UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of
Report (Date of earliest event reported): August 19, 2009
ARTESIAN RESOURCES CORPORATION
(Exact
name of registrant as specified in its charter)
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Delaware
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000-18516
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51-0002090
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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664
Churchmans Road, Newark, Delaware
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19702
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including area code:
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302-453-6900
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Not
Applicable
¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾¾
(Former
name or former address, if changed since last report.)
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 (see General Instruction A.2. below):
o
Written communications
pursuant to Rule 425 under the Securities Act
o
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
Item
8.01 Other Events
On
August
19, 2009, Artesian Water Company, Inc., or Artesian Water, the Staff of the
Delaware Public Service Commission, the Division of the Public Advocate and
Christiana Care Health Services, Inc. (collectively, the “Parties”) entered into
an agreement to settle Artesian Water’s April 2008 application for an increase
in rates, subject to certain parameters. General Motors Corporation,
a participant in the proceeding, provided correspondence declaring no opposition
to the proposed settlement. The proposed settlement would make the
existing 15% temporary increase in base rates permanent. Since the
proposed rate is equal to the 15% temporary increase in rates charged to
customers since December 17, 2008, if approved, Artesian Water would not
be
required to refund any amounts to customers. This proposed settlement
also includes the agreement that Artesian Water will not apply for further
rate
increase for an 18-month period from the date of the Delaware Public Service
Commission’s, or DEPSC, order closing this application. The Parties
also have agreed that the revenue recovered by the Company pursuant to the
settlement does not include any recovery of funds attributable to state income
tax expense, as it is unlikely that any state income tax will be paid by
Artesian Water during the rate effective period. The proposed
settlement is subject to approval of the Hearing Examiner and the DEPSC and
expected before the end of September.
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.
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ARTESIAN
RESOURCES CORPORATION
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(Registrant)
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Date: August
19, 2009
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By: /s/
David B. Spacht
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David
B. Spacht
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Chief
Financial Officer
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