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Note 10 - Long-Term Debt

6 Months Ended

Jun. 30, 2014

Note 10 – Long–Term Debt

Long–term debt consists of the following:

	Weighted Average Interest Rate			Maturities		6/30/14		12/31/13
	Variable					(dollars in thousands)
Revolving Credit Facility, interest payable monthly		0.9	%		2014	–		–

Unsecured term note payable to National, interest payable quarterly, principal payable at maturity		2.8	%		2018		10,000		10,000
							10,000		10,000
Less current portion						–		–
						$	10,000	$	10,000

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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