SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): September 9, 2005
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RGC RESOURCES, INC.
(Exact name of Registrant as specified in its charter)
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Virginia 000-26591 54-1909697
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
519 Kimball Ave., N.E. Roanoke, Virginia 24016
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 540-777-4427
(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|__| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 240.425)
|__| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|__| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|__| Pre-commencement communications pursuant to Rule 13c-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
Effective September 9, 2005, Diversified Energy Company, a
subsidiary of RGC Resources, Inc., entered into a Promissory
Note in the principal amount of $3,000,000 in favor of
Wachovia Bank, National Association ("Wachovia") for the
purpose of providing working-capital financing for operations.
Monthly payments of accrued interest are due under the
Promissory Note until March 31, 2006, when all outstanding
principal and interest is due. The Promissory Note is in
addition to the notes issued for RGC Resources, Inc., Roanoke
Gas Company and Bluefield Gas Company on March 29, 2005.
In addition, effective September 9, 2005, RGC Resources, Inc.,
executed an Unconditional Guaranty in favor of Wachovia
unconditionally guaranteeing timely payment and performance of
the Promissory Note.
Total available limits under all line-of-credit arrangements
with Wachovia will be as follows:
Available
Beginning Line of Credit
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Sep 9, 2005 $ 19,000,000
Sep 16, 2005 28,000,000
Nov 16, 2005 29,000,000
Feb 16, 2006 25,000,000
ITEM 9.01. FINANCIAL STATEMENT AND EXHIBITS.
Exhibit No. Description of Documents
10.1 Promissory Note in the original principal amount of $3,000,000
by Diversified Energy Company in favor of Wachovia Bank,
National Association, effective September 9, 2005.
10.2 Unconditional Guaranty by RGC Resources, Inc. in favor of
Wachovia Bank, National Association, effective September 9,
2005.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
RGC RESOURCES, INC.
Date: September 9, 2005 By: s/Howard T. Lyon
Howard T. Lyon
Vice-President, Treasurer and Controller
(Principal Financial Officer)