10. Financing

Short-term borrowings at June 29, 2013 and September 29, 2012 consist of the following:


		June 29,		September 29,
		2013		2012
	(expressed in thousands)
Bank line of credit, monthly U.S. LIBOR plus 87.5 basis points (0.20% rate
in effect at June 29, 2013), maturing July 2013, with optional
month-to-month term renewal and loan repricing until September 2017	$	10,000	$	-
Notes payable, non-interest bearing		-		230

Total short-term borrowings	$	10,000	$	230

The Company’s credit facility provides for up to $100 million for working capital financing, acquisitions, share purchases, or other general corporate purposes and expires in September 2017. At June 29, 2013 outstanding borrowings under the credit facility were $10.0 million. At June 29, 2013, under the terms of the credit facility borrowings, the interest rate applicable to outstanding credit facility borrowings was 1.075%. At September 29, 2012, the Company had no borrowings outstanding under the $100 million credit facility. Short-term borrowings at September 29, 2012 consisted of non-interest bearing notes payable to vendors by the Company’s Japanese Sensors’ subsidiary. At June 29, 2013, the Company had outstanding letters of credit drawn from the credit facility totaling $13.0 million, leaving $77.0 million of unused borrowing capacity. At September 29, 2012, the Company had outstanding letters of credit drawn from the credit facility totaling $10.1 million, leaving $89.9 million of unused borrowing capacity.