Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 46

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 46
---
2024, Tidewater closed on a $2.2
million Delaware SRF loan with a 0.0% interest rate with an expected maturity date in 2044. 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. Tidewater has drawn down $1.7 million as of December 31, 2024.

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 drawn down less than $0.1 million on these loans as of December 31, 2024. Each project has its own construction timetable with the
last spending set to occur in 2026.

Tidewater also has two active construction projects
funded by 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 December 31, 2024 and expects that the requisitions will continue through the second quarter
of 2025.

In July 2023, Pinelands Water and Pinelands Wastewater
closed on $3.9 million and $3.6 million CoBank, ACB (CoBank) amortizing mortgage type loans, respectively, with an interest rate of 6.17%
and a final maturity date of 2043 for each loan. Proceeds were used to pay off outstanding intercompany loans with Middlesex and for ongoing
capital projects.

32 

In May 2023, Tidewater closed on a $20.0 million
loan from CoBank with an interest rate of 5.71% and a 2033 maturity date and fully drew all funds by June 30, 2023. Proceeds from the
loan were used to pay off Tidewater’s outstanding balances under its bank lines of credit and for other general corporate purposes.

In April 2023, Tidewater closed on two