Note 8. Long-Term Debt

On June 30, 2004, the Company refinanced its then existing indebtedness through a term loan with an original principal amount of $4.5 million, payable in monthly installments of principal and interest with the balance due at the initial maturity date, June 30, 2011. On October 7, 2015, the Company entered into an agreement with Wells Fargo Bank, National Association, and SunTrust Bank, to extend the maturity date of the existing term loan to October 1, 2020. As discussed in Note 7 this loan was repaid in full during the first quarter of fiscal 2017. The interest rate on this term loan was LIBOR plus 2.00%. The note was secured by a first position deed of trust encumbering Company-owned real property in Hunt Valley, Maryland. The balance of this note at March 27, 2016 was $1,875,000. The weighted average interest rate on borrowings under this note was 2.40%, 2.21%, and 2.19% for fiscal years 2017, 2016, and 2015, respectively. Interest expense under this note was $11,000, $43,900, and $48,400 for fiscal years 2017, 2016, and 2015, respectively.

On March 31, 2009, the Company entered into a term loan with the Baltimore County Economic Development Revolving Loan Fund for an aggregate principal amount of $250,000. At March 26, 2017 and March 27, 2016, the principal balance of this term loan was $56,300 and $82,600, respectively. The term loan is payable in equal monthly installments of principal and interest of $2,300, with the balance due at maturity on April 1, 2019. The term loan bears interest at 2.00% per annum. Interest expense under this note was $1,300, $2,000, and $2,400 for fiscal years 2017, 2016, and 2015, respectively. The term loan is secured by a subordinate position on Company-owned real property located in Hunt Valley, Maryland.

As of March 26, 2017, scheduled annual maturities of long-term debt are as follows:


Fiscal year:
2018	$	26,700
2019		27,300
2020		2,300
2021		—
2022		—
Thereafter		—
	$	56,300