-Bacon Wage Rate Act Requirement as set
forth in the closing documents. The Borrower agrees that all contractors or subcontractors utilized by the Borrower in the Project will
complete and file the U.S. Department of Labor’s payroll form WH-347.
(i)
As a recipient of Fund assistance, the Borrower shall comply with the Prohibition on Certain Telecommunication and Video Surveillance
Services or Equipment located in 2 CFR 200.216, as such regulation relates to the Project. The Borrower agrees that none of the Loan Proceeds
shall be used to procure, enter into, extend or renew contracts or obtain equipment, services or systems that use “covered telecommunications
equipment or services,” as identified in the regulation, as a substantial or essential component of any system, or as critical technology
as part of any system.
(j) As
a recipient of Fund assistance, the Borrower agrees that none of the Loan Proceeds made available to the Borrower shall be used for
the Project for the construction, alteration, maintenance, or repair of the System unless all of the iron and steel products used in
the Project are produced in the United States (“American Iron and Steel Requirement”), unless: (i) the Borrower has
requested and obtained a waiver from the Environmental Protection Agency pertaining to the Project or (ii) the Department has
otherwise advised the Borrower in writing that the American Iron and Steel Requirement is not applicable to the Project. The
American Iron and Steel Requirement shall not apply in any case or category of cases in which the Administrator of the Environmental
Protection Agency finds that: (i) applying the requirement would be inconsistent with the public interest; (ii) iron and steel
products are not produced in the United States in sufficient and reasonably available quantities and of a satisfactory quality; or
(iii) inclusion of iron and steel products produced in the United States will increase the cost of the overall project by more than
25 percent.
In this section
3.2(j), the term ‘‘iron and steel products’’ means the following products made primarily of iron or steel-lined
or unlined pipes and fittings, manhole covers and other municipal castings, hydrants, tanks, flanges, pipe clamps and restraints, valves,
structural steel, reinforced precast concrete, and construction materials. “Steel” means an alloy that includes at least 50
percent iron, between .02 and 2 percent carbon, and may include other elements.
The Bipartisan
Infrastructure Law of 2021, also known as the Infrastructure Investment and Jobs Act of 2021 (“IIJA”), established the Build
America Buy America (BABA) Act domestic sourcing requirements for federal financial assistance programs for infrastructure, including
the Fund, and the Borrower must comply with the BABA provision. BABA also creates expanded American Iron and Steel requirements to include
construction materials and manufactured goods for domestic preference and sourcing requirements.
In procuring
materials for public works projects, entities using taxpayer-financed Federal assistance should give a commonsense procurement preference
for the materials and products produced by companies and workers in the United States in accordance with the high ideals embodied in the
environmental, worker, workplace safety, and other regulatory requirements of the United States. The benefits of domestic content procurement
preferences extend beyond economics. Common construction materials used in public works infrastructure projects, including steel, iron,
manufactured products, non-ferrous metals, plastic and polymer- based products (including polyvinylchloride, composite building materials,
and polymers used in fiber optic cables), glass (including optic glass), lumber, and drywall are not adequately covered by a domestic
content procurement preference, thus limiting the impact of taxpayer purchases to enhance supply chains in the United States.
(k)
The Borrower agrees to comply with all federal requirements applicable to the Loan Proceeds received (including those imposed by
IIJA, Public Law No. 117-58) which the Borrower understands includes, but is not limited to, the following requirements: that all of the
iron and steel, manufactured products, and construction materials used in the Project are to be produced in the United States (“Build
America, Buy America Requirements”) unless (i) the Borrower has requested and obtained a waiver from the Department pertaining to
the Project or the Project is otherwise covered by a general applicability waiver; or (ii) the Department has
otherwise advised the Borrower in writing that the Build
America, Buy America Requirements are not applicable to the Project.
(l)
The Borrower, as a sub-recipient of Federal funds, agrees that when collecting and managing environmental data under this Agreement,
it will protect the data by following all applicable State of Delaware law cybersecurity requirements, if the Borrower’s network
or information system is connected to the Environmental Protection Agency networks to transfer data to the Environmental Protection Agency
using systems other than the Environmental Information Exchange Network or the Environmental Protection Agency’s Central Data Exchange.
Section 3.3. Agreement to Draw Loan Proceeds and Penalty
for Delay.
The Borrower
agrees after the Closing Date to commence work in earnest on the Project and make draws on the Loan Proceeds of at least ten percent (10%)
of the Project Costs within one year of the Closing Date. The Borrower further agrees to provide a Notice to Proceed within one year of
the Closing Date.
If by May 17, 2025,
which is one year from the Closing Date, (i) the Borrower has not submitted requisition(s), in the manner required by Section 3.2, for
more than ten percent (10%) of the Project Costs, and (ii) the Department has not received a Notice to Proceed, the Department may in
its discretion assess a penalty equal to one percent (1%) of the Loan Proceeds (the “Penalty”). Such Penalty may be drawn
by the Department from the Loan Proceeds. It is within the Department’s complete discretion whether to impose the Penalty based
upon its review of affirmative steps taken by the Borrower to commence and complete the Project and the totality of the circumstances
surrounding any such delay in requesting disbursement of Loan Proceeds.
Section 3.4. Agreement to Accomplish Project.
The Borrower will
cause the Project to be acquired, constructed, expanded, renovated or equipped as described in Exhibit A and in accordance
with the Project Budget and the plans, specifications and designs prepared by the Consulting Engineer and approved by the Department.
The Borrower will complete the Project by the date set forth in Section 2.1(m). All plans, specifications and designs have been approved
by all applicable regulatory agencies. The Borrower agrees to maintain complete and accurate books and records of the Project Costs and
permit the Department through its duly authorized representatives to inspect such books and records at any reasonable time. The Borrower
and the Department may amend the description of the Project set forth in Exhibit A.
The Borrower
will deliver to the Department a certificate signed by an Authorized Representative of the Borrower and by the Consulting Engineer stating
(i) that the Project has been completed substantially in accordance with this Section, the plans and specifications as amended from time
to time, as approved by the Department, and in substantial compliance with all material applicable laws, ordinances, rules and regulations,
(ii) the date of such completion, (iii) that all certificates of occupancy or other material permits necessary for the Project’s
use, occupancy and
operation have been issued or obtained, and (iv) the
amount, if any, to be reserved for payment of Project Costs.
Section 3.5. Permits.
The Borrower,
at its sole cost and expense, shall comply with, and shall obtain all permits, consents and approvals required by local, state or federal
laws, ordinances, rules, regulations or requirements in connection with the acquisition, construction, equipping, occupation, operation
or use of the Project. The Borrower shall, upon request, promptly furnish to the Department copies of all such permits, consents and approvals.
The Borrower shall also comply with all lawful program or procedural guidelines or requirements duly promulgated and amended as of the
date hereof by the Department in connection with the acquisition, construction, equipping, occupation, operation or use of projects financed
by the Fund under the Act. The Borrower shall also comply in all respects with all applicable State of Delaware and federal laws, regulations
and other requirements relating to or arising out of or in connection with the Project and the funding thereof by the Fund.
Section 3.6. Construction Contractors.
Each construction
contractor employed in the accomplishment of the Project shall be required in the construction contract to furnish a performance bond
and a payment bond, each in an amount equal to one hundred percent (100%) of the particular contract price. Such bonds shall list the
Borrower as beneficiary. Each contractor shall be required to maintain, during the construction period covered by the particular construction
contract, builder’s risk insurance, workers compensation insurance, public liability insurance, property damage insurance and vehicle
liability insurance in amounts and on terms customarily maintained on such projects. Upon request of the Department, the Borrower shall
cause each contractor to furnish evidence of such bonds and insurance to the Department. In addition to the foregoing,
(a)
Each construction contractor employed in the accomplishment of the Project is required to comply with the Anti-Kickback Act (and
is required to insert similar requirements in all subcontracts) and all other applicable federal laws and regulations.
(b)
All construction contracts and contractors’ estimate forms will be prepared so that materials and equipment may be readily
itemized and identified as to eligible and noneligible costs.
(c)
Any change in a construction contract that will alter the contract price or completion time or will substantially modify the proposed
use of the Project must be submitted to the Department for prior approval via a change order in the form of the change order attached
hereto as Exhibit E.
(d)
The construction of the Project facilities will conform to applicable federal, state and local laws, ordinances and regulations.
(e)
The Borrower will proceed expeditiously and complete the Project facilities in accordance with the approved application, project
schedule, surveys, plans, profiles, cross- sections, specifications and amendments approved by the Department.
Recipients
and sub-recipients of Fund assistance, including the Borrower, shall not make any award or permit any award (sub-grant or contract) at
any tier to any party which is debarred or suspended or is otherwise excluded from or ineligible for participation in Federal assistance
programs under Executive Order 12549, “Debarment and Suspension.” Grantees and sub-grantees, including the Borrower, shall
refer to the "List of Parties Excluded From Federal Procurement and Non-Procurement Programs" to insure that the contractor
or subcontracts are not on this list. A search for exclusion records can be made at the official US Government System for Award Management
website at https://www.sam.gov. For assistance visit the Federal Service Desk online at www.fsd.gov or by calling (866) 606-8220.
(f)
Recipients have taken and will continue to take all necessary affirmative steps to solicit, and document its solicitation efforts
of, minority business enterprises and women’s business enterprises, individually and collectively referred to as Disadvantaged Business
Enterprises (DBE), in accordance with the Six Good Faith Efforts, (40 CFR Part 33).
(g)
Recipients have taken and will continue to take all necessary affirmative steps to assure that it is in compliance with all requirements
for the procurement of architectural and engineering services as identified in 40 U.S.C. Section 1101 et. Seq, for all architectural and
engineering contracts executed, amended or renewed.
Section 3.7. Signage Requirements under the Infrastructure
Investment and Jobs Act
(IIJA).
(a)
Building A Better America Emblem. The Borrower will ensure that a sign is placed at construction sites supported under the Loan
displaying the official Building A Better America emblem and must identify the project as a “project funded by President
Biden’s Bipartisan Infrastructure Law.” Construction is defined at 40 CFR 33.103 as “erection, alteration, or
repair (including dredging, excavating, and painting) of buildings, structures, or other improvements to real property, and
activities in response to a release or a threat of a release of a hazardous substance into the environment, or activities to prevent
the introduction of a hazardous substance into a water supply.” The sign must be placed at construction sites in an easily
visible location that can be directly linked to the work taking place and must be maintained in good condition throughout the
construction period.
In cases
where the construction site covers a large area (e.g., lead service line replacement or septic tank repair/replacement projects), a sign
should be placed in an easily visible location near where the work is being performed (e.g., entrance to the neighborhood, along a main
road through town, etc.). Signage costs are considered an allowable Project Cost, provided the costs associated with the signage are reasonable.
Additionally, to increase public awareness of projects serving communities where English is not the predominant language, the Borrower
is encouraged to translate the language on signs (excluding the official Building a Better America emblem or EPA logo or seal) into the
appropriate non-English language(s). The costs of such translation are allowable Project Costs, provided the costs are reasonable.
The Borrower
will ensure compliance with the guidelines and design specifications for using the official Building A Better America emblem and corresponding
logomark available at: https://www.whitehouse.gov/wp-content/uploads/2022/08/Building-A- Better-America-Brand-Guide.pdf.
(b)
EPA Logo. The Borrower will ensure that signage displays the EPA logo along with the official Building A Better America emblem.
The EPA logo must not be displayed in a manner that implies that EPA itself is conducting the project. Instead, the EPA logo must be accompanied
with a statement indicating that the Borrower received financial assistance from EPA for the project.
The Borrower
will ensure compliance with the sign specifications provided by the EPA Office of Public Affairs (“OPA”) available at: https://www.epa.gov/grants/epa-logo-seal-
specifications-signage-produced-epa-assistance-agreement-recipients. As provided in the sign specifications from OPA, the EPA logo is
the preferred identifier for assistance agreement projects and use of the EPA seal requires prior approval from the EPA. To obtain the
appropriate EPA logo or seal graphic file, the Borrower should send a request directly to OPA and include the EPA Project Officer in the
communication. Instructions for contacting OPA is available on the Using the EPA Seal and Logo page at https://www.epa.gov/aboutepa/using-epa-seal-and-
logo.
(c)
Procuring Signs. Consistent with section 6002 of RCRA, 42 U.S.C. 6962, and 2 CFR 200.323, the Borrower is encouraged to use recycled
or recovered materials when procuring signs. Signage costs are considered an allowable Project Cost under this Agreement provided that
the costs associated with signage are reasonable. Additionally, to increase public awareness of projects serving communities where English
is not the predominant language, the Borrower is encouraged to translate the language on signs (excluding the official Building A Better
America emblem or EPA logo or seal) into the appropriate non-English language(s). The costs of such translation are allowable, provided
the costs are reasonable.
The EPA encourages
the recipient to notify the EPA Project Officer listed in this award document of public or media events publicizing the accomplishment
of significant events related to construction projects as a result of this agreement and provide the opportunity for attendance and participation
by federal representatives with at least ten (10) working days’ notice.
Section 3.8. Engineering Services.
The Borrower
has retained or employed the Consulting Engineer to provide engineering services covering planning and design, operation of the System,
and the supervision and inspection of the construction of the Project. The Consulting Engineer will provide to the Department the certificate
required by Section 3.4.
Section 3.9. Borrower Required to Complete Project.
Subject to the
provisions of Section 9.5 hereof, if the Loan Proceeds are not sufficient to pay in full the cost of the Project, the Borrower will complete
the Project at its own
expense and shall not be entitled
to any reimbursement therefor from the Department or the Fund or to any abatement, diminution or postponement of the Borrower’s
repayments under this Agreement.
Section 3.10. Inclusion of Eligible Project Reimbursement
Costs Within The Loan.
Project Costs
incurred prior to the initiation of construction and after approval of the Project by the Department are eligible for reimbursement from
Loan Proceeds provided that the Project continues to meet all the criteria and requirements set forth by the Department. Notwithstanding
anything to the contrary herein, costs incurred and associated with the initial stages of the Project, such as planning and design, are
eligible for reimbursement regardless of when such costs were incurred.
ARTICLE IV
ADDITIONAL FEDERAL REQUIREMENTS
Section 4.1. Federal Requirements.
(a)
As a recipient of Fund assistance, the Borrower shall comply Federal State Revolving Loan Requirements Section 1452 of the Federal
Safe Drinking Water Act, 42 U.S.C.
§300j-12 et seq., as amended.
(b)
Pursuant to Title VI of the Civil Rights Act of 1964, 42 U.S.C. § 2000d, as a recipient of Fund assistance, the Borrower agrees
not to discriminate on the basis of race, color or national origin in any activity funded through this Agreement.
(c)
Pursuant to the Age Discrimination Act, 42 U.S.C. § 6101 et seq., as a recipient of Fund assistance, the Borrower agrees not
to discriminate on the basis of age in any activity funded through this Agreement.
(d)
Pursuant to Section 504 of the Rehabilitation Act of 1973, 29 U.S.C. § 794, as a recipient of Fund assistance, the Borrower
agrees not to discriminate on the basis of disability in any activity funded through this Agreement.
(e)
Pursuant to Section 1452 of the Federal Safe Drinking Water Act Amendments of 1996, P.L. 104-182, and Title IX of the Education
Amendments of 1972, 20 U.S.C. § 1681 et seq., as amended, as a recipient of Fund assistance, the Borrower agrees not to discriminate
on the basis of sex in any activity funded through this Agreement.
(f)
Pursuant to Executive Order 11246, dated September 24, 1965, as amended by Executive Order 11375, dated October 13, 1967, and as
supplemented by U.S. Department of Labor regulations set forth at 41 C.F.R. Ch. 60, as a recipient of Fund assistance, the Borrower agrees
to provide an equal opportunity for employment to all contracts and subcontracts awarded for the Project and funded through this Agreement.
(g)
Pursuant to Executive Order 12898, dated February 11, 1994, as a recipient of Fund assistance, the Borrower agrees not to fund
any action through this Agreement that will have disproportionately high and adverse effects on minority or low-income populations.
Section 4.2. Americans with Disabilities Act.
Pursuant to
federal regulations promulgated under the authority of the Americans With Disabilities Act, 28 C.F.R. § 35.101 et seq., no individual
with a disability shall, on the basis of the disability, be excluded from participation in this Agreement or from activities provided
for under this Agreement, and the Borrower agrees to comply with the General Prohibitions Against Discrimination, 28 C.F.R. § 35.130,
and all other regulations promulgated under Title II of the Americans With Disabilities Act which are applicable to the benefits, services,
programs, and activities provided by the Department as an agency of the State of Delaware through this Agreement. The State of Delaware
and the Department shall be indemnified and held harmless from all losses, damages, expenses, claims, demands, suits and actions brought
by any party against the State of Delaware or the Department as a result of the Borrower’s failure to comply with its obligations
under the preceding provisions.
Section 4.3. Nondiscrimination; Sexual Harassment.
The Borrower shall
comply, or cause its contractor or subcontractor, or other agents or representatives to comply, with the following requirements:
(a)
In the hiring of any employees for the manufacture of supplies, performance of work, or any other activity required under this
Agreement or any Project contract, no person who is qualified and available to perform the work to which the employment relates shall
be discriminated against by reason of gender, race, creed or color.
(b)
No employee involved in the manufacture of supplies, the performance of work or any other activity required under this Agreement
shall be discriminated against in any manner or intimidated on account of gender, race, creed, or color.
(c)
A written sexual harassment policy providing that sexual harassment will not be tolerated and employees who practice it will be
disciplined shall be established and maintained by the Borrower and employees shall be informed of the policy.
(d)
No contractor who is qualified to perform the work relating to this Agreement shall discriminate against any other contractor by
reason of gender, race, creed, or color.
(e)
All necessary employment documents and records shall be provided and access shall be granted to the Department to books, records,
and accounts for purposes of investigation to ascertain compliance with the provisions of this Nondiscrimination/Sexual Harassment Clause.
If documents or records reflecting the necessary information requested are not available, such information shall be furnished on reporting
forms supplied by the Department.
(f)
This Nondiscrimination/Sexual Harassment Clause shall be included in any contract awarded for the Project so that such provisions
will be binding upon any contractors engaged for the Project.
(g)
The Department may cancel or terminate this Agreement and all money due or to become due under this Agreement may be forfeited
for a violation of the terms and conditions of this Nondiscrimination/Sexual Harassment Clause. In addition, the Department may proceed
with debarment or suspension and may place the party not
in compliance in the Contractor Responsibility File, a repository of information on contractors.
ARTICLE V
REPAYMENT OF LOAN; GENERAL OBLIGATION
Section 5.1. Repayment of Loan.
The Borrower shall repay the Loan pursuant to the terms of
the Bond issued to the
Department.
Section 5.2. General Obligation.
The Borrower’s repayment obligation
constitutes a general obligation of the Borrower, secured by a pledge of its full faith, revenue and credit.
Section 5.3. [RESERVED]
ARTICLE
VI
PREPAYMENTS
Section 6.1. Prepayments of Loan.
At its option
and upon providing prior written notice to the Department, the Borrower may prepay the Loan, in whole or in part, without penalty, at
any time. Such prior written notice shall specify the date on which the Borrower will make such prepayment and whether the Loan will be
prepaid in full or in part, and if in part, the principal amount to be prepaid. Any such prepayment shall be applied against Loan principal
installments then outstanding as shall be directed by the Borrower.
ARTICLE VII
OPERATION AND USE OF SYSTEM
Section 7.1. Inspection of System and Borrower’s
Books and Records.
The Department
and its duly authorized representatives and agents shall have such reasonable rights of access to the System as may be necessary to determine
whether the Borrower is in compliance with the requirements of this Agreement and shall have the right at all reasonable times and upon
reasonable prior notice to the Borrower to examine and copy the books and records of the Borrower insofar as such books and records relate
to the System.
The Borrower
agrees to comply with all record keeping and reporting requirements under all applicable legal authorities, including any reports required
by the Department, such as performance indicators of program deliverables and information on costs and project progress. The Borrower
understands that (i) each contract and subcontract related to the Project is subject to audit by appropriate federal and state entities
and (ii) failure to comply with the applicable legal requirements and this Agreement may result in a default hereunder that
results in a repayment of Loan Proceeds in advance of
the maturity of the Bond and/or other remedial actions.
Section 7.2. Performance Certification.
The Borrower will
notify the Department when the Project is completed and operation commenced on or before the date set out in Section 2.1(m).
Section 7.3. Operation, Maintenance and Use of System.
At its own cost
and expense, the Borrower shall operate the System in a proper, sound and economical manner and in compliance with all legal requirements,
shall maintain the System in good repair and operating condition and from time to time shall make all necessary repairs, renewals and
replacements.
ARTICLE VIII
INSURANCE, DAMAGE AND DESTRUCTION
Section 8.1. Insurance.
Unless the Department
otherwise agrees in writing, the Borrower shall maintain or cause to be maintained insurance against such risks as are customarily insured
against by owners of systems similar in size and character to the System.
ARTICLE IX
SPECIAL
COVENANTS
Section 9.1. Maintenance of Existence.
The Borrower
shall maintain its existence as a “Person” (as defined in the Federal Safe Drinking Water Act) and, without consent of the
Department, which consent shall not be unreasonably withheld, shall not dissolve or otherwise dispose of all or substantially all of its
assets or consolidate or merge with or into another entity. Notwithstanding the foregoing, the Borrower may consolidate or merge with
or into, or sell or otherwise transfer all or substantially all of its assets to a political subdivision of The State of Delaware, and
the Borrower thereafter may dissolve, if the surviving, resulting or transferee political subdivision, if other than the Borrower, assumes,
in written form acceptable to the Department, all of the obligations of the Borrower contained in this Agreement, and there is furnished
to the Department an Opinion of Counsel acceptable to the Department subject to customary exceptions and qualifications, to the effect
that such assumption constitutes the legal, valid and binding obligations of the surviving, resulting or transferee entity in accordance
with its terms.
Section 9.2. Financial Records and Statements.
The Borrower shall
maintain proper books of record and account in which proper entries shall be made in accordance with generally accepted accounting principles,
consistently applied, of all its business and affairs related to the System. The Borrower shall have an annual
audit made by an independent
certified public accountant within one hundred twenty (120) days after the end of each Fiscal Year. Such report shall include either (a)
disclosure language confirming the Borrower’s continued compliance with its loan and mortgage covenants and restrictions or (b)
a certificate of the accountants to the effect that, during the course of such accountant's regular examination of the Borrower's financial
condition, nothing came to such accountant's attention that would constitute an Event of Default hereunder. A copy of the audited annual
report shall be forwarded to the Department when completed.
Section 9.3. Certificate as to No Default.
The Borrower
shall deliver to the Department, within one hundred twenty (120) days after the close of each Fiscal Year, a certificate signed by an
Authorized Representative stating that, during such year and as of the date of such certificate, no event or condition has happened or
existed, or is happening or existing, which constitutes an Event of Default, or if such an event or condition has happened or existed,
or is happening or existing, specifying the nature and period of such event or condition and what action the Borrower has taken, is taking
or proposes to take to rectify it.
Section 9.4. Further Assurances.
The Borrower shall
to the fullest extent permitted by law pass, make, do, execute, acknowledge and deliver such further resolutions, acts, deeds, conveyances,
assignments, transfers and assurances as may be necessary or desirable for the better assuring, conveying, granting, assigning and confirming
the rights of the Department under this Agreement, or as may be required to carry out the purpose of this Agreement. The Borrower shall
at all times, to the fullest extent permitted by law, defend, preserve and protect all rights of the Department under this Agreement against
all claims and demands of all persons.
