UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report:  June 5, 2009
(Date of earliest event reported)

Corning Natural Gas Corporation
(Exact name of registrant as specified in its charter)

New York
(State or other jurisdiction
of incorporation)
000-00643
(Commission
File Number)
16-0397420
(I.R.S. Employer
Identification No.)

330 West William Street, Corning New York
(Address of principal executive offices)
14830
(Zip Code)

(607) 936-3755
(Registrant’s telephone number, including area code)

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 230.425)
 
¨ 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 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 
 

Item 1.01
Entry into a Material Definitive Agreement.

On June 5, 2009, Corning Natural Gas Corporation renewed its existing $8.0 million revolving line of credit with Community Bank, N.A. (“Community Bank”) pursuant to a Line of Credit Agreement and Commercial Line of Credit Agreement and Note (together, the “Credit Agreement”).  The line of credit will be due and payable in full on the earlier to occur of (1) August 31, 2009, (2) the date of demand by Community Bank, or (3) the date of an event of default, as defined in the Credit Agreement, unless extended by Community Bank.  The line of credit bears interest annually at a fluctuating rate equal to the greater of 4% or the 30 day Libor Rate plus 2.25%.  Payments of accrued and unpaid interest will be payable monthly beginning on July 1, 2009.

Any amounts due under the Credit Agreement will become immediately due and payable in the event of default, as defined in the credit agreement, and are secured by existing security agreements dated August 4, 2005 and November 28, 2005.  The Credit Agreement also contains customary representations, warranties and covenants made by the parties.

The foregoing description of the Credit Agreement is not complete and is qualified in its entirety by the full and complete terms of the Credit Agreement, which is attached as Exhibits 10.1 and 10.2 to this current report and is incorporated by reference herein.

Item 9.01.
Financial Statements and Exhibits.

(d)           Exhibits

10.1         Line of Credit Agreement dated June 5, 2009

10.2         Commercial Line of Credit Agreement and Note dated June 5, 2009

 
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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 hereunto duly authorized.

 
Corning Natural Gas Corporation
   
 
/s/ Firouzeh Sarhangi
Dated:  June 19, 2009
By Firouzeh Sarhangi, Chief Financial Officer

 
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EXHIBIT INDEX

Exhibit Number
  
Description
     
10.1
  
Line of Credit Agreement dated June 5, 2009
     
10.2
  
Commercial Line of Credit Agreement and Note dated June 5, 2009