ARTESIAN RESOURCES CORP
For the period ended Dec 31, 2023. Filed Mar 18, 2024.
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FY2023 · Filed Mar 18, 2024
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Item 1B.
| ITEM 2. | PROPERTIES |
|---|
Our corporate headquarters are located at 664 Churchmans Road, Newark, Delaware and are owned by Artesian Water.
The Company owns approximately six acres of land in New Castle County, Delaware zoned for office development and two nine-acre parcels of land in Sussex County, Delaware for water and wastewater treatment facilities and an elevated water storage. The Company also owns an office facility located in Sussex County, Delaware. The facility consists of approximately 10,000 square feet of office space along with approximately 10,000 square feet of warehouse space.
The Company owns land, rights-of-way, easements, transmission and distribution mains, collection mains, pump facilities, treatment plants, lift stations, treatment/disposal facilities, storage tanks, meters, vehicles and related equipment and facilities. The following table indicates our utility plant as of December 31, 2023.
| Utility plant comprises: | ||
|---|---|---|
| In thousands | ||
| Estimated Useful Life (In Years) | December 31, 2023 | |
| Utility plant at original cost | ||
| Utility plant in service-Water | ||
| Intangible plant | --- | $140 |
| Source of supply plant | 45-85 | 29,960 |
| Pumping and water treatment plant | 8-62 | 130,337 |
| Transmission and distribution plant | ||
| Mains | 81 | 370,977 |
| Services | 39 | 60,818 |
| Storage tanks | 76 | 40,933 |
| Meters | 26 | 30,318 |
| Hydrants | 60 | 18,980 |
| General plant | 5-31 | 67,317 |
| Utility plant in service-Wastewater | ||
| Intangible plant | --- | 116 |
| Treatment and disposal plant | 21-81 | 67,789 |
| Collection mains and lift stations | 81 | 51,539 |
| General plant | 5-31 | 2,478 |
| Property held for future use | --- | 4,028 |
| Construction work in progress | --- | 23,724 |
| Less – accumulated depreciation | 185,170 | |
| $714,284 | ||
Substantially all of Artesian Water's utility plant, except the utility plant in the town of Townsend, Delaware, is pledged as security for our First Mortgage Bonds. As of December 31, 2023, no other water utility plant has been pledged as security for loans. Two parcels of land in Artesian Wastewater are pledged as security for a loan.
We believe that our properties are generally maintained in good condition and in accordance with current standards of good water and wastewater works industry practice. We believe that all of our existing facilities adequately meet current necessary production capacities and current levels of utilization.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.