Section 9.5. Other Indebtedness.
In the event that
the Borrower is required to borrow additional funds in order to complete the Project, the Borrower agrees to consult with the Department
before borrowing any such additional funds. The Borrower agrees to pay when due all amounts required by any other bonded indebtedness
and to perform all of its obligations in connection therewith.
Section 9.6. Assignment by Borrower.
The
Borrower may not assign its rights under this Agreement without the prior written consent of the Department, which consent shall not
be unreasonably withheld. If the Borrower desires to assign its rights under this Agreement to another “Person” (as
defined in the Federal Safe Drinking Water Act), the Borrower shall give notice of such fact to the Department. If the Department
consents to the proposed assignment, the Borrower may proceed with the proposed assignment, but such assignment shall not become
effective until the Department is furnished: (i) an assumption agreement in form and substance satisfactory to the Department by
which the assignee agrees to assume all of the Borrower’s obligations under this Agreement, and (ii) an Opinion of Counsel to
the assignee, subject to customary exceptions and qualifications, that the assumption agreement and this Agreement constitute legal,
valid and binding obligations
of the assignee enforceable
against the assignee in accordance with their terms and that the assignment and assumption comply in all respects with the provisions
of this Agreement. Notwithstanding the foregoing, the assignment of the rights of the Borrower under this Agreement or the assumption
of the obligations thereunder by the assignee shall in no way be construed as releasing the Borrower’s obligations unless specifically
agreed to by the Department.
ARTICLE X
DEFAULTS
AND REMEDIES
Section 10.1. Events of Default.
Each of the following events shall be
an “Event of Default” hereunder:
(a)
The failure to pay any payment of principal, interest and/or any administrative fee when due hereunder or under the Bond;
(b)
The Borrower’s failure to perform or observe any of the other covenants, agreements or conditions of this Agreement and the
continuation of such failure for a period of thirty (30) days after the Department gives the Borrower written notice specifying such failure
and requesting that it be cured, unless the Department shall agree in writing to an extension of such time prior to its expiration; provided,
however, if the failure stated in the notice is correctable but cannot be corrected within the applicable period, the Department will
not unreasonably withhold its consent to an extension of such time if corrective action is instituted by the Borrower within the applicable
period and diligently pursued until the default is corrected;
(c)
Any warranty, representation or other statement by or on behalf of Borrower contained in this Agreement or in any instrument furnished
in compliance with or in reference to this Agreement is false or misleading in any material respect;
(d)
An order or decree shall be entered, with the Borrower’s consent or acquiescence, appointing a receiver or receivers of the
System or any part thereof or of the income thereof, or if such order or decree, having been entered without the Borrower’s consent
or acquiescence, shall not be vacated, discharged or stayed on appeal within ninety (90) days after the entry thereof;
(e)
Any proceeding shall be instituted, with the Borrower’s consent or acquiescence, for the purpose of effecting a composition
between the Borrower and its creditors, pursuant to any federal or state statute now or hereafter enacted, if the claims of such creditors
are under any circumstances payable from the revenues of the System; or
(f)
Any bankruptcy, insolvency or other similar proceeding shall be instituted by or against the Borrower under any federal or state
bankruptcy or insolvency law now or hereinafter in effect and, if instituted against the Borrower, is not dismissed within ninety (90)
days after filing.
Section 10.2. Notice of Default.
The Borrower agrees
to give the Department prompt written notice if any order, decree or proceeding referred to in Section 10.1(d) through (f), inclusive,
is entered or instituted against the Borrower or of the occurrence of any other event or condition which constitutes an Event of Default
immediately upon becoming aware of the existence thereof.
Section 10.3. Remedies on Default.
Whenever any
Event of Default referred to in Section 10.1 shall have happened and be continuing, the Department shall, in addition to any other remedies
provided herein or by law, have the right, at its option without any further demand or notice, to take one or both of the following remedial
steps:
(a) Discontinue advances of Loan Proceeds hereunder;
(b)
Declare immediately due and payable all payments due or to become due under this Agreement or under the Bond, and upon notice to
the Borrower, the same shall become immediately due and payable by the Borrower without further notice or demand; and
(c)
Take whatever other action at law or in equity may appear necessary or desirable to collect the payments then due and thereafter
to become due under this Agreement or to enforce any other of the Department’s rights under this Agreement or to enforce performance
by the Borrower of its covenants, agreements or undertakings contained herein.
Section 10.4. Delay and Waiver.
No delay or
omission to exercise any right or power accruing upon any Event of Default shall impair any such right or power or shall be construed
to be a waiver of any such Event of Default or acquiescence therein, and every such right and power may be exercised from time to time
and as often as may be deemed expedient. No waiver of any Event of Default under this Agreement shall extend to or shall affect any subsequent
Event of Default or shall impair any rights or remedies consequent thereto.
Section 10.5. Right to Cure Default.
If the Borrower
shall fail to make any payment or to perform any act required by it under this Agreement, the Department without prior notice to or demand
upon the Borrower and without waiving or releasing any obligation or default, may (but shall be under no obligation to) make such payment
or perform such act. All amounts so paid by the Department and all costs, fees and expenses so incurred shall be payable by the Borrower
as an additional obligation under this Agreement, together with interest thereon at the rate of interest of five percent (5%) per annum
until paid. The Borrower’s obligation under this Section shall survive the repayment of the Bond.
ARTICLE
XI
MISCELLANEOUS
Section 11.1. Successors and Assigns.
This Agreement
shall be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and assigns.
Section 11.2. Amendments.
The Department
and the Borrower shall have the right to amend from time to time any of the terms and conditions of this Agreement, provided that
all amendments shall be in writing and shall be signed by or on behalf of the Department and the Borrower.
Section 11.3. Limitation of Liability of Borrower’s
Officers.
No present or future
director, official, officer, employee or agent of the Borrower shall be liable personally in respect of this Agreement or for any other
action taken by such individual pursuant to or in connection with the financing provided for in this Agreement.
Section 11.4. Applicable Law.
This Agreement shall be governed by the applicable laws of
The State of
Delaware.
Section 11.5. Severability.
If any clause,
provision, or section of this Agreement shall be held illegal or invalid by any court, the illegality or invalidity of such clause, provision
or Section shall not affect the remainder of this Agreement which shall be construed and enforced as if such illegal or invalid clause,
provision or section had not been contained in this Agreement. If any agreement or obligation contained in this Agreement is held to be
in violation of law, then such agreement or obligation shall be deemed to be the agreement or obligation of the Department and the Borrower,
as the case may be, only to the extent permitted by law.
Section 11.6. Notice.
Unless otherwise
provided for herein, all demands, notices, approvals, consents, requests, opinions and other communications under this Agreement shall
be in writing and shall be deemed to have been given when delivered in person or mailed by first class registered or certified mail, postage
prepaid, addressed as follows:
|
Department: |
Delaware Department of Health and Social Services |
|
|
Division of Public Health |
|
|
Office of Drinking Water Jesse Cooper Building |
|
|
417 Federal Street – Room 226 |
|
|
Dover, DE 19901 |
|
|
Attention: DWSRF Program Director |
|
|
|
|
With a copy to: |
|
|
|
|
|
|
Delaware Department of Natural Resources |
|
|
& Environmental Control, on behalf of the Delaware |
|
|
Department of Health and Social Services |
|
|
Office Of The Secretary, Environmental |
|
|
Finance 97 Commerce Way, Suite 106 |
|
|
Dover, DE 19904 |
|
|
Attention: Laura Robbins, Chief of Administration |
|
|
|
|
and |
|
|
|
|
|
Borrower: |
Tidewater Utilities, Inc. |
|
|
1100 South Little Creek Road |
|
|
Dover, DE 19901 |
|
|
Attention: Mr. Robert J. Capko, Treasurer |
|
|
|
|
With a copy to: |
|
|
|
|
|
|
Middlesex Water Company |
|
|
485C Route One South, Suite 400 |
|
|
Iselin, NJ 08830 |
|
|
Attn: Jay L. Kooper, Vice President, General Counsel &
Secretary |
The Department, and the
Borrower may designate, by notice given hereunder, any further or different addresses to which subsequent demands, notices, approvals,
consents, requests, opinion or other communications shall be sent or persons to whose attention the same shall be directed.
Section 11.7. Headings.
The headings of the several articles
and sections of this Agreement are inserted for convenience only and do not comprise a part of this Agreement.
Section 11.8. Terms of Agreement.
This Agreement shall be effective
upon its execution and delivery by the Borrower and the Department. Except as otherwise specified, the Borrower’s obligations under
this Agreement shall expire upon payment in full
of the Bond and all other amounts payable by the Borrower under this Agreement.
Section 11.9. Counterparts.
This Agreement may be executed in
any number of counterparts, each of which shall be an original and all of which together shall constitute but one and the same instrument.
WITNESS the following signatures, all duly authorized.
FOR THE DELAWARE
DRINKING WATER STATE REVOLVING FUND, ACTING BY AND THROUGH THE DELAWARE DEPARTMENT OF HEALTH AND SOCIAL SERVICES, DIVISION OF PUBLIC HEALTH
By:./s/ Laura Robbins
Laura Robbins
DNREC, Chief of Administration
Delaware Department of Natural
Resources and
Environmental Control, on behalf of the
Delaware Department of Health and Social Services
TIDEWATER UTILITIES, INC.
By:/s/ Robert J. Capko
Name: Robert J. Capko
Title: Treasurer
(SEAL)
Attest:
By: /s/ Jay L. Kooper
Jay L. Kooper
Secretary
[SIGNATURE PAGE TO FINANCING
AGREEMENT-SERIES 2024B-DWSRF-BETHANY BAY WATER TREA.TMENT FACILITY}
EXHIBIT A
Project Description
The Borrower
serves the Town of Ocean View with a number of groundwater facilities, including a facility located at the Bethany Bay community. The
existing Bethany Bay facility includes two (2) wells. Water from the existing wells met applicable water quality standards. The existing
treatment facility provides only chemical addition. The Borrower has constructed two (2) additional wells as part of a plan to expand
the capacity of the Bethany Bay facility. Concurrent with the construction of the new wells, Delaware proposed MCLs for PFAS (PFOS &
PFOA). In anticipation of the new limits, The Borrower conducted sampling of all wells. One of the existing wells at Bethany Bay was found
to exceed the proposed MCL. PFAS was also detected in one of the new wells, but at less than the proposed Delaware limits. In addition
to the PFAS concerns, one of the existing wells has observed nitrates at just over ½ of the MCL and testing for one of the new
wells has identified iron and manganese at levels that exceed the Delaware SMCL.
The Borrower
proposes to construct a new water treatment facility at Bethany Bay with the capability to provide treatment for iron and manganese, nitrates
and PFAS as necessary for the four (4) supply wells.
Without the proposed
treatment facility, the majority of the wells at this source of supply would be unsuitable for use due to concentrations of PFAS, Nitrate
and/or Iron and Manganese. The treatment facility will reduce PFAS concentrations in an existing well to below the proposed Delaware MCLs,
and to lower concentrations if required. The facility will also reduce iron and manganese concentrations in an impacted well to below
the Delaware SMCLs. Provisions for nitrate treatment will also be provided as that constituent has been observed and may become an issue
in the future.
EXHIBIT B
Project Budget
Project Budget: | |
Total Cost |
Engineering | |
$ | 450,000.00 | |
Construction | |
$ | 1,740,000.00 | |
Contingency | |
$ | 420,000.00 | |
Total Budget | |
$ | 2,610,000.00 | |
Source of Funds: | |
| | |
DWSRF Loan | |
$ | 2,610,000.00 | |
EXHIBIT C
Form of Requisition
|
|
|
PROJECT NAME:_______________________ |
|
FUNDING RECIPIENT: ________________ |
|
|
E. I. # _______________________ |
|
|
|
UNITED STATES |
AND/ STATE OF DELAWARE |
REQUISITION NO: ___________________ |
DEPARTMENT OF AGRICULTURE |
OR
DHSS |
|
RURAL DEVELOPMENT |
|
DATE: _______________________ |
|
|
|
USDA LOAN NO. ____________________ |
|
STATE LOAN NO. ___________________ |
USDA GRANT NO. ___________________ |
SEPARATELY OR |
STATE GRANT NO. __________________ |
|
JOINTLY FUNDED PROJECT |
|
ACCOUNT SUMMARY AND REQUEST FOR
LOAN/GRANT DISBURSEMENT
DISBURSEMENT
ITEMS |
AMOUNT
BUDGETED |
PREVIOUS
DISBURSEMENTS |
THIS
PERIOD |
TOTAL
TO DATE |
REMAINING
FUNDS |
CONSTRUCTION
|
|
|
|
|
|
CONTRACT
NAME OR # |
|
|
|
|
|
CONTRACT
NAME OR # |
|
|
|
|
|
CONTRACT
NAME OR # |
|
|
|
|
|
LAND AND R.O.W. |
|
|
|
|
|
LEGAL AND ADMIN |
|
|
|
|
|
ENGINEERING FEES |
|
|
|
|
|
INTEREST |
|
|
|
|
|
CONTINGENCIES |
|
|
|
|
|
INITIAL O & M |
|
|
|
|
|
OTHER
(describe) |
|
|
|
|
|
DISBURSEMENT
TOTALS |
|
|
|
|
|
SOURCES OF FUNDING |
|
|
|
|
|
USDA LOAN |
|
|
|
|
|
USDA GRANT |
|
|
|
|
|
STATE LOAN |
|
|
|
|
|
STATE GRANT |
|
|
|
|
|
OTHER
(describe) |
|
|
|
|
|
OTHER
(describe) |
|
|
|
|
|
OTHER
(describe) |
|
|
|
|
|
SOURCE TOTALS (must
equal disbursement totals above) |
|
|
|
|
|
See Notes on Page 2 (other side)
Page 2
LOAN/GRANT DISBURSEMENT FORM
Requisition No.
|
|
|
PREPARED BY (BORROWER/GRANTEE) DATE |
|
APPROVED BY (DHSS/ODW) DATE |
|
|
|
|
|
|
APPROVED BY (ARCHITECT/ENGINEER) DATE |
|
APPROVED BY (USDA/RD) DATE |
Borrower/Grantee’s Certification
The undersigned certifies that (1) the amounts
requested by this requisition will be applied solely and exclusively to the payment, or the reimbursement of the recipient for the
payment, of Project Costs, and (2) any materials, supplies or equipment covered by this requisition are not subject to any lien or
security interest or such lien or security interest will be released upon payment of this requisition.
|
Consulting Engineer’s Certification
The undersigned Consulting Engineer for the Recipient
hereby Certifies that insofar as the amounts covered by this Requisition include payment for labor or to contractors, builders or materialmen,
such work was actually performed or such materials, supplies or equipment were actually furnished to or installed in the Project. |
Recipient’s Authorized Representative Name, Title (PRINTED)
|
Title and Company Name (PRINTED) |
Recipient’s Authorized Representative Signature Date
|
Consulting Engineer’s Name (PRINTED) |
|
Authorized Consulting Engineer Signature Date |
| NOTES: | 1. Include copies of all invoices or other acceptable documentation to support above request. Provide one (1) set
for each funding agency. |
2. On
jointly funded projects, disbursements will not be processed until this document is approved by authorized representatives of both the
U. S. Department of Agriculture and the State of Delaware, Department of Health and Social Services.
Forms-Jointly Funded-Disbursement.doc This form provides
all information required by USDA Form RD 440-11
EXHIBIT D
Schedule of Disbursements
Date | |
Amount ($) |
August-24 | |
| 300,000 | |
October-24 | |
| 410,000 | |
December-24 | |
| 750,000 | |
February-25 | |
| 750,000 | |
May-25 | |
| 400,000 | |
Total: | |
$ | 2,610,000 | |
EXHIBIT E
Form of Change Order
UNITED STATES |
AND/ STATE OF DELAWARE |
ORDER NO: ___________________ |
DEPARTMENT OF AGRICULTURE |
OR
DHSS |
|
RURAL DEVELOPMENT |
|
DATE: _______________________ |
|
|
|
STATE: ____________________ |
|
|
COUNTY:___________________ |
|
|
|
|
|
SEPARATELY OR JOINTLY FUNDED
PROJECT
CONTRACT CHANGE ORDER
CONTRACT FOR: ____________________ |
|
|
You are hereby requested to comply
with the following changes from the contract plans and specifications:
Description of Changes (Supplemental Plans and Specifications Attached) |
DECREASE
in Contract Price |
INCREASE
In Contract Price |
|
$ |
$ |
TOTALS |
$ |
$ |
NET CHANGE IN CONTRACT PRICE |
$ |
$ |
JUSTIFICATION: Explain (Differing Site
Conditions) (Errors or Omissions in Drawings or Specifications) (Changes in Regulatory Requirements) (Design Changes) (Over run or Under
run in Quantities) (Factors Affecting Time of Completion) (Other: Describe below)
|
|
|
|
|
|
|
|
|
The original amount of the Contract: |
|
|
|
|
|
|
|
Dollars ($_________________) |
|
|
|
The amount of the Contract as adjusted by all previously approved Change Orders: |
|
|
|
|
|
|
Dollars ($_________________) |
|
|
|
The amount of the Contract will be (Decreased) (Increased) through this Change Order by the sum of: |
|
|
|
|
|
|
Dollars ($_________________) |
|
|
The Contract Total including this and all previous Change Orders will be: |
|
|
|
|
|
|
Dollars ($_________________) |
|
|
The Contract Period provided for completion will be (Increased) (Decreased) (Unchanged)
by: |
______________Calendar Days |
Page 2
CONTRACT CHANGE ORDER FORM
CHANGE ORDER NO.
This document will become a supplement to the contract and
all provisions will apply hereto.
Requested: |
|
|
|
|
(Owner) |
|
(Date) |
|
|
|
|
Recommended: |
|
|
|
|
(Owner’s Architect/Engineer) |
|
(Date) |
|
|
|
|
Accepted: |
|
|
|
|
(Contractor) |
|
(Date) |
|
|
|
|
Approved by State of Delaware: |
|
|
|
|
|
|
(Date) |
|
|
|
|
Approved by U. S. Department
of Agriculture: |
|
|
|
|
|
|
(Date) |
After all five (5) copies of the Change
Order have been signed and dated by authorized representatives of all the applicable parties in the spaces provided above, transmit one
(1) copy to each party as listed below.
( ) U. S. Department of Agriculture’s Copy
( )
State of Delaware’s Copy
( ) Contractor’s Copy
( ) Borrower/Grantee’s Copy
( ) Architect/Engineer’s
Copy
Forms- Jointly Funded-Change Order.doc This form provides all
information required by USDA Form RD 1924 (Rev. 2-97)
EXHIBIT "F"
CERTIFICATE
OF THE BORROWER AND PROJECTED DRAWDOWN SCHEDULE OF THE PROJECT
The undersigned,
as representatives of Tidewater Utilities, Inc. (the "Borrower") in connection with the issuance of its $2,610,000 General Obligation
Bond (Bethany Bay Water Treatment Facility Project), Series 2024B-DWSRF, have reviewed the estimated drawdown schedule prepared by the
Borrower, attached hereto as Exhibit D and made a part hereof.
We hereby certify
as of May 17, 2024 that the estimated drawdown schedule attached hereto as Exhibit D and statements made under Section 2.1(m) "Representations
by Borrower" in the foregoing Financing Agreement between the Borrower and the Delaware Drinking Water State Revolving Fund, acting
by and through the Delaware Department of Health and Social Services, Division of Public Health, are to the best of our knowledge true
and correct as of the date hereof.
[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]
|
TIDEWATER UTILITIES, INC. |
|
|
|
By: |
/s/ Robert J. Capko |
|
|
Robert J. Capko |
|
|
Treasurer |
Attest:
By: |
/s/ Jay L. Kooper |
|
|
Secretary |
|
[SIGNATURE PAGE TO EXHIBIT
F - CERTIFICATE AS TO PROJECTED DRAWDOWN SCHEDULE SERIES 2024B-DWSRF -BETHANY BAY WATER TREATMENT FACILITY]
Exhibit 10.58
TIDEWATER UTILITIES, INC.
$767,500 GENERAL OBLIGATION BOND
(DELDOT - LOCHMEATH TO PUNCHEON
RUN MAIN RELOCATIONS PROJECT)
SERIES 2024C-DWSRF
FINANCING AGREEMENT
BETWEEN
TIDEWATER UTILITIES, INC.
AND
DELAWARE DRINKING WATER STATE REVOLVING
FUND,
ACTING BY AND THROUGH THE
DELAWARE DEPARTMENT OF HEALTH AND
SOCIAL SERVICES,
DIVISION OF PUBLIC HEALTH
Loan No. 22000040
TABLE OF CONTENTS
|
PAGE |
ARTICLE I DEFINITIONS |
1 |
Section 1.1.
Definitions |
1 |
Section 1.2. Rules of Construction |
3 |
ARTICLE II REPRESENTATIONS |
3 |
Section 2.1.
Representations by Borrower |
3 |
ARTICLE III ADVANCE AND USE OF LOAN PROCEEDS; CONSTRUCTION OF PROJECT |
4 |
Section 3.1.
Advance of Loan Proceeds |
4 |
Section 3.2.
Application of Loan Proceeds |
5 |
Section 3.3. Agreement to Draw
Loan Proceeds and Penalty for Delay |
8 |
Section 3.4. Agreement to Accomplish
Project |
8 |
Section 3.5.
Permits |
9 |
Section 3.6. Construction Contractors |
9 |
Section 3.7. Signage Requirements
under the Infrastructure Investment and Jobs Act (IIJA) |
10 |
Section 3.8.
Engineering Services |
11 |
Section 3.9. Borrower Required
to Complete Project |
11 |
Section 3.10. Inclusion of
Eligible Project Reimbursement Costs Within The Loan |
12 |
ARTICLE IV ADDITIONAL FEDERAL REQUIREMENTS |
12 |
Section 4.1.
Federal Requirements |
12 |
Section 4.2.
Americans with Disabilities Act |
13 |
Section 4.3. Nondiscrimination;
Sexual Harassment |
13 |
ARTICLE V REPAYMENT OF LOAN; GENERAL OBLIGATION |
14 |
Section 5.1.
Repayment of Loan |
14 |
Section 5.2.
General Obligation |
14 |
SECTION 5.3. [RESERVED] |
14 |
ARTICLE VI PREPAYMENTS |
14 |
Section 6.1.
Prepayments of Loan |
14 |
ARTICLE VII OPERATION AND USE OF SYSTEM |
14 |
Section 7.1.
Inspection of System and Borrower’s Books and Records |
14 |
Section 7.2. Performance Certification |
15 |
Section 7.3. Operation, Maintenance
and Use of System |
15 |
ARTICLE VIII INSURANCE, DAMAGE AND DESTRUCTION |
15 |
Section 8.1.
Insurance |
15 |
ARTICLE IX SPECIAL COVENANTS |
15 |
Section 9.1.
Maintenance of Existence |
15 |
Section 9.2. Financial Records
and Statements |
15 |
Section 9.3. Certificate as
to No Default |
16 |
Section 9.4. Further Assurances |
16 |
Section 9.5.
