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Lines of Credit

6 Months Ended

Jan. 31, 2013

7.	Lines of Credit

Unsecured lines of credit are summarized in the following table.

	January 31, 2013		July 31, 2012

Cash draws, recorded as lines of credit on the consolidated balance sheet	$	6,758,538	$	12,309,335
Letters of credit		1,577,931		2,615,415

Total amounts drawn under lines of credit		8,336,469		14,924,750
Remaining amounts available under lines of credit		26,032,531		19,444,250

Total approved unsecured lines of credit	$	34,369,000	$	34,369,000

Contractual interest rates ranged from 2.5% to 3% at January 31, 2013 and 2.5% to 5% at July 31, 2012. The Company's lenders have reaffirmed the lines of credit within the past twelve months.

- 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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