5.	Long-Term Debt

	September 30,			December 31,
	2014			2013
	($000’s omitted)
Industrial Development Revenue Bonds; secured by an equivalent letter of credit from a bank with interest payable monthly at a floating rate (0.29% at September 30, 2014)(A)	$	2,620		$	2,620

Secured term loan payable to a government agency; monthly payments of $1,950 including interest fixed at 3% payable through fourth quarter of 2015		25			42
		2,645			2,662

Less current portion		(2,641	)		(2,641	)

	$	4		$	21

(A)The Industrial Development Revenue Bonds were issued by a government agency to finance the construction of the Company’s headquarters/advanced technology facility. Annual sinking fund payments of $170,000 commenced December 1, 2000 and continued through 2013, with a final payment of $2,620,000 due December 1, 2014. The Company has agreed to reimburse the issuer of the letter of credit if there are draws on that letter of credit. The Company pays the letter of credit bank an annual fee of 1% of the amount secured thereby and pays the remarketing agent for the bonds an annual fee of .25% of the principal amount outstanding. The Company’s interest under the facility capital lease has been pledged to secure its obligations to the government agency, the bank and the bondholders. The Company currently is in discussion with a financial institution to refinance the $2,620,000 as well as adding up to $2,000,000 in long term financing for existing capital projects at both the ATG and CPG and $2,000,000 to refinance and extend the current line of credit. The Company expects to finalize financing arrangements in the fourth quarter of 2014.

The Company has an unsecured $2,000,000 line of credit on which there was $1,000,000 outstanding at September 30, 2014 at an interest rate of 3.25% and no balance at December 31, 2013.

Certain lenders require the Company to comply with debt covenants as described in the specific loan documents, including a debt service ratio measured semi-annually. At June 30, 2014 and December 31, 2013 the Company was in compliance with these covenants.