Other Indebtedness |
16 |
Section 9.6. Assignment by
Borrower |
16 |
ARTICLE X DEFAULTS AND REMEDIES |
17 |
Section
10.1. Events of Default |
17 |
Section 10.2.
Notice of Default |
18 |
Section 10.3.
Remedies on Default |
18 |
Section 10.4. Delay and Waiver |
18 |
Section 10.5. Right to Cure
Default |
18 |
ARTICLE XI MISCELLANEOUS |
19 |
Section 11.1.
Successors and Assigns |
19 |
Section 11.2. Amendments |
19 |
Section 11.3.
Limitation of Liability of Borrower’s Officers |
19 |
Section 11.4. Applicable Law |
19 |
Section 11.5. Severability |
19 |
Section 11.6.
Notice |
19 |
Section 11.7. Headings |
20 |
Section 11.8. Terms of Agreement |
20 |
Section 11.9.
Counterparts |
21 |
EXHIBIT A |
PROJECT DESCRIPTION |
EXHIBIT B |
PROJECT BUDGET |
EXHIBIT C |
FORM OF REQUISITION |
EXHIBIT D |
SCHEDULE OF DISBURSEMENTS |
EXHIBIT E |
FORM OF CHANGE ORDER |
EXHIBIT F |
PROJECTED DRAWDOWN CERTIFICATE |
FINANCING AGREEMENT
THIS FINANCING
AGREEMENT (this “Agreement”) is made as of this 17th day of May, 2024, between the DELAWARE DRINKING WATER
STATE REVOLVING FUND, acting by and through the DELAWARE DEPARTMENT OF HEALTH & SOCIAL SERVICES, DIVISION OF PUBLIC HEALTH, a
public agency of The State of Delaware (the “Department”) and TIDEWATER UTILITIES, INC., a corporation organized under
the laws of The State of Delaware (the “Borrower”).
Pursuant to Title
29 Delaware Code Section 7903 (the “Act”), the General Assembly established a permanent and perpetual fund known as
the “Delaware Drinking Water State Revolving Fund” (the “Fund”) and empowered the Secretary of the Department
of Health & Social Services to administer such Fund. From the Fund, the Department from time to time makes loans to and acquires obligations
of eligible persons in Delaware to finance the costs of drinking water facilities in accordance with the Federal Safe Drinking Water Act.
General information on Drinking Water State Revolving Funds can be found at: https://www.epa.gov/dwsrf.
The Borrower requested
a loan (the “Loan”) from the Fund and will evidence its obligation to repay the Loan by the signing of this Agreement and
by the delivery of its General Obligation Bond (DelDOT - Lochmeath to Puncheon Run Main Relocations Project), Series 2024C-DWSRF (the
“Bond”). The Borrower will use the Loan Proceeds from the Fund to: (i) finance the elimination of a water main that is prone
to leaks and breaks as well as upgrades and improvements to current distribution throughout the area by upsizing to 12" to allow
for efficient water delivery, as more fully described in Exhibit A and (ii) if desired, pay certain administrative costs
and costs of issuing the Bond (collectively, the “Project”).
ARTICLE I
DEFINITIONS
Section 1.1. Definitions.
The capitalized
terms contained in this Agreement shall have the meanings set forth below unless the context requires otherwise and any capitalized terms
not otherwise defined herein shall have the meaning assigned to such terms in the Act:
“Agreement”
means this Financing Agreement between the Department and the Borrower, together with any amendments or supplements hereto.
“Authorized
Representative” means the President, Vice President, Chairman, Treasurer, and Secretary of the Borrower or any employee of the Borrower
authorized by resolution or certificate of the Borrower to perform the act or sign the document in question.
“Business Day”
means a day of the year which is not a Saturday or Sunday or a day on which banking institutions located in New York or Delaware are required
or authorized to remain closed or on which the New York Stock Exchange is closed.
“Closing
Date” means the date this Agreement is executed and delivered by the Borrower and the Department.
“Commitment
Letter” shall mean the commitment letter from the Department to the Borrower dated February 6, 2024 and all extensions and amendments
thereto.
“Consulting
Engineer” means any firm of independent consulting engineers of recognized standing and experienced in the field of environmental
engineering and registered to do business in Delaware. Any such firm shall be subject to the reasonable approval of the Department.
“Department” means the Department of Health and
Social Services, Division of Public Health.
“Event of Default” shall
have the meaning set forth in Section 10.1.
“Fiscal Year” means the
period of twelve months established by the Borrower as its annual accounting period.
“Loan” means the loan from the Department to the
Borrower pursuant to this
Agreement.
“Loan Proceeds”
means the funds applied to make the loan to the Borrower pursuant to this Agreement.
“Notice to
Proceed” means a written notice given by the Borrower and signed by an Authorized Representative issued to each construction contractor
fixing the date on which construction, equipping, acquisition, expansion or renovation of the Project as described in Exhibit A
will commence, a copy of which must be furnished to the Department by the Borrower within one year of the Closing Date.
“Penalty” shall have the meaning set forth in
Section 3.3.
“Project”
means, collectively, the various improvements and upgrades to the System of the Borrower, as more fully described in Exhibit A,
the costs of the construction, acquisition or equipping of which are to be financed in whole or in part with the Loan Proceeds.
“Project
Budget” means the budget for the financing of the Project, a copy of which is attached to this Agreement as Exhibit B.
“Project
Costs” means the costs of the construction, acquisition or equipping of the Project, as further described in the Project Budget,
and such other costs as may be approved in writing by the Department, provided such costs are permitted by the Act.
“System”
means all plants, systems, facilities, equipment or property, of which the Project constitutes the whole or a part, owned, operated or
maintained by the Borrower and used in connection with the drinking water services for the systems which comprise the Project, all as
described in Exhibit A.
Section 1.2. Rules of Construction.
The following rules shall apply to
the construction of this Agreement unless the context requires otherwise:
(a) Singular
words shall connote the plural number as well as the singular and vice versa.
(b) All references in this Agreement to particular Sections or Exhibits are references to
Sections or Exhibits of this Agreement unless otherwise indicated.
(c)
The headings and table of contents as used in this Agreement are solely for convenience of reference and shall not constitute a
part of this Agreement nor shall they affect its meaning, construction or effect.
ARTICLE II
REPRESENTATIONS
Section 2.1. Representations by Borrower.
The Borrower makes the following representations
as the basis for its undertakings under this Agreement:
(a)
The Borrower is a duly organized and validly existing corporation in good standing under the laws of the State of Delaware.
(b)
The Borrower has full right, power and authority to (i) execute this Agreement and the other documents related thereto, (ii) own
and operate the System, (iii) construct, acquire or equip the Project and finance the Project Costs by borrowing money for such purpose
pursuant to this Agreement, and (iv) carry out and consummate all of the transactions contemplated by this Agreement.
(c)
All permits, licenses, registrations, certificates, authorizations and approvals required to have been obtained as of the date
of signing of this Agreement have been obtained for
(i) the execution by the Borrower
of this Agreement, (ii) the performance and enforcement of the obligations of the Borrower thereunder, (iii) the acquisition, construction,
equipping, occupation, operation and use of the Project, and (iv) the operation and use of the System. The Borrower knows of no reason
why any other necessary permits or approvals cannot be obtained as required.
(d)
This Agreement has been executed by a duly authorized officer of the Borrower and constitutes the legal, valid and binding obligation
of the Borrower enforceable against the Borrower in accordance with the terms of this Agreement.
(e)
There are not pending nor, to the best of the knowledge of the undersigned officer of the Borrower, threatened, any actions, suits,
proceedings or investigations of a legal, equitable, regulatory, administrative or legislative nature, in which a judgment, order or resolution
may have a material adverse effect on the Borrower, or its business, assets, condition (financial or otherwise), operations or prospects
or in its ability to perform its obligations under this Agreement.
(f)
There have been no material defaults by any contractor or subcontractor under any contract made in connection with the construction
or equipping of the Project.
(g)
No material adverse change has occurred in the financial condition of the Borrower from that indicated in the financial statements,
application and other information furnished to the Department in connection with this Agreement.
(h) No Event of Default has occurred and is continuing.
(i)
Except as may otherwise be approved by the Department or permitted by the terms hereof, the Project and the System at all times
will be owned by the Borrower and will not be operated or controlled by any other entity or person.
(j) The Project will be a part of the System.
(k)
The Loan Proceeds and funds available from the other sources specified in the Project Budget will be sufficient to pay the estimated
Project Costs.
(l)
The Borrower has received or has commitments to obtain all funds and other financing for the Project as contemplated in the Project
Budget.
(m)
The Borrower expects to complete the acquisition, construction and equipping of the Project on or before the projected date of
February 28, 2027. The Borrower expects to adhere to the estimated drawdown schedule attached hereto as Exhibit D and certified
to in the "Certificate of the Borrower and Projected Drawdown Schedule of the Project" attached hereto as Exhibit F and
made a part hereof. This projected date of completion is subject to an extension if such extension is mutually agreed upon by the Department
and the Borrower. Noncompliance with this Section 2.1(m) may cause loan funds to become de-obligated and reallocated to other drinking
water projects at the discretion of the Department.
ARTICLE III
ADVANCE AND USE OF LOAN PROCEEDS;
CONSTRUCTION OF PROJECT
Section 3.1. Advance of Loan Proceeds.
The Department
agrees to advance to the Borrower pursuant to this Agreement up to Seven Hundred Sixty-Seven Thousand Five Hundred Dollars ($767,500)
to pay Project Costs in accordance with the Project Budget.
Section 3.2. Application of Loan Proceeds.
(a)
The Borrower agrees to apply the Loan Proceeds solely and exclusively to the payment, or the reimbursement of the Borrower for
the payment, of Project Costs and further agrees, upon the request of the Department, to exhibit to the Department, vouchers, statements,
bills of sale or other evidence of the actual payment of such Project Costs. The Department shall disburse the Loan Proceeds to or for
the account of the Borrower upon execution of this Agreement and upon receipt by the Department of the following:
(1)
A requisition (upon which the Department shall be entitled to rely) signed by an Authorized Representative and containing all information
called for by, and otherwise being in the form of, Exhibit C attached hereto.
(2)
If such requisition includes an item for payment for labor or to contractors, builders or materialmen (i) a certificate, signed
by an Authorized Representative, stating that such work was actually performed or such materials, supplies or equipment were actually
furnished or installed in or about the construction of the Project; and (ii) a certificate signed by an Authorized Representative stating
either that such materials, supplies or equipment are not subject to any lien or security interest or that such lien or security interest
will be released or discharged upon payment of the requisition.
Upon receipt of
each such requisition and accompanying certificate or certificates, the Department shall disburse Loan Proceeds hereunder to or for the
account of the Borrower in accordance with such requisition in an amount and to the extent approved by the Department. The Borrower expects
to adhere to the estimated drawdown schedule attached hereto as Exhibit D. The Department shall have no obligation to disburse
any such Loan Proceeds if the Borrower is in default hereunder, nor shall the Department have any obligation to approve any requisition
if the Borrower is not in compliance with the terms of this Agreement.
(b) The
Borrower shall comply with all applicable State of Delaware and federal laws. Except as may otherwise be approved by the Department,
disbursements shall be held at ninety- five percent (95%) of the maximum amount authorized hereunder to ensure satisfactory
completion of the Project. Upon receipt from the Borrower of the certificate specified in Section 3.4 and a final requisition
detailing all retainages to which the Borrower is then entitled, the Department, to the extent approved by the Department and
subject to the provisions of this Section and Section 3.4, will disburse Loan Proceeds to or for the account of the Borrower to the
extent of such approval.
(c)
The Department may apply Loan Proceeds to pay any Penalty assessed pursuant to Section 3.3.
(d)
The Department shall have no obligation to disburse Loan Proceeds in excess of the amount necessary to pay for approved Project
Costs.
(e)
The Borrower shall comply in all respects with all applicable federal laws, regulations and other requirements related to or arising
out of or in connection with the Project and the funding thereto by the Fund.
(f)
The Borrower shall comply in all respects with the Federal Single Audit Act (the “SAA”), 2 CFR 200 Subpart F, as a
sub-recipient of Federal funds. As a recipient of Loan Proceeds from the Fund, the Borrower is required to notify the Department when
a SAA audit has been conducted and provide the Department within 30 days of completion with a copy of the SAA audit if the Borrower expends
$750,000 or more in Loan Proceeds and other federal financial assistance in its fiscal year. Other federal financial assistance sources
include, but are not limited to, equivalency funds received by the Delaware Water Pollution Control Revolving Fund, other federal water
infrastructure funding programs (e.g., USDA RD, CDBG, and EPA’s WIFIA and Community Grants, among others), as well as health care,
social services, highways, and education funding programs. The Borrower shall notify the Department when they have reached the $750,000
expenditure threshold.
For purposes
of the Fund, an expenditure occurs at the time that Loan Proceeds are disbursed by the Borrower for the purpose for which the Fund assistance
is provided (e.g., Project Costs). For example, for the Loan, the expenditure occurs at the time the Borrower pays an invoice. In the
case of refinancing assistance, the expenditure occurs at the time the Borrower uses the Loan Proceeds to refinance the existing debt.
The Borrower is
responsible for (i) maintaining an annual (fiscal year) accounting system and identifying all expenditures of federal financial assistance,
(ii) submitting its SAA audit to the Federal Audit Clearinghouse within the earlier of 30 calendar days after receipt of the auditor's
report(s) or nine months after the end of the audit period, and (iii) notifying the Department that the SAA audit has been submitted to
the Federal Audit Clearinghouse and providing a copy to the state SRF program upon request. The Borrower shall inform the Department of
any findings and recommendations pertaining to Loan Proceeds received from the Fund contained in SAA audits conducted by the Borrower.
The SAA dollar
threshold, currently at $750,000 as previously stated, that requires performance of an audit increases periodically, and the Borrower
is required to know the threshold for a given year.
(g)
The Borrower shall comply with the Delaware Department of Labor Prevailing Wage Rate Regulations.
(h)
The Borrower shall comply with the Delaware Drinking Water State Revolving Fund's Davis-Bacon Wage Rate Act Requirement as set
forth in the closing documents. The Borrower agrees that all contractors or subcontractors utilized by the Borrower in the Project will
complete and file the U.S. Department of Labor’s payroll form WH-347.
(i)
As a recipient of Fund assistance, the Borrower shall comply with the Prohibition on Certain Telecommunication and Video Surveillance
Services or Equipment located in 2 CFR 200.216, as such regulation relates to the Project. The Borrower agrees that none of the Loan Proceeds
shall be used to procure, enter into, extend or renew contracts or obtain equipment, services or systems that use “covered telecommunications
equipment or services,” as identified in the regulation, as a substantial or essential component of any system, or as critical technology
as part of any system.
(j) As
a recipient of Fund assistance, the Borrower agrees that none of the Loan Proceeds made available to the Borrower shall be used for
the Project for the construction, alteration, maintenance, or repair of the System unless all of the iron and steel products used in
the Project are produced in the United States (“American Iron and Steel Requirement”), unless: (i) the Borrower has
requested and obtained a waiver from the Environmental Protection Agency pertaining to the Project or (ii) the Department has
otherwise advised the Borrower in writing that the American Iron and Steel Requirement is not applicable to the Project. The
American Iron and Steel Requirement shall not apply in any case or category of cases in which the Administrator of the Environmental
Protection Agency finds that: (i) applying the requirement would be inconsistent with the public interest; (ii) iron and steel
products are not produced in the United States in sufficient and reasonably available quantities and of a satisfactory quality; or
(iii) inclusion of iron and steel products produced in the United States will increase the cost of the overall project by more than
25 percent.
In this section
3.2(j), the term ‘‘iron and steel products’’ means the following products made primarily of iron or steel-lined
or unlined pipes and fittings, manhole covers and other municipal castings, hydrants, tanks, flanges, pipe clamps and restraints, valves,
structural steel, reinforced precast concrete, and construction materials. “Steel” means an alloy that includes at least 50
percent iron, between .02 and 2 percent carbon, and may include other elements
The Bipartisan
Infrastructure Law of 2021, also known as the Infrastructure Investment and Jobs Act of 2021 (“IIJA”), established the Build
America Buy America (BABA) Act domestic sourcing requirements for federal financial assistance programs for infrastructure, including
the Fund, and the Borrower must comply with the BABA provision. BABA also creates expanded American Iron and Steel requirements to include
construction materials and manufactured goods for domestic preference and sourcing requirements.
In procuring
materials for public works projects, entities using taxpayer-financed Federal assistance should give a commonsense procurement preference
for the materials and products produced by companies and workers in the United States in accordance with the high ideals embodied in the
environmental, worker, workplace safety, and other regulatory requirements of the United States. The benefits of domestic content procurement
preferences extend beyond economics. Common construction materials used in public works infrastructure projects, including steel, iron,
manufactured products, non-ferrous metals, plastic and polymer- based products (including polyvinylchloride, composite building materials,
and polymers used in fiber optic cables), glass (including optic glass), lumber, and drywall are not adequately covered by a domestic
content procurement preference, thus limiting the impact of taxpayer purchases to enhance supply chains in the United States.
(k)
The Borrower agrees to comply with all federal requirements applicable to the Loan Proceeds received (including those imposed by
IIJA, Public Law No. 117-58) which the Borrower understands includes, but is not limited to, the following requirements: that all of the
iron and steel, manufactured products, and construction materials used in the Project are to be produced in the United States (“Build
America, Buy America Requirements”) unless (i) the Borrower has requested and obtained a waiver from the Department pertaining to
the Project or the Project is otherwise covered by a general applicability waiver; or (ii) the Department has
otherwise advised the Borrower in writing that the
Build America, Buy America Requirements are not applicable to the Project.
(l)
The Borrower, as a sub-recipient of Federal funds, agrees that when collecting and managing environmental data under this Agreement,
it will protect the data by following all applicable State of Delaware law cybersecurity requirements, if the Borrower’s network
or information system is connected to the Environmental Protection Agency networks to transfer data to the Environmental Protection Agency
using systems other than the Environmental Information Exchange Network or the Environmental Protection Agency’s Central Data Exchange.
Section 3.3. Agreement to Draw Loan Proceeds and Penalty
for Delay.
The Borrower agrees
after the Closing Date to commence work in earnest on the Project and make draws on the Loan Proceeds of at least ten percent (10%) of
the Project Costs within one year of the Closing Date. The Borrower further agrees to provide a Notice to Proceed within one year of the
Closing Date.
If by May 17, 2025,
which is one year from the Closing Date, (i) the Borrower has not submitted requisition(s), in the manner required by Section 3.2, for
more than ten percent (10%) of the Project Costs, and (ii) the Department has not received a Notice to Proceed, the Department may in
its discretion assess a penalty equal to one percent (1%) of the Loan Proceeds (the “Penalty”). Such Penalty may be drawn
by the Department from the Loan Proceeds. It is within the Department’s complete discretion whether to impose the Penalty based
upon its review of affirmative steps taken by the Borrower to commence and complete the Project and the totality of the circumstances
surrounding any such delay in requesting disbursement of Loan Proceeds.
Section 3.4. Agreement to Accomplish Project.
The Borrower will
cause the Project to be acquired, constructed, expanded, renovated or equipped as described in Exhibit A and in accordance
with the Project Budget and the plans, specifications and designs prepared by the Consulting Engineer and approved by the Department.
The Borrower will complete the Project by the date set forth in Section 2.1(m). All plans, specifications and designs have been approved
by all applicable regulatory agencies. The Borrower agrees to maintain complete and accurate books and records of the Project Costs and
permit the Department through its duly authorized representatives to inspect such books and records at any reasonable time. The Borrower
and the Department may amend the description of the Project set forth in Exhibit A.
The Borrower
will deliver to the Department a certificate signed by an Authorized Representative of the Borrower and by the Consulting Engineer stating
(i) that the Project has been completed substantially in accordance with this Section, the plans and specifications as amended from time
to time, as approved by the Department, and in substantial compliance with all material applicable laws, ordinances, rules and regulations,
(ii) the date of such completion, (iii) that all certificates of occupancy or other material permits necessary for the Project’s
use, occupancy and
operation have been issued or obtained, and (iv) the
amount, if any, to be reserved for payment of Project Costs.
Section 3.5. Permits.
The Borrower,
at its sole cost and expense, shall comply with, and shall obtain all permits, consents and approvals required by local, state or federal
laws, ordinances, rules, regulations or requirements in connection with the acquisition, construction, equipping, occupation, operation
or use of the Project. The Borrower shall, upon request, promptly furnish to the Department copies of all such permits, consents and approvals.
The Borrower shall also comply with all lawful program or procedural guidelines or requirements duly promulgated and amended as of the
date hereof by the Department in connection with the acquisition, construction, equipping, occupation, operation or use of projects financed
by the Fund under the Act. The Borrower shall also comply in all respects with all applicable State of Delaware and federal laws, regulations
and other requirements relating to or arising out of or in connection with the Project and the funding thereof by the Fund.
Section 3.6. Construction Contractors.
Each construction
contractor employed in the accomplishment of the Project shall be required in the construction contract to furnish a performance bond
and a payment bond, each in an amount equal to one hundred percent (100%) of the particular contract price. Such bonds shall list the
Borrower as beneficiary. Each contractor shall be required to maintain, during the construction period covered by the particular construction
contract, builder’s risk insurance, workers compensation insurance, public liability insurance, property damage insurance and vehicle
liability insurance in amounts and on terms customarily maintained on such projects. Upon request of the Department, the Borrower shall
cause each contractor to furnish evidence of such bonds and insurance to the Department. In addition to the foregoing,
(a)
Each construction contractor employed in the accomplishment of the Project is required to comply with the Anti-Kickback Act (and
is required to insert similar requirements in all subcontracts) and all other applicable federal laws and regulations.
(b)
All construction contracts and contractors’ estimate forms will be prepared so that materials and equipment may be readily
itemized and identified as to eligible and noneligible costs.
(c)
Any change in a construction contract that will alter the contract price or completion time or will substantially modify the proposed
use of the Project must be submitted to the Department for prior approval via a change order in the form of the change order attached
hereto as Exhibit E.
(d)
The construction of the Project facilities will conform to applicable federal, state and local laws, ordinances and regulations.
(e)
The Borrower will proceed expeditiously and complete the Project facilities in accordance with the approved application, project
schedule, surveys, plans, profiles, cross- sections, specifications and amendments approved by the Department.
Recipients
and sub-recipients of Fund assistance, including the Borrower, shall not make any award or permit any award (sub-grant or contract) at
any tier to any party which is debarred or suspended or is otherwise excluded from or ineligible for participation in Federal assistance
programs under Executive Order 12549, “Debarment and Suspension.” Grantees and sub-grantees, including the Borrower, shall
refer to the "List of Parties Excluded From Federal Procurement and Non-Procurement Programs" to insure that the contractor
or subcontracts are not on this list. A search for exclusion records can be made at the official US Government System for Award Management
website at https://www.sam.gov. For assistance visit the Federal Service Desk online at www.fsd.gov or by calling (866) 606-8220.
(f)
Recipients have taken and will continue to take all necessary affirmative steps to solicit, and document its solicitation efforts
of, minority business enterprises and women’s business enterprises, individually and collectively referred to as Disadvantaged Business
Enterprises (DBE), in accordance with the Six Good Faith Efforts, (40 CFR Part 33).
(g)
Recipients have taken and will continue to take all necessary affirmative steps to assure that it is in compliance with all requirements
for the procurement of architectural and engineering services as identified in 40 U.S.C. Section 1101 et. Seq, for all architectural and
engineering contracts executed, amended or renewed.
