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Lines of Credit

6 Months Ended

Jan. 31, 2015

8.	Lines of Credit

Unsecured lines of credit are summarized in the following table.

	Balance at
	January 31, 2015		July 31, 2014

Outstanding cash draws, recorded as lines of credit on the accompanying condensed consolidated balance sheets	$	1,324,857	$	1,572,466
Outstanding letters of credit to support operations		1,828,805		1,944,994
Total amounts used under lines of credit		3,153,662		3,517,460
Remaining amounts available under lines of credit		31,215,338		30,851,540
Total approved unsecured lines of credit	$	34,369,000	$	34,369,000

Contractual interest rates ranged from 2.50% to 3.00% at January 31, 2015. 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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