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 (Date of earliest event
reported): May 11, 2009 (April 30, 2009)
Connecticut
Water Service, Inc.
(Exact
Name of Registrant as Specified in Its Charter)
|
Connecticut
(State
or other jurisdiction of
incorporation
or organization)
|
06-0739839
(I.R.S.
Employer Identification No.)
|
|
93
West Main Street, Clinton, CT
(Address
of principal executive office)
|
06413
(Zip
Code)
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860-669-8630
(Registrant’s
Telephone Number, Including Area Code)
N/A
(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 (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01 Other
Events
Sale of Conservation
Easement
On April
15, 2008, Connecticut Water Service, Inc. (the Company) announced that its
principal operating subsidiary, The Connecticut Water Company (“CWC”), intended
to abandon its Windsor Locks public drinking water supply wellfield, and had
begun discussions with the Town of Windsor Locks to secure the land as protected
open space. The wellfield is approximately 200 acres, and the Company has
determined that it is no longer needed for water supply purposes.
On May 7,
2009, CWC entered into a Purchase and Sale Agreement with the Town of Windsor
Locks to sell a conservation easement for the former wellfield to the Town for
$2.0 million. The transaction requires the approval of the Connecticut
Department of Public Utility Control (DPUC). The Company filed an application
with the DPUC and submitted the draft agreement and the form of Conservation
Easement to the DPUC on April 3, 2009. DPUC approval is expected in the second
half of 2009. Subject to successful receipt of DPUC approval, and of
final authorization for the Town to proceed with the transaction, the Company
expects the transaction to be completed in 2009. If the transaction
closes, the Company estimates that it will generate approximately $1 million in
net income in the Real Estate segment.
A copy of
the Purchase and Sale Agreement is filed herewith as Exhibit 99.1 and is
hereby incorporated herein by reference.
Proposal to Credit Customer
Bills
On April 30, 2009, the Company
announced that CWC had filed an application with the DPUC to temporarily credit
customer bills and delay its next rate filing until after January 1, 2010 by
adjusting certain depreciation rates.
A copy of
the news release is filed herewith as Exhibit 99.2 and is
hereby incorporated herein by reference.
Item
9.01 Financial Statements and
Exhibits
The following are filed herewith as
exhibits
(c) Exhibits
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99.1
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Purchase
and Sale Agreement between The Connecticut Water Company and the Town of
Windsor Locks, dated May 7, 2009.
|
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99.2
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News
release issue by The Connecticut Water Company, dated April 30,
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.
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Connecticut
Water Service, Inc.
(Registrant)
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|
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Date:
May 11, 2009
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By: /s/ Nicholas A.
Rinaldi
Nicholas
A. Rinaldi
Controller
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