Section 3.7. Signage Requirements under the Infrastructure
Investment and Jobs Act
(IIJA).
(a)
Building A Better America Emblem. The Borrower will ensure that a sign is placed at construction sites supported under the Loan
displaying the official Building A Better America emblem and must identify the project as a “project funded by President
Biden’s Bipartisan Infrastructure Law.” Construction is defined at 40 CFR 33.103 as “erection, alteration, or
repair (including dredging, excavating, and painting) of buildings, structures, or other improvements to real property, and
activities in response to a release or a threat of a release of a hazardous substance into the environment, or activities to prevent
the introduction of a hazardous substance into a water supply.” The sign must be placed at construction sites in an easily
visible location that can be directly linked to the work taking place and must be maintained in good condition throughout the
construction period.
In cases
where the construction site covers a large area (e.g., lead service line replacement or septic tank repair/replacement projects), a sign
should be placed in an easily visible location near where the work is being performed (e.g., entrance to the neighborhood, along a main
road through town, etc.). Signage costs are considered an allowable Project Cost, provided the costs associated with the signage are reasonable.
Additionally, to increase public awareness of projects serving communities where English is not the predominant language, the Borrower
is encouraged to translate the language on signs (excluding the official Building a Better America emblem or EPA logo or seal) into the
appropriate non-English language(s). The costs of such translation are allowable Project Costs, provided the costs are reasonable.
The Borrower
will ensure compliance with the guidelines and design specifications for using the official Building A Better America emblem and corresponding
logomark available at: https://www.whitehouse.gov/wp-content/uploads/2022/08/Building-A- Better-America-Brand-Guide.pdf.
(b)
EPA Logo. The Borrower will ensure that signage displays the EPA logo along with the official Building A Better America emblem.
The EPA logo must not be displayed in a manner that implies that EPA itself is conducting the project. Instead, the EPA logo must be accompanied
with a statement indicating that the Borrower received financial assistance from EPA for the project.
The Borrower
will ensure compliance with the sign specifications provided by the EPA Office of Public Affairs (“OPA”) available at: https://www.epa.gov/grants/epa-logo-seal-
specifications-signage-produced-epa-assistance-agreement-recipients. As provided in the sign specifications from OPA, the EPA logo is
the preferred identifier for assistance agreement projects and use of the EPA seal requires prior approval from the EPA. To obtain the
appropriate EPA logo or seal graphic file, the Borrower should send a request directly to OPA and include the EPA Project Officer in the
communication. Instructions for contacting OPA is available on the Using the EPA Seal and Logo page at https://www.epa.gov/aboutepa/using-epa-seal-and-
logo.
(c)
Procuring Signs. Consistent with section 6002 of RCRA, 42 U.S.C. 6962, and 2 CFR 200.323, the Borrower is encouraged to use recycled
or recovered materials when procuring signs. Signage costs are considered an allowable Project Cost under this Agreement provided that
the costs associated with signage are reasonable. Additionally, to increase public awareness of projects serving communities where English
is not the predominant language, the Borrower is encouraged to translate the language on signs (excluding the official Building A Better
America emblem or EPA logo or seal) into the appropriate non-English language(s). The costs of such translation are allowable, provided
the costs are reasonable.
The EPA encourages
the recipient to notify the EPA Project Officer listed in this award document of public or media events publicizing the accomplishment
of significant events related to construction projects as a result of this agreement and provide the opportunity for attendance and participation
by federal representatives with at least ten (10) working days’ notice.
Section 3.8. Engineering Services.
The Borrower has
retained or employed the Consulting Engineer to provide engineering services covering planning and design, operation of the System, and
the supervision and inspection of the construction of the Project. The Consulting Engineer will provide to the Department the certificate
required by Section 3.4.
Section 3.9. Borrower Required to Complete Project.
Subject to the
provisions of Section 9.5 hereof, if the Loan Proceeds are not sufficient to pay in full the cost of the Project, the Borrower will complete
the Project at its own
expense and shall not be entitled
to any reimbursement therefor from the Department or the Fund or to any abatement, diminution or postponement of the Borrower’s
repayments under this Agreement.
Section 3.10. Inclusion of Eligible Project Reimbursement
Costs Within The Loan.
Project Costs incurred
prior to the initiation of construction and after approval of the Project by the Department are eligible for reimbursement from Loan Proceeds
provided that the Project continues to meet all the criteria and requirements set forth by the Department. Notwithstanding anything to
the contrary herein, costs incurred and associated with the initial stages of the Project, such as planning and design, are eligible for
reimbursement regardless of when such costs were incurred.
ARTICLE IV
ADDITIONAL FEDERAL REQUIREMENTS
Section 4.1. Federal Requirements.
(a)
As a recipient of Fund assistance, the Borrower shall comply Federal State Revolving Loan Requirements Section 1452 of the Federal
Safe Drinking Water Act, 42 U.S.C.
§300j-12 et seq., as amended.
(b)
Pursuant to Title VI of the Civil Rights Act of 1964, 42 U.S.C. § 2000d, as a recipient of Fund assistance, the Borrower agrees
not to discriminate on the basis of race, color or national origin in any activity funded through this Agreement.
(c)
Pursuant to the Age Discrimination Act, 42 U.S.C. § 6101 et seq., as a recipient of Fund assistance, the Borrower agrees not
to discriminate on the basis of age in any activity funded through this Agreement.
(d)
Pursuant to Section 504 of the Rehabilitation Act of 1973, 29 U.S.C. § 794, as a recipient of Fund assistance, the Borrower
agrees not to discriminate on the basis of disability in any activity funded through this Agreement.
(e)
Pursuant to Section 1452 of the Federal Safe Drinking Water Act Amendments of 1996, P.L. 104-182, and Title IX of the Education
Amendments of 1972, 20 U.S.C. § 1681 et seq., as amended, as a recipient of Fund assistance, the Borrower agrees not to discriminate
on the basis of sex in any activity funded through this Agreement.
(f)
Pursuant to Executive Order 11246, dated September 24, 1965, as amended by Executive Order 11375, dated October 13, 1967, and as
supplemented by U.S. Department of Labor regulations set forth at 41 C.F.R. Ch. 60, as a recipient of Fund assistance, the Borrower agrees
to provide an equal opportunity for employment to all contracts and subcontracts awarded for the Project and funded through this Agreement.
(g)
Pursuant to Executive Order 12898, dated February 11, 1994, as a recipient of Fund assistance, the Borrower agrees not to fund
any action through this Agreement that will have disproportionately high and adverse effects on minority or low-income populations.
Section 4.2. Americans with Disabilities Act.
Pursuant to
federal regulations promulgated under the authority of the Americans With Disabilities Act, 28 C.F.R. § 35.101 et seq., no individual
with a disability shall, on the basis of the disability, be excluded from participation in this Agreement or from activities provided
for under this Agreement, and the Borrower agrees to comply with the General Prohibitions Against Discrimination, 28 C.F.R. § 35.130,
and all other regulations promulgated under Title II of the Americans With Disabilities Act which are applicable to the benefits, services,
programs, and activities provided by the Department as an agency of the State of Delaware through this Agreement. The State of Delaware
and the Department shall be indemnified and held harmless from all losses, damages, expenses, claims, demands, suits and actions brought
by any party against the State of Delaware or the Department as a result of the Borrower’s failure to comply with its obligations
under the preceding provisions.
Section 4.3. Nondiscrimination; Sexual Harassment.
The Borrower shall
comply, or cause its contractor or subcontractor, or other agents or representatives to comply, with the following requirements:
(a)
In the hiring of any employees for the manufacture of supplies, performance of work, or any other activity required under this
Agreement or any Project contract, no person who is qualified and available to perform the work to which the employment relates shall
be discriminated against by reason of gender, race, creed or color.
(b)
No employee involved in the manufacture of supplies, the performance of work or any other activity required under this Agreement
shall be discriminated against in any manner or intimidated on account of gender, race, creed, or color.
(c)
A written sexual harassment policy providing that sexual harassment will not be tolerated and employees who practice it will be
disciplined shall be established and maintained by the Borrower and employees shall be informed of the policy.
(d)
No contractor who is qualified to perform the work relating to this Agreement shall discriminate against any other contractor by
reason of gender, race, creed, or color.
(e)
All necessary employment documents and records shall be provided and access shall be granted to the Department to books, records,
and accounts for purposes of investigation to ascertain compliance with the provisions of this Nondiscrimination/Sexual Harassment Clause.
If documents or records reflecting the necessary information requested are not available, such information shall be furnished on reporting
forms supplied by the Department.
(f)
This Nondiscrimination/Sexual Harassment Clause shall be included in any contract awarded for the Project so that such provisions
will be binding upon any contractors engaged for the Project.
(g)
The Department may cancel or terminate this Agreement and all money due or to become due under this Agreement may be forfeited
for a violation of the terms and conditions of this Nondiscrimination/Sexual Harassment Clause. In addition, the Department may proceed
with debarment or suspension and may place the party not
in compliance in the Contractor Responsibility File, a repository of information on contractors.
ARTICLE V
REPAYMENT OF LOAN; GENERAL OBLIGATION
Section 5.1. Repayment of Loan.
The Borrower shall repay the Loan pursuant to the terms of
the Bond issued to the
Department.
Section 5.2. General Obligation.
The Borrower’s repayment obligation
constitutes a general obligation of the Borrower, secured by a pledge of its full faith, revenue and credit.
Section 5.3. [RESERVED]
ARTICLE
VI
PREPAYMENTS
Section 6.1. Prepayments of Loan.
At its option
and upon providing prior written notice to the Department, the Borrower may prepay the Loan, in whole or in part, without penalty, at
any time. Such prior written notice shall specify the date on which the Borrower will make such prepayment and whether the Loan will be
prepaid in full or in part, and if in part, the principal amount to be prepaid. Any such prepayment shall be applied against Loan principal
installments then outstanding as shall be directed by the Borrower.
ARTICLE VII
OPERATION AND USE OF SYSTEM
Section 7.1. Inspection of System and Borrower’s
Books and Records.
The Department
and its duly authorized representatives and agents shall have such reasonable rights of access to the System as may be necessary to determine
whether the Borrower is in compliance with the requirements of this Agreement and shall have the right at all reasonable times and upon
reasonable prior notice to the Borrower to examine and copy the books and records of the Borrower insofar as such books and records relate
to the System.
The Borrower
agrees to comply with all record keeping and reporting requirements under all applicable legal authorities, including any reports required
by the Department, such as performance indicators of program deliverables and information on costs and project progress. The Borrower
understands that (i) each contract and subcontract related to the Project is subject to audit by appropriate federal and state entities
and (ii) failure to comply with the applicable legal requirements and this Agreement may result in a default hereunder that
results in a repayment of Loan Proceeds in advance
of the maturity of the Bond and/or other remedial actions.
Section 7.2. Performance Certification.
The Borrower will
notify the Department when the Project is completed and operation commenced on or before the date set out in Section 2.1(m).
Section 7.3. Operation, Maintenance and Use of System.
At its own cost
and expense, the Borrower shall operate the System in a proper, sound and economical manner and in compliance with all legal requirements,
shall maintain the System in good repair and operating condition and from time to time shall make all necessary repairs, renewals and
replacements.
ARTICLE VIII
INSURANCE, DAMAGE AND DESTRUCTION
Section 8.1. Insurance.
Unless the
Department otherwise agrees in writing, the Borrower shall maintain or cause to be maintained insurance against such risks as are customarily
insured against by owners of systems similar in size and character to the System.
ARTICLE IX
SPECIAL
COVENANTS
Section 9.1. Maintenance of Existence.
The Borrower
shall maintain its existence as a “Person” (as defined in the Federal Safe Drinking Water Act) and, without consent of the
Department, which consent shall not be unreasonably withheld, shall not dissolve or otherwise dispose of all or substantially all of its
assets or consolidate or merge with or into another entity. Notwithstanding the foregoing, the Borrower may consolidate or merge with
or into, or sell or otherwise transfer all or substantially all of its assets to a political subdivision of The State of Delaware, and
the Borrower thereafter may dissolve, if the surviving, resulting or transferee political subdivision, if other than the Borrower, assumes,
in written form acceptable to the Department, all of the obligations of the Borrower contained in this Agreement, and there is furnished
to the Department an Opinion of Counsel acceptable to the Department subject to customary exceptions and qualifications, to the effect
that such assumption constitutes the legal, valid and binding obligations of the surviving, resulting or transferee entity in accordance
with its terms.
Section 9.2. Financial Records and Statements.
The Borrower
shall maintain proper books of record and account in which proper entries shall be made in accordance with generally accepted accounting
principles, consistently applied, of all its business and affairs related to the System. The Borrower shall have an annual
audit made by an independent certified
public accountant within one hundred twenty (120) days after the end of each Fiscal Year. Such report shall include either (a) disclosure
language confirming the Borrower’s continued compliance with its loan and mortgage covenants and restrictions or (b) a certificate
of the accountants to the effect that, during the course of such accountant's regular examination of the Borrower's financial condition,
nothing came to such accountant's attention that would constitute an Event of Default hereunder. A copy of the audited annual report shall
be forwarded to the Department when completed.
Section 9.3. Certificate as to No Default.
The Borrower
shall deliver to the Department, within one hundred twenty (120) days after the close of each Fiscal Year, a certificate signed by an
Authorized Representative stating that, during such year and as of the date of such certificate, no event or condition has happened or
existed, or is happening or existing, which constitutes an Event of Default, or if such an event or condition has happened or existed,
or is happening or existing, specifying the nature and period of such event or condition and what action the Borrower has taken, is taking
or proposes to take to rectify it.
Section 9.4. Further Assurances.
The Borrower shall
to the fullest extent permitted by law pass, make, do, execute, acknowledge and deliver such further resolutions, acts, deeds, conveyances,
assignments, transfers and assurances as may be necessary or desirable for the better assuring, conveying, granting, assigning and confirming
the rights of the Department under this Agreement, or as may be required to carry out the purpose of this Agreement. The Borrower shall
at all times, to the fullest extent permitted by law, defend, preserve and protect all rights of the Department under this Agreement against
all claims and demands of all persons.
Section 9.5. Other Indebtedness.
In the event
that the Borrower is required to borrow additional funds in order to complete the Project, the Borrower agrees to consult with the Department
before borrowing any such additional funds. The Borrower agrees to pay when due all amounts required by any other bonded indebtedness
and to perform all of its obligations in connection therewith.
Section 9.6. Assignment by Borrower.
The
Borrower may not assign its rights under this Agreement without the prior written consent of the Department, which consent shall not
be unreasonably withheld. If the Borrower desires to assign its rights under this Agreement to another “Person” (as
defined in the Federal Safe Drinking Water Act), the Borrower shall give notice of such fact to the Department. If the Department
consents to the proposed assignment, the Borrower may proceed with the proposed assignment, but such assignment shall not become
effective until the Department is furnished: (i) an assumption agreement in form and substance satisfactory to the Department by
which the assignee agrees to assume all of the Borrower’s obligations under this Agreement, and (ii) an Opinion of Counsel to
the assignee, subject to customary exceptions and qualifications, that the assumption agreement and this Agreement constitute legal,
valid and binding obligations
of the assignee enforceable
against the assignee in accordance with their terms and that the assignment and assumption comply in all respects with the provisions
of this Agreement. Notwithstanding the foregoing, the assignment of the rights of the Borrower under this Agreement or the assumption
of the obligations thereunder by the assignee shall in no way be construed as releasing the Borrower’s obligations unless specifically
agreed to by the Department.
ARTICLE X
DEFAULTS
AND REMEDIES
Section 10.1. Events of Default.
Each of the following events shall be
an “Event of Default” hereunder:
(a)
The failure to pay any payment of principal, interest and/or any administrative fee when due hereunder or under the Bond;
(b)
The Borrower’s failure to perform or observe any of the other covenants, agreements or conditions of this Agreement and the
continuation of such failure for a period of thirty (30) days after the Department gives the Borrower written notice specifying such failure
and requesting that it be cured, unless the Department shall agree in writing to an extension of such time prior to its expiration; provided,
however, if the failure stated in the notice is correctable but cannot be corrected within the applicable period, the Department will
not unreasonably withhold its consent to an extension of such time if corrective action is instituted by the Borrower within the applicable
period and diligently pursued until the default is corrected;
(c)
Any warranty, representation or other statement by or on behalf of Borrower contained in this Agreement or in any instrument furnished
in compliance with or in reference to this Agreement is false or misleading in any material respect;
(d)
An order or decree shall be entered, with the Borrower’s consent or acquiescence, appointing a receiver or receivers of the
System or any part thereof or of the income thereof, or if such order or decree, having been entered without the Borrower’s consent
or acquiescence, shall not be vacated, discharged or stayed on appeal within ninety (90) days after the entry thereof;
(e)
Any proceeding shall be instituted, with the Borrower’s consent or acquiescence, for the purpose of effecting a composition
between the Borrower and its creditors, pursuant to any federal or state statute now or hereafter enacted, if the claims of such creditors
are under any circumstances payable from the revenues of the System; or
(f)
Any bankruptcy, insolvency or other similar proceeding shall be instituted by or against the Borrower under any federal or state
bankruptcy or insolvency law now or hereinafter in effect and, if instituted against the Borrower, is not dismissed within ninety (90)
days after filing.
Section 10.2. Notice of Default.
The Borrower agrees
to give the Department prompt written notice if any order, decree or proceeding referred to in Section 10.1(d) through (f), inclusive,
is entered or instituted against the Borrower or of the occurrence of any other event or condition which constitutes an Event of Default
immediately upon becoming aware of the existence thereof.
Section 10.3. Remedies on Default.
Whenever any Event
of Default referred to in Section 10.1 shall have happened and be continuing, the Department shall, in addition to any other remedies
provided herein or by law, have the right, at its option without any further demand or notice, to take one or both of the following remedial
steps:
| (a) | Discontinue advances of Loan Proceeds hereunder; |
(b)
Declare immediately due and payable all payments due or to become due under this Agreement or under the Bond, and upon notice to
the Borrower, the same shall become immediately due and payable by the Borrower without further notice or demand; and
(c)
Take whatever other action at law or in equity may appear necessary or desirable to collect the payments then due and thereafter
to become due under this Agreement or to enforce any other of the Department’s rights under this Agreement or to enforce performance
by the Borrower of its covenants, agreements or undertakings contained herein.
Section 10.4. Delay and Waiver.
No delay or
omission to exercise any right or power accruing upon any Event of Default shall impair any such right or power or shall be construed
to be a waiver of any such Event of Default or acquiescence therein, and every such right and power may be exercised from time to time
and as often as may be deemed expedient. No waiver of any Event of Default under this Agreement shall extend to or shall affect any subsequent
Event of Default or shall impair any rights or remedies consequent thereto.
Section 10.5. Right to Cure Default.
If the Borrower
shall fail to make any payment or to perform any act required by it under this Agreement, the Department without prior notice to or demand
upon the Borrower and without waiving or releasing any obligation or default, may (but shall be under no obligation to) make such payment
or perform such act. All amounts so paid by the Department and all costs, fees and expenses so incurred shall be payable by the Borrower
as an additional obligation under this Agreement, together with interest thereon at the rate of interest of five percent (5%) per annum
until paid. The Borrower’s obligation under this Section shall survive the repayment of the Bond.
ARTICLE
XI
MISCELLANEOUS
Section 11.1. Successors and Assigns.
This Agreement
shall be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and assigns.
Section 11.2. Amendments.
The Department
and the Borrower shall have the right to amend from time to time any of the terms and conditions of this Agreement, provided that
all amendments shall be in writing and shall be signed by or on behalf of the Department and the Borrower.
Section 11.3. Limitation of Liability of Borrower’s
Officers.
No present or future
director, official, officer, employee or agent of the Borrower shall be liable personally in respect of this Agreement or for any other
action taken by such individual pursuant to or in connection with the financing provided for in this Agreement.
Section 11.4. Applicable Law.
This Agreement shall be governed by the applicable laws of
The State of
Delaware.
Section 11.5. Severability.
If any clause,
provision, or section of this Agreement shall be held illegal or invalid by any court, the illegality or invalidity of such clause, provision
or Section shall not affect the remainder of this Agreement which shall be construed and enforced as if such illegal or invalid clause,
provision or section had not been contained in this Agreement. If any agreement or obligation contained in this Agreement is held to be
in violation of law, then such agreement or obligation shall be deemed to be the agreement or obligation of the Department and the Borrower,
as the case may be, only to the extent permitted by law.
Section 11.6. Notice.
Unless otherwise
provided for herein, all demands, notices, approvals, consents, requests, opinions and other communications under this Agreement shall
be in writing and shall be deemed to have been given when delivered in person or mailed by first class registered or certified mail, postage
prepaid, addressed as follows:
|
Department: |
Delaware Department of Health and Social Services |
|
|
Division of Public Health |
|
|
Office of Drinking Water Jesse Cooper Building |
|
|
417 Federal Street – Room 226 |
|
|
Dover, DE 19901 |
|
|
Attention: DWSRF Program Director |
|
|
|
|
With a copy to: |
|
|
|
|
|
|
Delaware Department of Natural Resources |
|
|
& Environmental Control, on behalf of the Delaware |
|
|
Department of Health and Social Services |
|
|
Office Of The Secretary, Environmental |
|
|
Finance 97 Commerce Way, Suite 106 |
|
|
Dover, DE 19904 |
|
|
Attention: Laura Robbins, Chief of Administration |
|
|
|
|
and |
|
|
|
|
|
Borrower: |
Tidewater Utilities, Inc. |
|
|
1100 South Little Creek Road |
|
|
Dover, DE 19901 |
|
|
Attention: Mr. Robert J. Capko, Treasurer |
|
|
|
|
With a copy to: |
|
|
|
|
|
|
Middlesex Water Company |
|
|
485C Route One South, Suite 400 |
|
|
Iselin, NJ 08830 |
|
|
Attn: Jay L. Kooper, Vice President, General Counsel &
Secretary |
The Department, and the Borrower
may designate, by notice given hereunder, any further or different addresses to which subsequent demands, notices, approvals, consents,
requests, opinion or other communications shall be sent or persons to whose attention the same shall be directed.
Section 11.7. Headings.
The headings of the several articles
and sections of this Agreement are inserted for convenience only and do not comprise a part of this Agreement.
Section 11.8. Terms of Agreement.
This Agreement shall be effective
upon its execution and delivery by the Borrower and the Department. Except as otherwise specified, the Borrower’s obligations under
this Agreement shall expire upon payment in full
of the Bond and all other amounts payable by the Borrower under this Agreement.
Section 11.9. Counterparts.
This Agreement may be executed in
any number of counterparts, each of which shall be an original and all of which together shall constitute but one and the same instrument.
WITNESS the following signatures, all duly authorized.
FOR THE DELAWARE
DRINKING WATER STATE REVOLYING FUND, ACTING BY AND THROUGH THE DELAWARE DEPARTMENT OF HEALTH AND SOCIAL SERVICES, DIVISION OF PUBLIC
HEALTH
By:./s/ Laura Robbins
Laura Robbins
DNREC, Chief of Administration
Delaware Department of Natural
Resources and
Environmental Control, on behalf of the
Delaware Department of Health and Social Services
TIDEWATER UTILITIES, INC.
