LONG-TERM DEBT

Long-term debt outstanding at December 31 was as follows (in thousands):



	Maturity Date	Interest Rate		2015			2014
First Mortgage Bonds due 2032	August 15, 2032	7.23	%	$	75,000		$	75,000
First Mortgage Bonds due 2039	November 1, 2039	6.125	%	180,000			180,000
First Mortgage Bonds due 2044	October 20, 2044	4.43	%	85,000			85,000
Unamortized discount, First Mortgage Bonds due 2039				(99		)	(103		)
Series 94A Debt ^(a)	June 1, 2024	0.75	%	2,855			2,855
Long-term debt				$	342,756		$	342,752

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(a)	Variable interest rate at December 31, 2015.

On October 1, 2014 we issued $85 million of 4.43% coupon first mortgage bonds due October 20, 2044. Proceeds from our bond sale funded the early redemption of our 5.35% $12 million pollution control revenue bonds, originally due October 1, 2024.

Net deferred financing costs of approximately $3.1 million and $3.3 million were recorded on the accompanying Balance Sheets in Other, non-current assets at December 31, 2015 and 2014, respectively, and are being amortized over the term of the debt. Amortization of deferred financing costs of approximately $0.1 million, $0.1 million and $0.1 million for the years ended December 31, 2015, 2014 and 2013, respectively, are included in Interest expense on the accompanying Statements of Income.

Substantially all of our property is subject to the lien of the indenture securing our first mortgage bonds. First mortgage bonds may be issued in amounts limited by property, earnings and other provisions of the mortgage indentures. We were in compliance with our debt covenants at December 31, 2015.

Long-term Debt Maturities

Scheduled maturities of our outstanding long-term debt (excluding unamortized discounts) are as follows (in thousands):



2016	$	—
2017	$	—
2018	$	—
2019	$	—
2020	$	—
Thereafter	$	342,855