By:/s/ Robert J. Capko
Name: Robert J. Capko
Title: Treasurer
(SEAL)
Attest:
By: /s/ Jay L. Kooper
Jay L. Kooper
Secretary
[SIGNATURE PAGE TO FINANCING
AGREEMENT-SERIES 2024C-DWSRF- DELDOT- LOCHMEATH TO PUNCHEON RUN MAIN RELOCATIONS]
EXHIBIT A
Project Description
The Delaware Department
of Transportation (DelDOT) is currently in the process of upgrading portions of US Rt. 13 between Lochmeath Way and the Puncheon Run Connector.
The Borrower has significant existing infrastructure throughout the proposed DelDOT project. As a part of the Project, all existing mains
within the DelDOT project area will be relocated and upgraded as appropriate.
The Project will
eliminate old water main that is prone to leaks and breaks as well as improve current distribution throughout the District by upsizing
to 12” and allow for efficient water delivery. The larger replacement main will provide more efficient regional distribution from
Tidewater's Camden facility.
The Project will
replace asbestos concrete pipe (ACP) which has reached the end of its useful life. Relocation of the existing mains in the DelDOT project
area is required in order for the DelDOT project to proceed. The location of new mains outside of travel lanes will improve field safety
during main breaks and repair work.
EXHIBIT B
Project Budget
Project Budget: | |
Total Cost |
Engineering | |
$ | 25,000.00 | |
Construction | |
$ | 675,000.00 | |
Contingency | |
$ | 67,500.00 | |
Total Budget | |
$ | 767,500.00 | |
Source of Funds: | |
| | |
DWSRF Loan | |
$ | 767,500.00 | |
EXHIBIT C
Form of Requisition
|
|
|
PROJECT NAME:_______________________ |
|
FUNDING RECIPIENT: ________________ |
|
|
E. I. # _______________________ |
|
|
|
UNITED STATES |
AND/ STATE OF DELAWARE |
REQUISITION NO: ___________________ |
DEPARTMENT OF AGRICULTURE |
OR
DHSS |
|
RURAL DEVELOPMENT |
|
DATE: _______________________ |
|
|
|
USDA LOAN NO. ____________________ |
|
STATE LOAN NO. ___________________ |
USDA GRANT NO. ___________________ |
SEPARATELY OR |
STATE GRANT NO. __________________ |
|
JOINTLY FUNDED PROJECT |
|
ACCOUNT SUMMARY AND REQUEST FOR
LOAN/GRANT DISBURSEMENT
DISBURSEMENT
ITEMS |
AMOUNT
BUDGETED |
PREVIOUS
DISBURSEMENTS |
THIS
PERIOD |
TOTAL
TO DATE |
REMAINING
FUNDS |
CONSTRUCTION
|
|
|
|
|
|
CONTRACT
NAME OR # |
|
|
|
|
|
CONTRACT
NAME OR # |
|
|
|
|
|
CONTRACT
NAME OR # |
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|
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LAND AND R.O.W. |
|
|
|
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LEGAL AND ADMIN |
|
|
|
|
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ENGINEERING FEES |
|
|
|
|
|
INTEREST |
|
|
|
|
|
CONTINGENCIES |
|
|
|
|
|
INITIAL O & M |
|
|
|
|
|
OTHER
(describe) |
|
|
|
|
|
DISBURSEMENT
TOTALS |
|
|
|
|
|
SOURCES OF FUNDING |
|
|
|
|
|
USDA LOAN |
|
|
|
|
|
USDA GRANT |
|
|
|
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|
STATE LOAN |
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|
|
|
|
STATE GRANT |
|
|
|
|
|
OTHER
(describe) |
|
|
|
|
|
OTHER
(describe) |
|
|
|
|
|
OTHER
(describe) |
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SOURCE TOTALS (must
equal disbursement totals above) |
|
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|
See Notes on Page 2 (other side)
Page 2
LOAN/GRANT DISBURSEMENT FORM
Requisition No.
|
|
|
PREPARED BY (BORROWER/GRANTEE) DATE |
|
APPROVED BY (DHSS/ODW) DATE |
|
|
|
|
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APPROVED BY (ARCHITECT/ENGINEER) DATE |
|
APPROVED BY (USDA/RD) DATE |
Borrower/Grantee’s Certification
The undersigned certifies that (1) the amounts
requested by this requisition will be applied solely and exclusively to the payment, or the reimbursement of the recipient for the
payment, of Project Costs, and (2) any materials, supplies or equipment covered by this requisition are not subject to any lien or
security interest or such lien or security interest will be released upon payment of this requisition.
|
Consulting Engineer’s Certification
The undersigned Consulting Engineer for the Recipient
hereby Certifies that insofar as the amounts covered by this Requisition include payment for labor or to contractors, builders or materialmen,
such work was actually performed or such materials, supplies or equipment were actually furnished to or installed in the Project. |
Recipient’s Authorized Representative Name, Title (PRINTED)
|
Title and Company Name (PRINTED) |
Recipient’s Authorized Representative Signature Date
|
Consulting Engineer’s Name (PRINTED) |
|
Authorized Consulting Engineer Signature Date |
| NOTES: | 1. Include copies of all invoices or other acceptable documentation to support above request. Provide one (1) set
for each funding agency. |
2. On
jointly funded projects, disbursements will not be processed until this document is approved by authorized representatives of both the
U. S. Department of Agriculture and the State of Delaware, Department of Health and Social Services.
Forms-Jointly Funded-Disbursement.doc This form provides all
information required by USDA Form RD 440-11
EXHIBIT D
Schedule of Disbursements
Date | |
Amount ($) |
June-24 | |
| 25,000 | |
February-27 | |
| 742,500 | |
Total: | |
$ | 767,500 | |
EXHIBIT E
Form of Change Order
UNITED STATES |
AND/ STATE OF DELAWARE |
ORDER NO: ___________________ |
DEPARTMENT OF AGRICULTURE |
OR
DHSS |
|
RURAL DEVELOPMENT |
|
DATE: _______________________ |
|
|
|
STATE: ____________________ |
|
|
COUNTY:___________________ |
|
|
|
|
|
SEPARATELY OR JOINTLY FUNDED
PROJECT
CONTRACT CHANGE ORDER
CONTRACT FOR: ____________________ |
|
|
You are hereby requested to comply
with the following changes from the contract plans and specifications:
Description of Changes (Supplemental Plans and Specifications Attached) |
DECREASE
in Contract Price |
INCREASE
In Contract Price |
|
$ |
$ |
TOTALS |
$ |
$ |
NET CHANGE IN CONTRACT PRICE |
$ |
$ |
JUSTIFICATION: Explain (Differing Site
Conditions) (Errors or Omissions in Drawings or Specifications) (Changes in Regulatory Requirements) (Design Changes) (Over run or Under
run in Quantities) (Factors Affecting Time of Completion) (Other: Describe below)
|
|
|
|
|
|
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|
|
The original amount of the Contract: |
|
|
|
|
|
|
|
Dollars ($_________________) |
|
|
|
The amount of the Contract as adjusted by all previously approved Change Orders: |
|
|
|
|
|
|
Dollars ($_________________) |
|
|
|
The amount of the Contract will be (Decreased) (Increased) through this Change Order by the sum of: |
|
|
|
|
|
|
Dollars ($_________________) |
|
|
The Contract Total including this and all previous Change Orders will be: |
|
|
|
|
|
|
Dollars ($_________________) |
|
|
The Contract Period provided for completion will be (Increased) (Decreased) (Unchanged)
by: |
______________Calendar Days |
Page 2
CONTRACT CHANGE ORDER FORM
CHANGE ORDER NO.
This document will become a supplement to the contract and
all provisions will apply hereto.
Requested: |
|
|
|
|
(Owner) |
|
(Date) |
|
|
|
|
Recommended: |
|
|
|
|
(Owner’s Architect/Engineer) |
|
(Date) |
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|
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Accepted: |
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|
|
(Contractor) |
|
(Date) |
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Approved by State of Delaware: |
|
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(Date) |
|
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|
|
Approved by U. S. Department
of Agriculture: |
|
|
|
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|
(Date) |
After all five (5) copies of the Change
Order have been signed and dated by authorized representatives of all the applicable parties in the spaces provided above, transmit one
(1) copy to each party as listed below.
( ) U. S. Department of Agriculture’s Copy
( )
State of Delaware’s Copy
( ) Contractor’s Copy
( ) Borrower/Grantee’s Copy
( ) Architect/Engineer’s
Copy
Forms- Jointly Funded-Change Order.doc This form provides all
information required by USDA Form RD 1924 (Rev. 2-97)
EXHIBIT "F"
CERTIFICATE
OF THE BORROWER AND PROJECTED DRAWDOWN SCHEDULE OF THE PROJECT
The undersigned,
as representatives of Tidewater Utilities, Inc. (the "Borrower") in connection with the issuance of its $767,500 General Obligation
Bond (DelDOT - Lochmeath to Puncheon Run Main Relocations Project, Series 2024C-DWSRF, have reviewed the estimated drawdown schedule prepared
by the Borrower, attached hereto as Exhibit D and made a part hereof.
We hereby certify
as of May 17, 2024 that the estimated drawdown schedule attached hereto as Exhibit D and statements made under Section 2.1(m) "Representations
by Borrower" in the foregoing Financing Agreement between the Borrower and the Delaware Drinking Water State Revolving Fund, acting
by and through the Delaware Department of Health and Social Services, Division of Public Health, are to the best of our knowledge true
and correct as of the date hereof.
[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]
|
TIDEWATER UTILITIES, INC. |
|
|
|
By: |
/s/ Robert J. Capko |
|
|
Robert J. Capko |
|
|
Treasurer |
Attest:
By: |
/s/ Jay L. Kooper |
|
|
Jay L. Kooper
Secretary |
|
[SIGNATURE PAGE TO EXHIBIT F- CERTIFICATE AS
TO PROJECTED DRAWDOWN SCHEDULE SERIES 2024C-DWSRF-DELDOT- LOCHMEATH TO PUNCHEON RUN MAIN RELOCATIONS}
Exhibit
31.1
SECTION 302 CERTIFICATION PURSUANT TO RULES 13a-14
AND 15d-14 OF THE SECURITIES EXCHANGE ACT OF 1934
I, Nadine Leslie, certify that:
|
1. |
I have reviewed this quarterly report on Form 10-Q of Middlesex Water Company (the “registrant”); |
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have; |
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
d) |
Disclosed in this report any changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function): |
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/
Nadine Leslie
Nadine Leslie
President and Chief Executive Officer
Date: July 31, 2024
Exhibit 31.2
SECTION 302 CERTIFICATION PURSUANT TO RULES 13a-14
AND 15d-14 OF THE SECURITIES EXCHANGE ACT OF 1934
I, Mohammed G. Zerhouni, certify that:
|
1. |
I have reviewed this quarterly report on Form 10-Q of Middlesex Water Company (the “registrant”); |
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have; |
|
a. |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
b. |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
c. |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
d. |
Disclosed in this report any changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function): |
|
a. |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
b. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Mohammed G. Zerhouni
Mohammed G. Zerhouni
Senior Vice President, Chief Financial Officer and
Treasurer
Date: July 31, 2024
Exhibit 32.1
SECTION 906 CERTIFICATION PURSUANT TO 18 U.S.C.
§1350
I, Nadine Leslie, hereby certify that, to the best
of my knowledge, the periodic report being filed herewith containing financial statements fully complies with the requirements of section
13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)) and that information contained in said periodic report
fairly presents, in all material respects, the financial condition and results of operations of Middlesex Water Company for the period
covered by said periodic report.
/s/ Nadine Leslie
Nadine Leslie
President and Chief Executive Officer
Date: July 31, 2024
A signed original of this written statement required
by Section 906 has been provided to Middlesex Water Company and will be retained by Middlesex Water Company and furnished to the Securities
and Exchange Commission or its staff upon request.
Exhibit 32.2
SECTION 906 CERTIFICATION PURSUANT TO 18 U.S.C.
§1350
I, Mohammed G. Zerhouni, hereby certify that, to the
best of my knowledge, the periodic report being filed herewith containing financial statements fully complies with the requirements of
section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)) and that information contained in said periodic
report fairly presents, in all material respects, the financial condition and results of operations of Middlesex Water Company for the
period covered by said periodic report.
/s/ Mohammed G. Zerhouni
Mohammed G. Zerhouni
Senior Vice President, Chief Financial Officer and
Treasurer
Date: July 31, 2024
A signed original of this written statement required
by Section 906 has been provided to Middlesex Water Company and will be retained by Middlesex Water Company and furnished to the Securities
and Exchange Commission or its staff upon request.
v3.24.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Jul. 31, 2024 |
Document Information [Line Items] |
|
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Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
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Entity Interactive Data Current |
Yes
|
|
Amendment Flag |
false
|
|
Document Period End Date |
Jun. 30, 2024
|
|
Document Fiscal Year Focus |
2024
|
|
Document Fiscal Period Focus |
Q2
|
|
Entity Information [Line Items] |
|
|
Entity Registrant Name |
MIDDLESEX WATER COMPANY
|
|
Entity Central Index Key |
0000066004
|
|
Entity File Number |
0-422
|
|
Entity Tax Identification Number |
22-1114430
|
|
Entity Incorporation, State or Country Code |
NJ
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Shell Company |
false
|
|
Entity Filer Category |
Large Accelerated Filer
|
|
Entity Small Business |
false
|
|
Entity Emerging Growth Company |
false
|
|
Entity Contact Personnel [Line Items] |
|
|
Entity Address, Address Line One |
485C Route One South
|
|
Entity Address, City or Town |
Iselin
|
|
Entity Address, State or Province |
NJ
|
|
Entity Address, Postal Zip Code |
08830
|
|
Entity Phone Fax Numbers [Line Items] |
|
|
City Area Code |
(732)
|
|
Local Phone Number |
634-1500
|
|
Entity Listings [Line Items] |
|
|
Title of 12(b) Security |
Common Stock
|
|
Trading Symbol |
MSEX
|
|
Security Exchange Name |
NASDAQ
|
|
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v3.24.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
Operating Revenues |
$ 49,146
|
$ 42,801
|
$ 89,670
|
$ 80,957
|
Operating Expenses: |
|
|
|
|
Operations and Maintenance |
21,825
|
21,204
|
42,290
|
41,462
|
Depreciation |
6,305
|
6,184
|
11,701
|
12,170
|
Other Taxes |
5,701
|
4,744
|
10,499
|
9,168
|
Total Operating Expenses |
33,831
|
32,132
|
64,490
|
62,800
|
Operating Income |
15,315
|
10,669
|
25,180
|
18,157
|
Other Income: |
|
|
|
|
Allowance for Funds Used During Construction |
257
|
852
|
433
|
1,665
|
Other Income, net |
2,399
|
1,290
|
7,588
|
2,188
|
Total Other Income, net |
2,656
|
2,142
|
8,021
|
3,853
|
Interest Charges |
4,041
|
3,251
|
7,310
|
5,846
|
Income before Income Taxes |
13,930
|
9,560
|
25,891
|
16,164
|
Income Taxes |
3,384
|
(341)
|
4,663
|
397
|
Net Income |
10,546
|
9,901
|
21,228
|
15,767
|
Preferred Stock Dividend Requirements |
30
|
30
|
60
|
60
|
Earnings Applicable to Common Stock |
$ 10,516
|
$ 9,871
|
$ 21,168
|
$ 15,707
|
Earnings per share of Common Stock: |
|
|
|
|
Basic (in Dollars per share) |
$ 0.59
|
$ 0.56
|
$ 1.19
|
$ 0.89
|
Diluted (in Dollars per share) |
$ 0.59
|
$ 0.55
|
$ 1.18
|
$ 0.88
|
Common Shares Outstanding : |
|
|
|
|
Basic (in Shares) |
17,829,000
|
17,713,000
|
17,824,000
|
17,683,000
|
Diluted (in Shares) |
17,944,000
|
17,828,000
|
17,939,000
|
17,798,000
|
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v3.24.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
UTILITY PLANT: Water Production |
$ 307,173
|
$ 303,791
|
Transmission and Distribution |
825,223
|
809,862
|
General |
102,149
|
100,593
|
Construction Work in Progress |
29,703
|
19,636
|
TOTAL |
1,264,248
|
1,233,882
|
Less Accumulated Depreciation |
244,102
|
235,540
|
UTILITY PLANT - NET |
1,020,146
|
998,342
|
CURRENT ASSETS: Cash and Cash Equivalents |
8,025
|
2,390
|
Accounts Receivable, net of allowance for credit losses of $2,135 and $2,137, respectively in 2024 and 2023 |
20,173
|
18,172
|
Litigation Settlement Receivable |
69,872
|
69,872
|
Unbilled Revenues |
12,530
|
9,297
|
Materials and Supplies (at average cost) |
6,477
|
6,972
|
Prepayments |
3,925
|
1,833
|
TOTAL CURRENT ASSETS |
121,002
|
108,536
|
OTHER ASSETS: Operating Lease Right of Use Asset |
2,872
|
3,185
|
Preliminary Survey and Investigation Charges |
1,968
|
1,932
|
Regulatory Assets |
91,066
|
90,694
|
Non-utility Assets - Net |
11,771
|
11,522
|
Employee Benefit Plans |
25,763
|
21,779
|
Other |
51
|
62
|
TOTAL OTHER ASSETS |
133,491
|
129,174
|
TOTAL ASSETS |
1,274,639
|
1,236,052
|
CAPITALIZATION AND LIABILITIES |
|
|
CAPITALIZATION: Common Stock, No Par Value |
247,014
|
246,764
|
Retained Earnings |
185,864
|
176,227
|
TOTAL COMMON EQUITY |
432,878
|
422,991
|
Preferred Stock |
2,084
|
2,084
|
Long-term Debt |
355,975
|
358,153
|
TOTAL CAPITALIZATION |
790,937
|
783,228
|
CURRENT Current Portion of Long-term Debt |
7,968
|
7,740
|
LIABILITIES: Notes Payable |
72,250
|
42,750
|
Accounts Payable |
25,222
|
27,618
|
Litigation Settlement Payable |
6,237
|
6,237
|
Accrued Taxes |
14,241
|
10,535
|
Accrued Interest |
3,252
|
3,138
|
Unearned Revenues and Advanced Service Fees |
1,689
|
1,390
|
Other |
4,124
|
4,421
|
TOTAL CURRENT LIABILITIES |
134,983
|
103,829
|
COMMITMENTS AND CONTINGENT LIABILITIES (Note 7) |
|
|
OTHER LIABILITIES: Customer Advances for Construction |
21,145
|
21,313
|
Lease Obligations |
2,747
|
3,063
|
Accumulated Deferred Income Taxes |
91,800
|
88,736
|
Regulatory Liabilities |
55,203
|
113,021
|
Other |
420
|
592
|
TOTAL OTHER LIABILITIES |
171,315
|
226,725
|
CONTRIBUTIONS IN AID OF CONSTRUCTION |
177,404
|
122,270
|
TOTAL CAPITALIZATION AND LIABILITIES |
$ 1,274,639
|
$ 1,236,052
|
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v3.24.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net Income |
$ 21,228
|
$ 15,767
|
Net Cash Provided by Operating Activities: |
|
|
Depreciation and Amortization |
13,008
|
14,543
|
Provision for Deferred Income Taxes and Investment Tax Credits |
1,722
|
(2,993)
|
Equity Portion of Allowance for Funds Used During Construction (AFUDC) |
(253)
|
(1,014)
|
Cash Surrender Value of Life Insurance |
(199)
|
(207)
|
Stock Compensation Expense |
1,072
|
1,366
|
Changes in Assets and Liabilities: |
|
|
Accounts Receivable |
(2,001)
|
788
|
Unbilled Revenues |
(3,233)
|
(2,408)
|
Materials & Supplies |
495
|
(249)
|
Prepayments |
(2,092)
|
(846)
|
Accounts Payable |
(2,396)
|
3,418
|
Accrued Taxes |
3,706
|
843
|
Accrued Interest |
114
|
563
|
Employee Benefit Plans |
(4,457)
|
(975)
|
Unearned Revenue & Advanced Service Fees |
299
|
111
|
Recovered Costs-Environmental Litigation Settlement |
(8,003)
|
|
Other Assets and Liabilities |
(1,131)
|
580
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
17,879
|
29,287
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Utility Plant Expenditures, Including AFUDC-Debt of $180 in 2024 and $651 in 2023 |
(28,737)
|
(50,635)
|
NET CASH USED IN INVESTING ACTIVITIES |
(28,737)
|
(50,635)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Redemption of Long-term Debt |
(2,493)
|
(2,553)
|
Proceeds from Issuance of Long-term Debt |
561
|
62,880
|
Net Short-term Bank Borrowings |
29,500
|
(32,000)
|
Deferred Debt Issuance Expense |
(41)
|
(107)
|
Payment of Grantee Withholding Taxes in Exchange for Restricted Stock |
(1,328)
|
|
Proceeds from Issuance of Common Stock |
505
|
5,745
|
Payment of Common Dividends |
(11,531)
|
(11,049)
|
Payment of Preferred Dividends |
(60)
|
(60)
|
Construction Advances and Contributions-Net |
1,380
|
(959)
|
NET CASH PROVIDED BY FINANCING ACTIVITIES |
16,493
|
21,897
|
NET CHANGES IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
5,635
|
549
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD |
2,390
|
3,828
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD |
8,025
|
4,377
|
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY: |
|
|
Utility Plant received as Construction Advances and Contributions |
4,461
|
4,219
|
Cash Paid During the Period for: |
|
|
Interest |
7,417
|
5,491
|
Interest Capitalized |
180
|
651
|
Income Taxes |
$ 752
|
$ 260
|
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v3.24.2
CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Common Stock, No Par Value |
|
|
Shares Authorized - 40,000 |
|
|
Shares Outstanding - 2024 - 17,829; 2023 - 17,821 |
247,014
|
246,764
|
Retained Earnings |
185,864
|
176,227
|
TOTAL COMMON EQUITY |
432,878
|
422,991
|
Cumulative Preferred Stock, No Par Value: |
|
|
Shares Authorized - 120 |
|
|
Shares Outstanding - 20 |
|
|
Convertible: |
|
|
TOTAL PREFERRED STOCK |
2,084
|
2,084
|
Long-term Debt: |
|
|
SUBTOTAL LONG-TERM DEBT |
362,804
|
364,736
|
Add: Premium on Issuance of Long-term Debt |
6,432
|
6,529
|
Less: Unamortized Debt Expense |
(5,293)
|
(5,372)
|
Less: Current Portion of Long-term Debt |
(7,968)
|
(7,740)
|
TOTAL LONG-TERM DEBT |
355,975
|
358,153
|
First Mortgage Bonds |
|
|
Long-term Debt: |
|
|
SUBTOTAL LONG-TERM DEBT |
277,619
|
278,374
|
Amortizing Secured Notes |
|
|
Long-term Debt: |
|
|
SUBTOTAL LONG-TERM DEBT |
68,342
|
69,724
|
State Revolving Trust Notes |
|
|
Long-term Debt: |
|
|
SUBTOTAL LONG-TERM DEBT |
16,843
|
16,638
|
Convertible Preferred Stock $7.00 Series |
|
|
Convertible: |
|
|
TOTAL PREFERRED STOCK |
1,005
|
1,005
|
Nonredeemable Preferred Stock $7.00 Series |
|
|
Convertible: |
|
|
TOTAL PREFERRED STOCK |
79
|
79
|
Nonredeemable Preferred Stock $4.75 Series |
|
|
Convertible: |
|
|
TOTAL PREFERRED STOCK |
$ 1,000
|
$ 1,000
|
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v3.24.2
CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Parentheticals) - USD ($) shares in Thousands, $ in Thousands |
6 Months Ended |
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Common stock, shares authorized |
40,000
|
40,000
|
Shares Outstanding |
17,829
|
17,821
|
Preferred stock, shares authorized (in Dollars) |
$ 120
|
$ 120
|
Preferred stock, shares outstanding |
20
|
20
|
First Mortgage Bonds 2024-2059 |
|
|
Long term debt maturity period |
2024-2059
|
|
Amortizing Secured Notes due 2028-2046 |
|
|
Long term debt maturity period |
2028-2046
|
|
State Revolving Trust Notes due 2025-2044 |
|
|
Long term debt maturity period |
2025-2044
|
|
Minimum | First Mortgage Bonds 2024-2059 |
|
|
Interest rate |
0.00%
|
|
Minimum | Amortizing Secured Notes due 2028-2046 |
|
|
Interest rate |
3.94%
|
|
Minimum | State Revolving Trust Notes due 2025-2044 |
|
|
Interest rate |
2.00%
|
|
Maximum | First Mortgage Bonds 2024-2059 |
|
|
Interest rate |
5.50%
|
|
Maximum | Amortizing Secured Notes due 2028-2046 |
|
|
Interest rate |
7.05%
|
|
Maximum | State Revolving Trust Notes due 2025-2044 |
|
|
Interest rate |
4.03%
|
|
Convertible Preferred Stock $7.00 Series |
|
|
Preferred stock, shares outstanding |
10
|
10
|
Nonredeemable Preferred Stock $7.00 Series |
|
|
Preferred stock, shares outstanding |
1
|
1
|
Nonredeemable Preferred Stock $4.75 Series |
|
|
Preferred stock, shares outstanding |
10
|
10
|
X |
- DefinitionThe maximum number of common shares permitted to be issued by an entity's charter and bylaws.
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v3.24.2
CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands |
Common Stock |
Retained Earnings |
Total |
Balance at Dec. 31, 2022 |
$ 233,054
|
$ 167,274
|
$ 400,328
|
Balance (in Shares) at Dec. 31, 2022 |
17,642,000
|
|
|
Net Income |
|
5,868
|
5,868
|
Dividend Reinvestment & Common Stock Purchase Plan |
$ 2,342
|
|
2,342
|
Dividend Reinvestment & Common Stock Purchase Plan (in Shares) |
29,000
|
|
|
Restricted Stock Award - Net - Employees |
$ 360
|
|
360
|
Cash Dividends on Common Stock |
|
(5,513)
|
(5,513)
|
Cash Dividends on Preferred Stock |
|
(30)
|
(30)
|
Balance at Mar. 31, 2023 |
$ 235,756
|
167,599
|
403,355
|
Balance (in Shares) at Mar. 31, 2023 |
17,671,000
|
|
|
Balance at Dec. 31, 2022 |
$ 233,054
|
167,274
|
400,328
|
Balance (in Shares) at Dec. 31, 2022 |
17,642,000
|
|
|
Net Income |
|
|
15,767
|
Balance at Jun. 30, 2023 |
$ 239,545
|
171,932
|
411,477
|
Balance (in Shares) at Jun. 30, 2023 |
17,729,000
|
|
|
Balance at Mar. 31, 2023 |
$ 235,756
|
167,599
|
403,355
|
Balance (in Shares) at Mar. 31, 2023 |
17,671,000
|
|
|
Net Income |
|
9,901
|
9,901
|
Restricted Stock Award - Board of Directors |
$ 360
|
|
360
|
Restricted Stock Award - Board of Directors (in Shares) |
5,000
|
|
|
Dividend Reinvestment & Common Stock Purchase Plan |
$ 3,402
|
|
3,402
|
Dividend Reinvestment & Common Stock Purchase Plan (in Shares) |
46,000
|
|
|
Restricted Stock Award - Net - Employees |
$ 27
|
|
27
|
Restricted Stock Award - Net - Employees (in Shares) |
7,000
|
|
|
Cash Dividends on Common Stock |
|
(5,538)
|
(5,538)
|
Cash Dividends on Preferred Stock |
|
(30)
|
(30)
|
Balance at Jun. 30, 2023 |
$ 239,545
|
171,932
|
411,477
|
Balance (in Shares) at Jun. 30, 2023 |
17,729,000
|
|
|
Balance at Dec. 31, 2023 |
$ 246,764
|
176,227
|
$ 422,991
|
Balance (in Shares) at Dec. 31, 2023 |
17,821,000
|
|
17,821,000
|
Net Income |
|
10,682
|
$ 10,682
|
Dividend Reinvestment & Common Stock Purchase Plan |
$ 252
|
|
252
|
Dividend Reinvestment & Common Stock Purchase Plan (in Shares) |
5,000
|
|
|
Restricted Stock Award - Net - Employees |
$ (465)
|
|
(465)
|
Restricted Stock Award - Net - Employees (in Shares) |
(12,000)
|
|
|
Cash Dividends on Common Stock |
|
(5,738)
|
(5,738)
|
Cash Dividends on Preferred Stock |
|
(30)
|
(30)
|
Balance at Mar. 31, 2024 |
$ 246,551
|
181,141
|
427,692
|
Balance (in Shares) at Mar. 31, 2024 |
17,814,000
|
|
|
Balance at Dec. 31, 2023 |
$ 246,764
|
176,227
|
$ 422,991
|
Balance (in Shares) at Dec. 31, 2023 |
17,821,000
|
|
17,821,000
|
Net Income |
|
|
$ 21,228
|
Balance at Jun. 30, 2024 |
$ 247,014
|
185,864
|
$ 432,878
|
Balance (in Shares) at Jun. 30, 2024 |
17,829,000
|
|
17,829,000
|
Balance at Mar. 31, 2024 |
$ 246,551
|
181,141
|
$ 427,692
|
Balance (in Shares) at Mar. 31, 2024 |
17,814,000
|
|
|
Net Income |
|
10,546
|
10,546
|
Restricted Stock Award - Board of Directors |
$ 397
|
|
397
|
Restricted Stock Award - Board of Directors (in Shares) |
7,000
|
|
|
Dividend Reinvestment & Common Stock Purchase Plan |
$ 253
|
|
253
|
Dividend Reinvestment & Common Stock Purchase Plan (in Shares) |
5,000
|
|
|
Restricted Stock Award - Net - Employees |
$ (187)
|
|
(187)
|
Restricted Stock Award - Net - Employees (in Shares) |
3,000
|
|
|
Cash Dividends on Common Stock |
|
(5,793)
|
(5,793)
|
Cash Dividends on Preferred Stock |
|
(30)
|
(30)
|
Balance at Jun. 30, 2024 |
$ 247,014
|
$ 185,864
|
$ 432,878
|
Balance (in Shares) at Jun. 30, 2024 |
17,829,000
|
|
17,829,000
|
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- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
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CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (Unaudited) (Parentheticals) - $ / shares
|
3 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Common Stock |
|
|
|
|
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|
$ 0.325
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v3.24.2
Basis of Presentation and Recent Developments
|
6 Months Ended |
Jun. 30, 2024 |
Basis of Presentation and Recent Developments [Abstract] |
|
Basis of Presentation and Recent Developments |
Note 1 – Basis of Presentation and Recent Developments
Middlesex Water Company (Middlesex or the Company)
is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), Pinelands Water Company (Pinelands Water) and Pinelands
Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA), and Utility Service Affiliates (Perth
Amboy) Inc. (USA-PA). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh)
are wholly-owned subsidiaries of Tidewater. The financial statements for Middlesex and its wholly-owned subsidiaries are reported on
a consolidated basis. All significant intercompany accounts and transactions have been eliminated.
The consolidated notes within the 2023 Annual Report
on Form 10-K (the 2023 Form 10-K) are applicable to these financial statements and, in the opinion of the Company, the accompanying unaudited
condensed consolidated financial statements contain all adjustments necessary (including normal recurring accruals) to present fairly
the Company’s financial position as of June 30, 2024, the results of operations for the three and six month periods ended June
30, 2024 and 2023 and cash flows for the six month periods ended June 30, 2024 and 2023. Information included in the Condensed Consolidated
Balance Sheet as of December 31, 2023, has been derived from the Company’s December 31, 2023 audited financial statements included
in the 2023 Form 10-K.
Recent Developments
United States Environmental Protection Agency
(USEPA) Issues Final Perfluoroalkyl Substances (PFAS) Regulations - In April 2024, the USEPA finalized drinking water regulations
for PFAS, establishing maximum contaminant levels (MCLs) for three PFAS compounds (Regulated PFAS) that are lower than the current New
Jersey Department of Environmental Protection MCLs adhered to by the Company. Under the new USEPA regulations effective April 2024, water
systems must monitor for Regulated PFAS and have three years to complete initial monitoring (by April 2027), followed by ongoing compliance
monitoring. Water systems must also provide the public with information on the levels of Regulated PFAS in their drinking water beginning
in 2027. Water systems have five years (by April 2029) to implement solutions that reduce Regulated PFAS if monitoring shows that drinking
water levels exceed these MCLs.
Beginning in April 2029, water systems that have
Regulated PFAS in drinking water which exceeds one or more of these MCLs must take action to reduce levels of these PFAS compounds in
their drinking water and must provide notification to the public of the violation.
In anticipation of these new USEPA standards, in
2023, the Company began implementing its strategy to meet these lower MCLs for Regulated PFAS and is currently performing preliminary
engineering studies to ensure that effective PFAS treatment approaches are implemented.
Recent Accounting Guidance
The recently issued accounting standards that have not yet been
adopted by the Company as of June 30, 2024 are as follows:
Standard | | Description | | Date of Adoption | | Application | | Effect on the Condensed Consolidated Financial Statements | Accounting Standards Update (“ASU”) 2023-07 “Improvements to Reportable Segment Disclosures” | | The ASU requires disclosure of significant segment expenses, extends certain annual disclosures to interim periods, and additional qualitative disclosures regarding the chief operating decision maker. | | The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2024. Early adoption is permitted. | | Retrospective | | The Company is currently evaluating the requirements of ASU 2023-07. | ASU 2023-09 “Improvements to Income Tax Disclosures” | | The ASU amends certain income tax disclosure requirements, including adding requirements to present the reconciliation of income tax expense computed at the statutory rate to actual income tax expense using both percentages and amounts and providing a disaggregation of income taxes paid. Further, certain disclosures are eliminated, including the current requirement to disclose information on changes in unrecognized tax benefits in the next 12 months. | | The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted. | | Prospective, with retrospective application also permitted. | | The Company is currently evaluating the requirements of ASU 2023-09. |
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v3.24.2
Rate and Regulatory Matters
|
6 Months Ended |
Jun. 30, 2024 |
Rate and Regulatory Matters [Abstract] |
|
Rate and Regulatory Matters |
Note 2 – Rate and Regulatory Matters
Middlesex – The approval by the New Jersey
Board of Public Utilities (NJBPU) in February 2024 of the negotiated settlement of the Middlesex 2023 base rate case is expected to increase
annual operating revenues by $15.4 million, effective March 1, 2024. The approved tariff rates were designed to recover increased operating
costs as well as a return on invested capital of $563.1 million, based on an authorized return on common equity of 9.6%. Middlesex has
made capital infrastructure investments to ensure prudent upgrade and replacement of its utility assets to support continued regulatory
compliance, resilience and overall quality of service. In August 2023, Middlesex and 3M Company (3M) executed a settlement agreement (Settlement
Agreement) to resolve a lawsuit Middlesex previously initiated claiming 3M introduced PFAS, which includes Perfluorooctanoic Acid (PFOA), into
the Company’s water supply for its Park Avenue Wellfield Treatment Plant (Park Avenue Plant). The rate case settlement
provides that the net proceeds from the 3M Settlement Agreement were to be used to mitigate the increase in customer rates and reimburse
Middlesex for previously incurred costs for the construction of the Park Avenue Plant PFAS treatment upgrades, including depreciation
and carrying costs. This resulted in the reclassification of $48.3 million from Regulatory Liabilities to Contributions in Aid of Construction
from the December 31, 2023 balance sheet. In 2024, the Company also recognized the recovery of $0.9 million for depreciation and $4.1
million for carrying costs associated with the Park Avenue Plant PFAS treatment upgrades, as well as the recovery of $1.4 million of previously
incurred operating treatment costs while the Park Avenue Plant PFAS treatment upgrades were in process.
The Middlesex Lead Service Line Replacement (LSLR)
Plan, which was approved by the NJBPU in January 2024, has commenced and Middlesex submitted a customer surcharge filing with the NJBPU
in July 2024 to recover costs incurred replacing Middlesex customer-owned lead service lines. The surcharge is for $1.2 million of costs
incurred through June 2024, which are expected to be recovered between September 2024 and February 2025. The surcharge is required to
be reset every six months over the life of the LSLR Plan. Cost recovery for replacing Company-owned lead service lines are recoverable
through traditional rate making in connection with general rate case filings.
In May 2024, the NJBPU approved a Distribution System
Improvement Charge (DSIC) rate, effective May 26, 2024, that is expected to result in $0.5 million of annual revenues. A DSIC is a rate-mechanism
that allows water utilities to recover investments in, and generate a return on, qualifying capital improvements made between general
rate case proceedings.
Tidewater - Effective July 1, 2024, Tidewater
increased its Delaware Public Service Commission (DEPSC)-approved DSIC rate, which is expected to generate revenue of approximately $1.6
million annually.
In July 2024, Tidewater filed a petition seeking DEPSC
approval of deferred accounting treatment for costs associated with Tidewater’s obligation to identify and inventory lead service
lines throughout Tidewater’s service area, as required by federal law and Delaware regulations. Through June 30, 2024, Tidewater
has spent $0.3 million, included in Operations and Maintenance Expense, and expects to spend approximately $2.1 million through September
30, 2024.
In addition, in July 2024, Tidewater provided the
DEPSC a notice of intent to file a general rate case application in the third quarter 2024. Twin Lakes Utilities, Inc. (Twin Lakes) –
Twin Lakes provides water services to approximately 115 residential customers in Shohola, Pennsylvania. Pursuant to the Pennsylvania Public
Utility Code, Twin Lakes filed a petition requesting the Pennsylvania Public Utilities Commission (PAPUC) to order the acquisition of
Twin Lakes by a capable public utility. The PAPUC assigned an Administrative Law Judge (ALJ) to adjudicate the matter and submit a recommended
decision (Recommended Decision) to the PAPUC. As part of this legal proceeding the PAPUC also issued an Order in January 2021 appointing
a large Pennsylvania based investor-owned water utility as the receiver (the Receiver Utility) of the Twin Lakes system until the petition
is fully adjudicated by the PAPUC. In November 2021, the PAPUC issued an Order affirming the ALJ’s Recommended Decision, ordering
the Receiver Utility to acquire the Twin Lakes water system and for Middlesex, the parent company of Twin Lakes, to submit $1.7 million
into an escrow account within 30 days. Twin Lakes immediately filed a Petition For Review (PFR) with the Commonwealth Court of Pennsylvania
(the Commonwealth Court) seeking reversal and vacation of the escrow requirement on the grounds that it violates the Pennsylvania Public
Utility Code as well as the United States Constitution. In addition, Twin Lakes filed an emergency petition for stay of the PAPUC Order
pending the Commonwealth Court’s review of the merits arguments contained in Twin Lakes’ PFR. In December 2021, the Commonwealth
Court granted Twin Lakes’ emergency petition, pending its review. In August 2022, the Commonwealth Court issued an opinion upholding
PAPUC’s November 2021 Order in its entirety. In September 2022, Twin Lakes filed a Petition For Allowance of Appeal (Appeal Petition)
to the Supreme Court of Pennsylvania seeking reversal of the Commonwealth Court’s decision to uphold the escrow requirement on the
grounds that the Commonwealth Court erred in failing to address Twin Lakes’ claims that because the $1.7 million escrow requirement
placed on Middlesex violated Middlesex’s constitutional rights, Middlesex’s refusal to submit this escrow payment would jeopardize
the relief Twin Lakes was otherwise entitled to in the appointment of the Receiver Utility. In March 2023, the Supreme Court of Pennsylvania
issued a decision denying Twin Lakes’ Appeal Petition without addressing this claim on the merits. As a result of the Pennsylvania
Courts’ failure to address Twin Lakes’ claim, Middlesex has subsequently filed a Complaint with the United States District
Court for the Middle District of Pennsylvania (US District Court) to address the issue of whether the PAPUC’s Order violated Middlesex’s
rights under the United States Constitution. On January 18, 2024, the US District Court issued a decision dismissing Middlesex’s
complaint without addressing Middlesex’s claims on the merits. On January 31, 2024, Middlesex filed a Notice of Appeal of the US
District Court’s decision with the United States Court of Appeals for the Third Circuit (Third Circuit Court). The Third Circuit
Court has issued a briefing schedule that will extend into July 2024 and it is expected that oral arguments will be scheduled before a
three-judge panel of the Third Circuit Court following the completion of the briefing schedule.
The financial results, total assets and financial
obligations of Twin Lakes are not material to Middlesex.
|
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v3.24.2
Capitalization
|
6 Months Ended |
Jun. 30, 2024 |
Capitalization [Abstract] |
|
Capitalization |
Note 3 – Capitalization
Common Stock – During the six months
ended June 30, 2024 and 2023, there were 9,683 common shares (approximately $0.5 million) and 75,764 common shares (approximately $5.7
million) respectively, issued under the Middlesex Water Company Investment Plan.
Middlesex has received approval from the NJBPU to
issue and sell up to 1.0 million shares of its common stock, without par value, through December 31, 2025. Sales of additional shares
of common stock are part of the Company’s comprehensive financing plan to fund its multi-year utility plant infrastructure investment
program. As described below in “Long-term Debt”, the NJBPU also approved the debt funding component of the financing plan.
Long-term Debt – Subject to regulatory
approval, the Company periodically issues long-term debt to fund its investments in utility plant. To the extent possible and fiscally
prudent, the Company finances qualifying capital projects under State Revolving Fund (SRF) loan programs in New Jersey and Delaware. These
government programs provide financing at interest rates typically below rates available in the broader financial markets. A portion of
the borrowings under the New Jersey SRF is interest-free.
Middlesex has received approval from the NJBPU to
borrow up to $300.0 million from the New Jersey SRF Program, the New Jersey Economic Development Authority, private placement and other
financial institutions as needed through December 31, 2025. The Company expects to issue debt securities in a series of one or more transaction
offerings over a multi-year period to help fund Middlesex’s multi-year capital construction program.
Under the New Jersey SRF program, borrowers first
enter into a construction loan agreement with the New Jersey Infrastructure Bank (NJIB) at a below market interest rate. When construction
on the qualifying project is substantially complete, NJIB will coordinate the conversion of the construction loan into a long-term securitized
loan with a portion of the principal balance having a stated interest rate of zero percent (0%) and a portion of the principal balance
at a market interest rate at the time of closing using the credit rating of the State of New Jersey. Under the Delaware SRF program, borrowers 1) enter
into a long-term note agreement for a term not to exceed twenty years, 2) submit requisitions for cost reimbursements during the construction
period for up to two years after the agreement is executed and 3) as the proceeds are received from the requisitions, borrowers record
a corresponding debt obligation amount.
In May 2024, Tidewater closed on four DEPSC-approved
Delaware SRF loans totaling $5.6 million, all at interest rates of 2.0% with expected maturity dates in 2044. These loans are for the
construction, relocation, improvement, and/or interconnection of transmission mains and construction of a water treatment facility. Tidewater
has not drawn down on these loans as of June 30, 2024. Each project has its own construction timetable with the last spending set to occur
in 2026.
In July 2024, Tidewater received a commitment for
a $2.2 million Delaware SRF loan with a 0.0% interest rate. This loan is for costs associated with Tidewater’s obligation, as required
by federal law and Delaware regulations, to identify and inventory lead service lines throughout Tidewater’s service area. If and
when approval is received from the DEPSC, Tidewater expects to close on this loan and draw down on it in 2024.
Separately, Tidewater has two active construction
projects funded by prior year Delaware SRF loans totaling $8.3 million with remaining availability of funds for borrowing. These loans
are for the construction of a one million gallon elevated storage tank and construction, relocation, improvement, and interconnection
of transmission mains. Tidewater has drawn a total of $4.9 million through June 30, 2024 and expects that the requisitions will continue
through late 2024.
Fair Value of Financial Instruments –
The following methods and assumptions were used by the Company in estimating its fair value disclosure for financial instruments for which
it is practicable to estimate that value. The carrying amounts reflected in the condensed consolidated balance sheets for cash and cash
equivalents, accounts receivable, accounts payable and notes payable approximate their respective fair values due to the short-term maturities
of these instruments. The fair value of First Mortgage Bonds (FMBs) and SRF Bonds (collectively, the Bonds) issued by Middlesex is based
on quoted market prices for similar issues. Under the fair value hierarchy, the fair value of cash and cash equivalents is classified
as a Level 1 measurement and the fair value of notes payable and the FMBs in the table below are classified as Level 2 measurements. The
carrying amount and fair value of the FMBs were as follows:
| |
(Thousands of Dollars) |
| |
June 30, 2024 | |
December 31, 2023 |
| |
Carrying | |
Fair | |
Carrying | |
Fair |
| |
Amount | |
Value | |
Amount | |
Value |
FMBs | |
$ | 132,619 | | |
$ | 129,574 | | |
$ | 133,374 | | |
$ | 131,745 | |
It was not practicable to estimate the fair value
on our outstanding long-term debt for which there is no quoted market price and there is not an active trading market. For details, including
carrying value, interest rates and due dates on these series of long-term debt, please refer to those series noted as “Amortizing
Secured Notes” and “State Revolving Trust Notes” on the Condensed Consolidated Statements of Capital Stock and Long-Term
Debt. The carrying amount of these instruments was $230.2 million and $231.3 million at June 30, 2024 and December 31, 2023, respectively.
Customer advances for construction have carrying amounts of $21.1 million and $21.3 million at June 30, 2024 and December 31, 2023, respectively.
Their relative fair values cannot be accurately estimated since future refund payments depend on several variables, including new customer
connections, customer consumption levels and future rate increases.
Substantially all of the utility plant of the Company
is subject to the lien of its mortgage, which includes debt service and capital ratio covenants. The Company is in compliance with all
of its mortgage covenants and restrictions.
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v3.24.2
Earnings Per Share
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Earnings Per Share |
Note 4 – Earnings Per Share
Basic earnings per share (EPS) are computed on the
basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of the Convertible
Preferred Stock $7.00 Series.
| |
(In Thousands Except per Share Amounts) |
| |
Three Months Ended June 30, |
| |
2024 | |
2023 |
Basic: | |
Income | |
Shares | |
Income | |
Shares |
Net Income | |
$ | 10,546 | | |
| 17,829 | | |
$ | 9,901 | | |
| 17,713 | |
Preferred Dividend | |
| (30 | ) | |
| | | |
| (30 | ) | |
| | |
Earnings Applicable to Common Stock | |
$ | 10,516 | | |
| 17,829 | | |
$ | 9,871 | | |
| 17,713 | |
| |
| | | |
| | | |
| | | |
| | |
Basic EPS | |
$ | 0.59 | | |
| | | |
$ | 0.56 | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Diluted: | |
| | | |
| | | |
| | | |
| | |
Earnings Applicable to Common Stock | |
$ | 10,516 | | |
| 17,829 | | |
$ | 9,871 | | |
| 17,713 | |
$7.00 Series Preferred Dividend | |
| 17 | | |
| 115 | | |
| 17 | | |
| 115 | |
Adjusted Earnings Applicable to Common Stock | |
$ | 10,533 | | |
| 17,944 | | |
$ | 9,888 | | |
| 17,828 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted EPS | |
$ | 0.59 | | |
| | | |
$ | 0.55 | | |
| | |
| |
(In Thousands Except per Share Amounts) |
| |
Six Months Ended June 30, |
| |
2024 | |
2023 |
Basic: | |
Income | |
Shares | |
Income | |
Shares |
Net Income | |
$ | 21,228 | | |
| 17,824 | | |
$ | 15,767 | | |
| 17,683 | |
Preferred Dividend | |
| (60 | ) | |
| | | |
| (60 | ) | |
| | |
Earnings Applicable to Common Stock | |
$ | 21,168 | | |
| 17,824 | | |
$ | 15,707 | | |
| 17,683 | |
| |
| | | |
| | | |
| | | |
| | |
Basic EPS | |
$ | 1.19 | | |
| | | |
$ | 0.89 | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Diluted: | |
| | | |
| | | |
| | | |
| | |
Earnings Applicable to Common Stock | |
$ | 21,168 | | |
| 17,824 | | |
$ | 15,707 | | |
| 17,683 | |
$7.00 Series Preferred Dividend | |
| 34 | | |
| 115 | | |
| 34 | | |
| 115 | |
Adjusted Earnings Applicable to Common Stock | |
$ | 21,202 | | |
| 17,939 | | |
$ | 15,741 | | |
| 17,798 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted EPS | |
$ | 1.18 | | |
| | | |
$ | 0.88 | | |
| | |
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v3.24.2
Business Segment Data
|
6 Months Ended |
Jun. 30, 2024 |
Business Segment Data [Abstract] |
|
Business Segment Data |
Note 5 – Business Segment Data
The Company has identified two reportable segments.
One is the regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial,
industrial and fire protection customers in parts of New Jersey and Delaware. This segment also includes regulated wastewater systems
in New Jersey and Delaware. The Company is subject to regulations as to its rates, services and other matters by New Jersey and
Delaware with respect to utility services within these states. The other segment is primarily comprised of non-regulated contract services
for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware. Inter-segment
transactions relating to operational costs are treated as pass-through expenses. Finance charges on inter-segment loan activities are
based on interest rates that are below what would normally be charged by a third-party lender.
| |
(In Thousands) |
| |
Three Months Ended | |
Six Months Ended |
| |
June 30, | |
June 30, |
Operations by Segments: | |
2024 | |
2023 | |
2024 | |
2023 |
Revenues: | |
| |
| |
| |
|
Regulated | |
$ | 45,966 | | |
$ | 39,909 | | |
$ | 83,431 | | |
$ | 74,862 | |
Non – Regulated | |
| 3,410 | | |
| 3,056 | | |
| 6,614 | | |
| 6,398 | |
Inter-segment Elimination | |
| (230 | ) | |
| (164 | ) | |
| (375 | ) | |
| (303 | ) |
Consolidated Revenues | |
$ | 49,146 | | |
$ | 42,801 | | |
$ | 89,670 | | |
$ | 80,957 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Income: | |
| | | |
| | | |
| | | |
| | |
Regulated | |
$ | 14,314 | | |
$ | 9,820 | | |
$ | 23,315 | | |
$ | 16,535 | |
Non – Regulated | |
| 1,001 | | |
| 849 | | |
| 1,865 | | |
| 1,622 | |
Consolidated Operating Income | |
$ | 15,315 | | |
$ | 10,669 | | |
$ | 25,180 | | |
$ | 18,157 | |
| |
| | | |
| | | |
| | | |
| | |
Net Income: | |
| | | |
| | | |
| | | |
| | |
Regulated | |
$ | 9,826 | | |
$ | 9,307 | | |
$ | 19,877 | | |
$ | 14,631 | |
Non – Regulated | |
| 720 | | |
| 594 | | |
| 1,351 | | |
| 1,136 | |
Consolidated Net Income | |
$ | 10,546 | | |
$ | 9,901 | | |
$ | 21,228 | | |
$ | 15,767 | |
| |
| | | |
| | | |
| | | |
| | |
Capital Expenditures: | |
| | | |
| | | |
| | | |
| | |
Regulated | |
$ | 14,325 | | |
$ | 26,114 | | |
$ | 28,701 | | |
$ | 50,579 | |
Non – Regulated | |
| 23 | | |
| 6 | | |
| 36 | | |
| 56 | |
Total Capital Expenditures | |
$ | 14,348 | | |
$ | 26,120 | | |
$ | 28,737 | | |
$ | 50,635 | |
| |
As of | | |
As of | | |
| | | |
| | |
| |
June 30, 2024 | | |
December 31, 2023 | | |
| | | |
| | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Regulated | |
$ | 1,272,096 | | |
$ | 1,235,549 | | |
| | | |
| | |
Non – Regulated | |
| 9,645 | | |
| 8,068 | | |
| | | |
| | |
Inter-segment Elimination | |
| (7,102 | ) | |
| (7,565 | ) | |
| | | |
| | |
Consolidated Assets | |
$ | 1,274,639 | | |
$ | 1,236,052 | | |
| | | |
| | |
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v3.24.2
Short-Term Borrowings
|
6 Months Ended |
Jun. 30, 2024 |
Short-Term Borrowings [Abstract] |
|
Short-term Borrowings |
Note 6 – Short-term Borrowings
The Company maintains lines of credit aggregating
$140.0 million.
| | (Millions) | | | | | | | | | As of June 30, 2024 | | | | | | | | | Outstanding | | Available | | Maximum | | Credit Type | | Renewal Date | Bank of America | | $ | 10.0 | | | $ | 50.0 | | | $ | 60.0 | | | Uncommitted | | January 24, 2025 | PNC Bank | | | 54.8 | | | $ | 13.2 | | | | 68.0 | | | Committed | | January 31, 2026 | CoBank, ACB | | | 7.5 | | | | 4.5 | | | | 12.0 | | | Committed | | May 20, 2026 | | | $ | 72.3 | | | $ | 67.7 | | | $ | 140.0 | | | | | |
The interest rates are set for borrowings under the
Bank of America and PNC Bank lines of credit using the Secured Overnight Financing Rate (SOFR) and then adding a specific financial institution
credit spread. The interest rate for borrowings under the CoBank, ACB (CoBank) line of credit are set weekly using CoBank’s internal
cost of funds index that is similar to the SOFR and adding a credit spread. There is no requirement for a compensating balance under any
of the established lines of credit. The $10.0 million outstanding from Bank of America
as of June 30, 2024 matured in July 2024. The borrowings outstanding under the PNC Bank and CoBank, ACB lines of credit as of June 30,
2024 mature daily and are being rolled over on a daily basis. The proceeds of $63.6 million received in July 2024 from the Company’s
3M Settlement Agreement were used to reduce borrowings under its lines of credit. See Note 2 for additional details.
The weighted average interest rate on the outstanding
borrowings at June 30, 2024 under these credit lines is 6.51%.
The weighted average daily amounts of borrowings outstanding
under these credit lines and the weighted average interest rates on those amounts were as follows:
| |
(In Thousands) |
| |
Three Months Ended | |
Six Months Ended |
| |
June 30, | |
June 30, |
| |
2024 | |
2023 | |
2024 | |
2023 |
Average Daily Amounts Outstanding | |
$ | 62,934 | | |
$ | 24,220 | | |
$ | 56,463 | | |
$ | 36,848 | |
Weighted Average Interest Rates | |
| 6.43% | | |
| 6.09% | | |
| 6.42% | | |
| 5.75% | |
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v3.24.2
Commitments and Contingent Liabilities
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingent Liabilities [Abstract] |
|
Commitments and Contingent Liabilities |
Note 7 – Commitments and Contingent Liabilities
Water Supply – Middlesex has an agreement
with the New Jersey Water Supply Authority (NJWSA) for the purchase of untreated water through November 30, 2048. This agreement with
the NJWSA provides for an average purchase of 27 million gallons a day (mgd) with a peak up to 47.0 mgd. Pricing is set annually by the
NJWSA through a public rate making process. The agreement has provisions for additional pricing in the event Middlesex overdrafts or exceeds
certain monthly and annual thresholds.
Middlesex also has an agreement with a non-affiliated
NJBPU-regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2026, provides for the minimum
purchase of 3.0 mgd of treated water with provisions for additional purchases if needed.
Tidewater contracts with the City of Dover in Delaware
to purchase treated water of up to 60.0 million gallons annually.
Purchased water costs are shown below:
| |
(In Thousands) |
| |
Three Months Ended | |
Six Months Ended |
| |
June 30, | |
June 30, |
| |
2024 | |
2023 | |
2024 | |
2023 |
| |
| |
| |
| |
|
Treated | |
$ | 992 | | |
$ | 1,363 | | |
$ | 1,901 | | |
$ | 2,747 | |
Untreated | |
| 861 | | |
| 739 | | |
| 1,711 | | |
| 1,540 | |
Total Costs | |
$ | 1,853 | | |
$ | 2,102 | | |
$ | 3,612 | | |
$ | 4,287 | |
Leases – The Company determines if an
arrangement is a lease at inception. Generally, a lease agreement exists if the Company determines that the arrangement gives the Company
control over the use of an identified asset and obtains substantially all of the benefits from the identified asset.
The Company has entered into an operating lease of
office space for administrative purposes, expiring in 2030. The Company has not entered into any finance leases. The exercise of a lease
renewal option for the Company’s administrative offices is solely at the discretion of the Company. The right-of-use (ROU) asset recorded represents the
Company’s right to use an underlying asset for the lease term and lease liability represents the Company’s obligation to make
lease payments arising from the lease. Lease ROU assets and liabilities are recognized at the commencement date based on the present value
of lease payments over the lease term. The Company’s operating lease does not provide an implicit discount rate and as such the
Company used an estimated incremental borrowing rate (4.03%) based on the information available at the commencement date in determining
the present value of lease payments.
Given the impacts of accounting for regulated operations,
and the resulting recognition of expense at the amounts recovered in customer rates, expenditures for operating leases are consistent
with lease expense and were $0.2 million for each of the three months ended June 30, 2024 and 2023, respectively, and $0.4 million for
each of the six months ended June 30, 2024 and 2023, respectively.
Information related to operating lease ROU assets
and lease liabilities is as follows:
| |
(In Millions) |
| |
As of |
| |
June 30, 2024 | |
December 31, 2023 |
ROU Asset at Lease Inception | |
$ | 7.3 | | |
$ | 7.3 | |
Accumulated Amortization | |
| (4.4 | ) | |
| (4.1 | ) |
ROU Asset | |
$ | 2.9 | | |
$ | 3.2 | |
The Company’s future minimum operating lease commitments as
of June 30, 2024 are as follows:
| |
(In Millions) |
2024 | |
$ | 0.4 | |
2025 | |
| 0.8 | |
2026 | |
| 0.9 | |
2027 | |
| 0.9 | |
2028 | |
| 0.9 | |
Thereafter | |
| 0.9 | |
Total Lease Payments | |
$ | 4.8 | |
Imputed Interest | |
| (1.5 | ) |
Present Value of Lease Payments | |
| 3.3 | |
Less Current Portion* | |
| (0.6 | ) |
Non-Current Lease Liability | |
$ | 2.7 | |
| |
| | |
*Included in Other Current Liabilities |
|
|
Construction – The Company has entered
into several construction contracts that, in the aggregate, obligate expenditure of an estimated $13 million in the future. The actual
amount and timing of capital expenditures is dependent on the need for upgrade or replacement of existing infrastructure, customer growth,
residential new home construction and sales, project scheduling, supply chain issues and continued refinement of project scope and costs.
With continued higher mortgage interest rates, as well as other financial market uncertainties, there is no assurance that projected customer
growth and residential new home construction and sales will occur.
PFOA Matter – In November 2021, the Company
was served with two PFOA-related class action lawsuits seeking restitution for medical, water replacement and other related costs and
economic damages. Middlesex and 3M agreed to enter into a joint mediation on these lawsuits and their ultimate resolution is not known
at this time. See Note 2 for additional details.
Contingencies – Based on our operations
in the heavily-regulated water and wastewater industries, the Company is routinely involved in disputes, claims, lawsuits and other regulatory
and legal matters, including responsibility for fines and penalties relative to regulatory compliance. At this time, Management does not
believe the final resolution of any such matters, whether asserted or unasserted, will have a material adverse effect on the Company’s
financial position, results of operations or cash flows. In addition, the Company maintains business insurance coverage that may
mitigate the effect of any current or future loss contingencies. Change in Control Agreements – The Company
has Change in Control Agreements with its executive officers that provide compensation and benefits in the event of termination of employment
under certain conditions in connection with a change in control of the Company.
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v3.24.2
Employee Benefit Plans
|
6 Months Ended |
Jun. 30, 2024 |
Employee Benefit Plans [Abstract] |
|
Employee Benefit Plans |
Note 8 – Employee Benefit Plans
Pension Benefits – The Company’s
defined benefit pension plan (Pension Plan) covers all active employees hired prior to April 1, 2007. Employees hired after March 31,
2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides for a potential annual
contribution in an amount at the discretion of the Company, based upon a percentage of the participants’ annual paid compensation.
For the three and six month periods ended June 30, 2024, the Company made cash contributions to the Pension Plan of $2.0 million. For
the three and six month periods ended June 30, 2023, the Company did not make cash contributions to the Pension Plan. The Company does
not expect to make any additional cash contributions to the Pension Plan over the remainder of the current year.
Other Postretirement Benefits – The Company’s
retirement plan other than pensions (Other Benefits Plan) covers substantially all currently eligible retired employees. Employees hired
after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For each of the six
month periods ended June 30, 2024 and 2023, the Company did not make cash contributions to its Other Benefits Plan. The Company expects
to make additional Other Benefits Plan cash contributions of $0.9 million over the remainder of the current year.
The following tables set forth information relating to the Company’s
periodic costs (benefit) for its employee retirement benefit plans:
| |
(In Thousands) |
| |
Pension Benefits | |
Other Benefits |
| |
Three Months Ended June 30, |
| |
2024 | |
2023 | |
2024 | |
2023 |
| |
| |
| |
| |
|
Service Cost | |
$ | 318 | | |
$ | 388 | | |
$ | 80 | | |
$ | 98 | |
Interest Cost | |
| 1,070 | | |
| 1,067 | | |
| 328 | | |
| 402 | |
Expected Return on Assets | |
| (1,580 | ) | |
| (1,466 | ) | |
| (846 | ) | |
| (771 | ) |
Amortization of Unrecognized Losses | |
| 38 | | |
| 164 | | |
| (275 | ) | |
| (48 | ) |
Net Periodic (Benefit) Cost* | |
$ | (154 | ) | |
$ | 153 | | |
$ | (713 | ) | |
$ | (319 | ) |
| |
(In Thousands) |
| |
Pension Benefits | |
Other Benefits |
| |
Six Months Ended June 30, |
| |
2024 | |
2023 | |
2024 | |
2023 |
Service Cost | |
$ | 635 | | |
$ | 776 | | |
$ | 160 | | |
$ | 196 | |
Interest Cost | |
| 2,140 | | |
| 2,134 | | |
| 657 | | |
| 804 | |
Expected Return on Assets | |
| (3,161 | ) | |
| (2,932 | ) | |
| (1,692 | ) | |
| (1,542 | ) |
Amortization of Unrecognized Losses | |
| 76 | | |
| 328 | | |
| (549 | ) | |
| (96 | ) |
Net Periodic (Benefit) Cost* | |
$ | (310 | ) | |
$ | 306 | | |
$ | (1,424 | ) | |
$ | (638 | ) |
*Service cost is included Operations and Maintenance expense on the consolidated
statements of income; all other amounts are included in Other Income (Expense), net.
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v3.24.2
Revenue Recognition from Contracts with Customers
|
6 Months Ended |
Jun. 30, 2024 |
Revenue Recognition from Contracts with Customers [Abstract] |
|
Revenue Recognition from Contracts with Customers |
Note 9 – Revenue Recognition from Contracts with Customers
The Company’s revenues are primarily generated
from regulated tariff-based sales of water and wastewater services and non-regulated operation and maintenance contracts for services
on water and wastewater systems owned by others. Revenue from contracts with customers is recognized when control of a promised good or
service is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange
for those goods and services.
The Company’s regulated revenue from contracts
with customers results from tariff-based sales from the provision of water and wastewater services to residential, industrial, commercial,
fire-protection and wholesale customers. Residential customers are billed quarterly while most industrial, commercial, fire-protection
and wholesale customers are billed monthly. Payments by customers are due between 15 and 30 days after the invoice date. Revenue is recognized
as the water and wastewater services are delivered to customers as well as from accrual of unbilled revenues estimated from the last meter
reading date to the end of the accounting period utilizing factors such as historical customer data, regional weather indicators and general
economic conditions in the relevant service territories. Unearned Revenues and Advance Service Fees include fixed service charge billings
in advance to Tidewater customers recognized as service is provided to the customer.
Non-regulated service contract revenues consist of
base service fees, as well as fees for additional billable services provided to customers. Fees are billed monthly and are due within
30 days after the invoice date. The Company considers the amounts billed to represent the value of these services provided to customers.
These contracts expire at various times through June 2032 and contain remaining performance obligations for which the Company expects
to recognize revenue in the future. These contracts also contain termination provisions.
Substantially all of the amounts included in operating
revenues and accounts receivable are from contracts with customers. The Company records its allowance for credit losses based on historical
write-offs combined with an evaluation of current economic conditions within its service territories.
The Company’s contracts do not contain any significant
financing components.
The Company’s operating revenues are comprised of the following:
| |
(In Thousands) |
| |
Three Months Ended June 30, | |
Six Months Ended June 30, |
| |
2024 | |
2023 | |
2024 | |
2023 |
Regulated Tariff Sales | |
| | | |
| | | |
| | | |
| | |
Residential | |
$ | 24,736 | | |
$ | 22,653 | | |
$ | 45,066 | | |
$ | 41,657 | |
Commercial | |
| 8,584 | | |
| 6,249 | | |
| 14,559 | | |
| 11,627 | |
Industrial | |
| 3,639 | | |
| 2,806 | | |
| 6,773 | | |
| 5,645 | |
Fire Protection | |
| 3,656 | | |
| 3,145 | | |
| 6,948 | | |
| 6,249 | |
Wholesale | |
| 5,208 | | |
| 4,968 | | |
| 9,880 | | |
| 9,521 | |
Non-Regulated Contract Operations | |
| 3,293 | | |
| 2,942 | | |
| 6,381 | | |
| 6,172 | |
Total Revenue from Contracts with Customers | |
$ | 49,116 | | |
$ | 42,763 | | |
$ | 89,607 | | |
$ | 80,871 | |
Other Regulated Revenues | |
| 143 | | |
| 88 | | |
| 205 | | |
| 163 | |
Other Non-Regulated Revenues | |
| 117 | | |
| 114 | | |
| 233 | | |
| 226 | |
Inter-segment Elimination | |
| (230 | ) | |
| (164 | ) | |
| (375 | ) | |
| (303 | ) |
Total Revenue | |
$ | 49,146 | | |
$ | 42,801 | | |
$ | 89,670 | | |
$ | 80,957 | |
|
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v3.24.2
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Pay vs Performance Disclosure |
|
|
|
|
|
|
Net Income (Loss) |
$ 10,546
|
$ 10,682
|
$ 9,901
|
$ 5,868
|
$ 21,228
|
$ 15,767
|
X |
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- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.2
Basis of Presentation and Recent Developments (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Basis of Presentation and Recent Developments [Abstract] |
|
Schedule of Issued Accounting Standards |
The recently issued accounting standards that have not yet been
adopted by the Company as of June 30, 2024 are as follows: Standard | | Description | | Date of Adoption | | Application | | Effect on the Condensed Consolidated Financial Statements | Accounting Standards Update (“ASU”) 2023-07 “Improvements to Reportable Segment Disclosures” | | The ASU requires disclosure of significant segment expenses, extends certain annual disclosures to interim periods, and additional qualitative disclosures regarding the chief operating decision maker. | | The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2024. Early adoption is permitted. | | Retrospective | | The Company is currently evaluating the requirements of ASU 2023-07. | ASU 2023-09 “Improvements to Income Tax Disclosures” | | The ASU amends certain income tax disclosure requirements, including adding requirements to present the reconciliation of income tax expense computed at the statutory rate to actual income tax expense using both percentages and amounts and providing a disaggregation of income taxes paid. Further, certain disclosures are eliminated, including the current requirement to disclose information on changes in unrecognized tax benefits in the next 12 months. | | The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted. | | Prospective, with retrospective application also permitted. | | The Company is currently evaluating the requirements of ASU 2023-09. |
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v3.24.2
Earnings Per Share (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Schedule of Earnings Per Share |
Basic earnings per share (EPS) are computed on the
basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of the Convertible
Preferred Stock $7.00 Series.
| |
(In Thousands Except per Share Amounts) |
| |
Three Months Ended June 30, |
| |
2024 | |
2023 |
Basic: | |
Income | |
Shares | |
Income | |
Shares |
Net Income | |
$ | 10,546 | | |
| 17,829 | | |
$ | 9,901 | | |
| 17,713 | |
Preferred Dividend | |
| (30 | ) | |
| | | |
| (30 | ) | |
| | |
Earnings Applicable to Common Stock | |
$ | 10,516 | | |
| 17,829 | | |
$ | 9,871 | | |
| 17,713 | |
| |
| | | |
| | | |
| | | |
| | |
Basic EPS | |
$ | 0.59 | | |
| | | |
$ | 0.56 | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Diluted: | |
| | | |
| | | |
| | | |
| | |
Earnings Applicable to Common Stock | |
$ | 10,516 | | |
| 17,829 | | |
$ | 9,871 | | |
| 17,713 | |
$7.00 Series Preferred Dividend | |
| 17 | | |
| 115 | | |
| 17 | | |
| 115 | |
Adjusted Earnings Applicable to Common Stock | |
$ | 10,533 | | |
| 17,944 | | |
$ | 9,888 | | |
| 17,828 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted EPS | |
$ | 0.59 | | |
| | | |
$ | 0.55 | | |
| | |
| |
(In Thousands Except per Share Amounts) |
| |
Six Months Ended June 30, |
| |
2024 | |
2023 |
Basic: | |
Income | |
Shares | |
Income | |
Shares |
Net Income | |
$ | 21,228 | | |
| 17,824 | | |
$ | 15,767 | | |
| 17,683 | |
Preferred Dividend | |
| (60 | ) | |
| | | |
| (60 | ) | |
| | |
Earnings Applicable to Common Stock | |
$ | 21,168 | | |
| 17,824 | | |
$ | 15,707 | | |
| 17,683 | |
| |
| | | |
| | | |
| | | |
| | |
Basic EPS | |
$ | 1.19 | | |
| | | |
$ | 0.89 | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Diluted: | |
| | | |
| | | |
| | | |
| | |
Earnings Applicable to Common Stock | |
$ | 21,168 | | |
| 17,824 | | |
$ | 15,707 | | |
| 17,683 | |
$7.00 Series Preferred Dividend | |
| 34 | | |
| 115 | | |
| 34 | | |
| 115 | |
Adjusted Earnings Applicable to Common Stock | |
$ | 21,202 | | |
| 17,939 | | |
$ | 15,741 | | |
| 17,798 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted EPS | |
$ | 1.18 | | |
| | | |
$ | 0.88 | | |
| | |
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v3.24.2
Business Segment Data (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Business Segment Data [Abstract] |
|
Schedule of Inter-Segment Transactions |
Inter-segment
transactions relating to operational costs are treated as pass-through expenses. Finance charges on inter-segment loan activities are
based on interest rates that are below what would normally be charged by a third-party lender.
| |
(In Thousands) |
| |
Three Months Ended | |
Six Months Ended |
| |
June 30, | |
June 30, |
Operations by Segments: | |
2024 | |
2023 | |
2024 | |
2023 |
Revenues: | |
| |
| |
| |
|
Regulated | |
$ | 45,966 | | |
$ | 39,909 | | |
$ | 83,431 | | |
$ | 74,862 | |
Non – Regulated | |
| 3,410 | | |
| 3,056 | | |
| 6,614 | | |
| 6,398 | |
Inter-segment Elimination | |
| (230 | ) | |
| (164 | ) | |
| (375 | ) | |
| (303 | ) |
Consolidated Revenues | |
$ | 49,146 | | |
$ | 42,801 | | |
$ | 89,670 | | |
$ | 80,957 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Income: | |
| | | |
| | | |
| | | |
| | |
Regulated | |
$ | 14,314 | | |
$ | 9,820 | | |
$ | 23,315 | | |
$ | 16,535 | |
Non – Regulated | |
| 1,001 | | |
| 849 | | |
| 1,865 | | |
| 1,622 | |
Consolidated Operating Income | |
$ | 15,315 | | |
$ | 10,669 | | |
$ | 25,180 | | |
$ | 18,157 | |
| |
| | | |
| | | |
| | | |
| | |
Net Income: | |
| | | |
| | | |
| | | |
| | |
Regulated | |
$ | 9,826 | | |
$ | 9,307 | | |
$ | 19,877 | | |
$ | 14,631 | |
Non – Regulated | |
| 720 | | |
| 594 | | |
| 1,351 | | |
| 1,136 | |
Consolidated Net Income | |
$ | 10,546 | | |
$ | 9,901 | | |
$ | 21,228 | | |
$ | 15,767 | |
| |
| | | |
| | | |
| | | |
| | |
Capital Expenditures: | |
| | | |
| | | |
| | | |
| | |
Regulated | |
$ | 14,325 | | |
$ | 26,114 | | |
$ | 28,701 | | |
$ | 50,579 | |
Non – Regulated | |
| 23 | | |
| 6 | | |
| 36 | | |
| 56 | |
Total Capital Expenditures | |
$ | 14,348 | | |
$ | 26,120 | | |
$ | 28,737 | | |
$ | 50,635 | |
| |
As of | | |
As of | | |
| | | |
| | |
| |
June 30, 2024 | | |
December 31, 2023 | | |
| | | |
| | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Regulated | |
$ | 1,272,096 | | |
$ | 1,235,549 | | |
| | | |
| | |
Non – Regulated | |
| 9,645 | | |
| 8,068 | | |
| | | |
| | |
Inter-segment Elimination | |
| (7,102 | ) | |
| (7,565 | ) | |
| | | |
| | |
Consolidated Assets | |
$ | 1,274,639 | | |
$ | 1,236,052 | | |
| | | |
| | |
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v3.24.2
Short-Term Borrowings (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Short-Term Borrowings [Abstract] |
|
Schedule of Lines of Credit |
The Company maintains lines of credit aggregating
$140.0 million. | | (Millions) | | | | | | | | | As of June 30, 2024 | | | | | | | | | Outstanding | | Available | | Maximum | | Credit Type | | Renewal Date | Bank of America | | $ | 10.0 | | | $ | 50.0 | | | $ | 60.0 | | | Uncommitted | | January 24, 2025 | PNC Bank | | | 54.8 | | | $ | 13.2 | | | | 68.0 | | | Committed | | January 31, 2026 | CoBank, ACB | | | 7.5 | | | | 4.5 | | | | 12.0 | | | Committed | | May 20, 2026 | | | $ | 72.3 | | | $ | 67.7 | | | $ | 140.0 | | | | | |
|
Schedule of Credit Lines and the Weighted Average Interest Rates |
The weighted average daily amounts of borrowings outstanding
under these credit lines and the weighted average interest rates on those amounts were as follows:
| |
(In Thousands) |
| |
Three Months Ended | |
Six Months Ended |
| |
June 30, | |
June 30, |
| |
2024 | |
2023 | |
2024 | |
2023 |
Average Daily Amounts Outstanding | |
$ | 62,934 | | |
$ | 24,220 | | |
$ | 56,463 | | |
$ | 36,848 | |
Weighted Average Interest Rates | |
| 6.43% | | |
| 6.09% | | |
| 6.42% | | |
| 5.75% | |
|
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- DefinitionTabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.
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v3.24.2
Commitments and Contingent Liabilities (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingent Liabilities [Abstract] |
|
Schedule of Purchased Water Costs |
Purchased water costs are shown below:
| |
(In Thousands) |
| |
Three Months Ended | |
Six Months Ended |
| |
June 30, | |
June 30, |
| |
2024 | |
2023 | |
2024 | |
2023 |
| |
| |
| |
| |
|
Treated | |
$ | 992 | | |
$ | 1,363 | | |
$ | 1,901 | | |
$ | 2,747 | |
Untreated | |
| 861 | | |
| 739 | | |
| 1,711 | | |
| 1,540 | |
Total Costs | |
$ | 1,853 | | |
$ | 2,102 | | |
$ | 3,612 | | |
$ | 4,287 | |
|
Schedule of Operating Lease ROU Assets |
Information related to operating lease ROU assets
and lease liabilities is as follows:
| |
(In Millions) |
| |
As of |
| |
June 30, 2024 | |
December 31, 2023 |
ROU Asset at Lease Inception | |
$ | 7.3 | | |
$ | 7.3 | |
Accumulated Amortization | |
| (4.4 | ) | |
| (4.1 | ) |
ROU Asset | |
$ | 2.9 | | |
$ | 3.2 | |
|
Schedule of Future Minimum Operating Lease Commitments |
The Company’s future minimum operating lease commitments as
of June 30, 2024 are as follows:
| |
(In Millions) |
2024 | |
$ | 0.4 | |
2025 | |
| 0.8 | |
2026 | |
| 0.9 | |
2027 | |
| 0.9 | |
2028 | |
| 0.9 | |
Thereafter | |
| 0.9 | |
Total Lease Payments | |
$ | 4.8 | |
Imputed Interest | |
| (1.5 | ) |
Present Value of Lease Payments | |
| 3.3 | |
Less Current Portion* | |
| (0.6 | ) |
Non-Current Lease Liability | |
$ | 2.7 | |
| |
| | |
*Included in Other Current Liabilities |
|
|
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v3.24.2
Employee Benefit Plans (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Employee Benefit Plans [Abstract] |
|
Schedule of Employee Retirement Benefit Plans |
The following tables set forth information relating to the Company’s
periodic costs (benefit) for its employee retirement benefit plans:
| |
(In Thousands) |
| |
Pension Benefits | |
Other Benefits |
| |
Three Months Ended June 30, |
| |
2024 | |
2023 | |
2024 | |
2023 |
| |
| |
| |
| |
|
Service Cost | |
$ | 318 | | |
$ | 388 | | |
$ | 80 | | |
$ | 98 | |
Interest Cost | |
| 1,070 | | |
| 1,067 | | |
| 328 | | |
| 402 | |
Expected Return on Assets | |
| (1,580 | ) | |
| (1,466 | ) | |
| (846 | ) | |
| (771 | ) |
Amortization of Unrecognized Losses | |
| 38 | | |
| 164 | | |
| (275 | ) | |
| (48 | ) |
Net Periodic (Benefit) Cost* | |
$ | (154 | ) | |
$ | 153 | | |
$ | (713 | ) | |
$ | (319 | ) |
| |
(In Thousands) |
| |
Pension Benefits | |
Other Benefits |
| |
Six Months Ended June 30, |
| |
2024 | |
2023 | |
2024 | |
2023 |
Service Cost | |
$ | 635 | | |
$ | 776 | | |
$ | 160 | | |
$ | 196 | |
Interest Cost | |
| 2,140 | | |
| 2,134 | | |
| 657 | | |
| 804 | |
Expected Return on Assets | |
| (3,161 | ) | |
| (2,932 | ) | |
| (1,692 | ) | |
| (1,542 | ) |
Amortization of Unrecognized Losses | |
| 76 | | |
| 328 | | |
| (549 | ) | |
| (96 | ) |
Net Periodic (Benefit) Cost* | |
$ | (310 | ) | |
$ | 306 | | |
$ | (1,424 | ) | |
$ | (638 | ) |
*Service cost is included Operations and Maintenance expense on the consolidated
statements of income; all other amounts are included in Other Income (Expense), net.
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v3.24.2
Revenue Recognition from Contracts with Customers (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Revenue Recognition from Contracts with Customers [Abstract] |
|
Schedule of Operating Revenues |
The Company’s operating revenues are comprised of the following:
| |
(In Thousands) |
| |
Three Months Ended June 30, | |
Six Months Ended June 30, |
| |
2024 | |
2023 | |
2024 | |
2023 |
Regulated Tariff Sales | |
| | | |
| | | |
| | | |
| | |
Residential | |
$ | 24,736 | | |
$ | 22,653 | | |
$ | 45,066 | | |
$ | 41,657 | |
Commercial | |
| 8,584 | | |
| 6,249 | | |
| 14,559 | | |
| 11,627 | |
Industrial | |
| 3,639 | | |
| 2,806 | | |
| 6,773 | | |
| 5,645 | |
Fire Protection | |
| 3,656 | | |
| 3,145 | | |
| 6,948 | | |
| 6,249 | |
Wholesale | |
| 5,208 | | |
| 4,968 | | |
| 9,880 | | |
| 9,521 | |
Non-Regulated Contract Operations | |
| 3,293 | | |
| 2,942 | | |
| 6,381 | | |
| 6,172 | |
Total Revenue from Contracts with Customers | |
$ | 49,116 | | |
$ | 42,763 | | |
$ | 89,607 | | |
$ | 80,871 | |
Other Regulated Revenues | |
| 143 | | |
| 88 | | |
| 205 | | |
| 163 | |
Other Non-Regulated Revenues | |
| 117 | | |
| 114 | | |
| 233 | | |
| 226 | |
Inter-segment Elimination | |
| (230 | ) | |
| (164 | ) | |
| (375 | ) | |
| (303 | ) |
Total Revenue | |
$ | 49,146 | | |
$ | 42,801 | | |
$ | 89,670 | | |
$ | 80,957 | |
|
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v3.24.2
Rate and Regulatory Matters (Details) - USD ($) $ in Thousands |
|
|
|
|
|
3 Months Ended |
6 Months Ended |
|
|
|
Sep. 30, 2024 |
Jul. 01, 2024 |
Jun. 30, 2024 |
May 26, 2024 |
Mar. 01, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Sep. 30, 2022 |
Nov. 30, 2021 |
Rate and Regulatory Matters [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Approved increase in annual operating revenues |
|
|
|
|
|
$ 563,100
|
|
|
|
|
|
|
Return on equity |
|
|
|
|
|
9.60%
|
|
|
|
|
|
|
Reclassification from regulatory liabilities |
|
|
$ 171,315
|
|
|
$ 171,315
|
|
$ 171,315
|
|
$ 226,725
|
|
|
Depreciation |
|
|
|
|
|
6,305
|
$ 6,184
|
11,701
|
$ 12,170
|
|
|
|
Carrying costs |
|
|
|
|
|
|
|
4,100
|
|
|
|
|
Previously incurred operating treatment costs |
|
|
1,400
|
|
|
$ 1,400
|
|
1,400
|
|
|
|
|
Surcharge for costs incurred |
|
|
1,200
|
|
|
|
|
|
|
|
|
|
New Jersey Board of Public Utilities [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Rate and Regulatory Matters [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Reclassification from regulatory liabilities |
|
|
|
|
|
|
|
|
|
$ 48,300
|
|
|
Depreciation |
|
|
|
|
|
|
|
$ 900
|
|
|
|
|
Middlesex Water [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Rate and Regulatory Matters [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Escrow account |
|
|
|
|
|
|
|
|
|
|
$ 1,700
|
|
Middlesex Water [Member] | New Jersey Board of Public Utilities [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Rate and Regulatory Matters [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Approved increase in annual operating revenues |
|
|
|
|
$ 15,400
|
|
|
|
|
|
|
|
Maturity Less than 30 Days [Member] | Middlesex Water Company [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Rate and Regulatory Matters [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Escrow account |
|
|
|
|
|
|
|
|
|
|
|
$ 1,700
|
Tidewater [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Rate and Regulatory Matters [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Operations and maintenance expense |
|
|
$ 300
|
|
|
|
|
|
|
|
|
|
Series of Individually Immaterial Business Acquisitions [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Rate and Regulatory Matters [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Annual revenues |
|
|
|
$ 500
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Tidewater [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Rate and Regulatory Matters [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ 1,600
|
|
|
|
|
|
|
|
|
|
|
Forecast [Member] | Tidewater [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Rate and Regulatory Matters [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Operations and maintenance expense |
$ 2,100
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionRepresent the amount of surcharge for costs incurred.
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v3.24.2
Capitalization (Details) - USD ($) shares in Thousands |
|
|
3 Months Ended |
6 Months Ended |
|
Jul. 31, 2024 |
May 31, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Capitalization [Line Items] |
|
|
|
|
|
|
|
Issuance of common stock (in Shares) |
|
|
|
|
9,683
|
75,764
|
|
Shares issued |
|
|
|
|
$ 500,000
|
$ 5,700,000
|
|
Shares of common stock |
|
|
|
|
$ 1,000,000
|
|
|
Borrowing amount |
|
|
$ 563,100,000
|
|
|
|
|
Interest rates |
|
2.00%
|
6.43%
|
6.09%
|
6.42%
|
5.75%
|
|
Remaining availability of funds for borrowing |
|
|
$ 67,700,000
|
|
$ 67,700,000
|
|
|
Carrying instrument amount |
|
|
230,200,000
|
|
230,200,000
|
|
$ 231,300,000
|
Construction carrying amount |
|
|
21,100,000
|
|
21,100,000
|
|
$ 21,300,000
|
Long-Term Debt [Member] |
|
|
|
|
|
|
|
Capitalization [Line Items] |
|
|
|
|
|
|
|
Drawn amount |
|
|
4,900,000
|
|
4,900,000
|
|
|
SRF Loans [Member] |
|
|
|
|
|
|
|
Capitalization [Line Items] |
|
|
|
|
|
|
|
Remaining availability of funds for borrowing |
|
|
$ 8,300,000
|
|
8,300,000
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
Capitalization [Line Items] |
|
|
|
|
|
|
|
SRF loan |
$ 2,200,000
|
|
|
|
|
|
|
Percentage of loan interest rate |
0.00%
|
|
|
|
|
|
|
New Jersey Infrastructure Bank [Member] |
|
|
|
|
|
|
|
Capitalization [Line Items] |
|
|
|
|
|
|
|
Borrowing amount |
|
|
|
|
$ 300,000,000
|
|
|
Long term securitized loan interest rate |
|
|
0.00%
|
|
0.00%
|
|
|
Tidewater [Member] |
|
|
|
|
|
|
|
Capitalization [Line Items] |
|
|
|
|
|
|
|
Loans totaling |
|
$ 5,600,000
|
|
|
|
|
|
X |
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Earnings Per Share (Details) - Schedule of Earnings Per Share - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
EPS Income [Member] |
|
|
|
|
Schedule of Earnings Per Share [Line Items] |
|
|
|
|
Net Income |
$ 10,546
|
$ 9,901
|
$ 21,228
|
$ 15,767
|
Preferred Dividend |
(30)
|
(30)
|
(60)
|
(60)
|
Earnings Applicable to Common Stock |
$ 10,516
|
$ 9,871
|
$ 21,168
|
$ 15,707
|
Basic EPS (in Dollars per share) |
$ 0.59
|
$ 0.56
|
$ 1.19
|
$ 0.89
|
Diluted: |
|
|
|
|
Earnings Applicable to Common Stock |
$ 10,516
|
$ 9,871
|
$ 21,168
|
$ 15,707
|
$7.00 Series Preferred Dividend |
17
|
17
|
34
|
34
|
Adjusted Earnings Applicable to Common Stock |
$ 10,533
|
$ 9,888
|
$ 21,202
|
$ 15,741
|
Diluted EPS (in Dollars per share) |
$ 0.59
|
$ 0.55
|
$ 1.18
|
$ 0.88
|
EPS Shares [Member] |
|
|
|
|
Schedule of Earnings Per Share [Line Items] |
|
|
|
|
Net Income |
$ 17,829
|
$ 17,713
|
$ 17,824
|
$ 17,683
|
Earnings Applicable to Common Stock |
17,829
|
17,713
|
17,824
|
17,683
|
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|
|
|
|
Earnings Applicable to Common Stock |
17,829
|
17,713
|
17,824
|
17,683
|
$7.00 Series Preferred Dividend |
115
|
115
|
115
|
115
|
Adjusted Earnings Applicable to Common Stock |
$ 17,944
|
$ 17,828
|
$ 17,939
|
$ 17,798
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Business Segment Data (Details) - Schedule of Inter-Segment Transactions - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Revenues: |
|
|
|
|
|
|
|
Consolidated Revenues |
$ 49,146
|
|
$ 42,801
|
|
$ 89,670
|
$ 80,957
|
|
Operating Income: |
|
|
|
|
|
|
|
Consolidated Operating Income |
15,315
|
|
10,669
|
|
25,180
|
18,157
|
|
Net Income: |
|
|
|
|
|
|
|
Consolidated Net Income |
10,546
|
$ 10,682
|
9,901
|
$ 5,868
|
21,228
|
15,767
|
|
Capital Expenditures: |
|
|
|
|
|
|
|
Total Capital Expenditures |
14,348
|
|
26,120
|
|
28,737
|
50,635
|
|
Assets: |
|
|
|
|
|
|
|
Consolidated Assets |
1,274,639
|
|
|
|
1,274,639
|
|
$ 1,236,052
|
Regulated [Member] |
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
Consolidated Revenues |
45,966
|
|
39,909
|
|
83,431
|
74,862
|
|
Operating Income: |
|
|
|
|
|
|
|
Consolidated Operating Income |
14,314
|
|
9,820
|
|
23,315
|
16,535
|
|
Net Income: |
|
|
|
|
|
|
|
Consolidated Net Income |
9,826
|
|
9,307
|
|
19,877
|
14,631
|
|
Capital Expenditures: |
|
|
|
|
|
|
|
Total Capital Expenditures |
14,325
|
|
26,114
|
|
28,701
|
50,579
|
|
Assets: |
|
|
|
|
|
|
|
Consolidated Assets |
1,272,096
|
|
|
|
1,272,096
|
|
1,235,549
|
Non - Regulated [Member] |
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
Consolidated Revenues |
3,410
|
|
3,056
|
|
6,614
|
6,398
|
|
Operating Income: |
|
|
|
|
|
|
|
Consolidated Operating Income |
1,001
|
|
849
|
|
1,865
|
1,622
|
|
Net Income: |
|
|
|
|
|
|
|
Consolidated Net Income |
720
|
|
594
|
|
1,351
|
1,136
|
|
Capital Expenditures: |
|
|
|
|
|
|
|
Total Capital Expenditures |
23
|
|
6
|
|
36
|
56
|
|
Assets: |
|
|
|
|
|
|
|
Consolidated Assets |
9,645
|
|
|
|
9,645
|
|
8,068
|
Inter-segment Elimination [Member] |
|
|
|
|
|
|
|
Revenues: |
|
|
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Commitments and Contingent Liabilities (Details) - Schedule of Purchased Water Costs - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Schedule of Purchased Water Costs [Abstract] |
|
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$ 992
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$ 1,363
|
$ 1,901
|
$ 2,747
|
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739
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1,711
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Total Costs |
$ 1,853
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$ 2,102
|
$ 3,612
|
$ 4,287
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Employee Benefit Plans (Details) - Schedule of Employee Retirement Benefit Plans - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Pension Benefits [Member] |
|
|
|
|
|
Schedule of Employee Retirement Benefit Plans [Line Items] |
|
|
|
|
|
Service Cost |
|
$ 318
|
$ 388
|
$ 635
|
$ 776
|
Interest Cost |
|
1,070
|
1,067
|
2,140
|
2,134
|
Expected Return on Assets |
|
(1,580)
|
(1,466)
|
(3,161)
|
(2,932)
|
Amortization of Unrecognized Losses |
|
38
|
164
|
76
|
328
|
Net Periodic (Benefit) Cost |
[1] |
(154)
|
153
|
(310)
|
306
|
Other Benefits [Member] |
|
|
|
|
|
Schedule of Employee Retirement Benefit Plans [Line Items] |
|
|
|
|
|
Service Cost |
|
80
|
98
|
160
|
196
|
Interest Cost |
|
328
|
402
|
657
|
804
|
Expected Return on Assets |
|
(846)
|
(771)
|
(1,692)
|
(1,542)
|
Amortization of Unrecognized Losses |
|
(275)
|
(48)
|
(549)
|
(96)
|
Net Periodic (Benefit) Cost |
[1] |
$ (713)
|
$ (319)
|
$ (1,424)
|
$ (638)
|
|
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v3.24.2
Revenue Recognition from Contracts with Customers (Details) - Schedule of Operating Revenues - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Regulated Tariff Sales |
|
|
|
|
Non-Regulated Contract Operations |
$ 3,293
|
$ 2,942
|
$ 6,381
|
$ 6,172
|
Total Revenue from Contracts with Customers |
49,116
|
42,763
|
89,607
|
80,871
|
Other Regulated Revenues |
143
|
88
|
205
|
163
|
Other Non-Regulated Revenues |
117
|
114
|
233
|
226
|
Inter-segment Elimination |
(230)
|
(164)
|
(375)
|
(303)
|
Total Revenue |
49,146
|
42,801
|
89,670
|
80,957
|
Residential [Member] |
|
|
|
|
Regulated Tariff Sales |
|
|
|
|
Regulated Tariff Sales |
24,736
|
22,653
|
45,066
|
41,657
|
Commercial [Member] |
|
|
|
|
Regulated Tariff Sales |
|
|
|
|
Regulated Tariff Sales |
8,584
|
6,249
|
14,559
|
11,627
|
Industrial [Member] |
|
|
|
|
Regulated Tariff Sales |
|
|
|
|
Regulated Tariff Sales |
3,639
|
2,806
|
6,773
|
5,645
|
Fire Protection [Member] |
|
|
|
|
Regulated Tariff Sales |
|
|
|
|
Regulated Tariff Sales |
3,656
|
3,145
|
6,948
|
6,249
|
Wholesale [Member] |
|
|
|
|
Regulated Tariff Sales |
|
|
|
|
Regulated Tariff Sales |
$ 5,208
|
$ 4,968
|
$ 9,880
|
$ 9,521
|
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