The issuance of first mortgage debt, including secured medium-term notes (MTNs), under the Mortgage and Deed of Trust (Mortgage) is limited by eligible property, adjusted net earnings and other provisions of the Mortgage. The Mortgage constitutes a first mortgage lien on substantially all of our utility property. In addition, our Gill Ranch subsidiary senior secured notes are secured by all of the membership interests in Gill Ranch Storage, LLC as well as Gill Ranch's debt service reserve account.

The maturities on the long-term debt outstanding for each of the 12-month periods through December 31, 2016 amount to: $40 million in 2012; none in 2013; $60 million in 2014; $40 million in 2015; and $65 million in 2016.

Thousands			2011		2010		2009
Utility Medium-Term Notes:
First Mortgage Bonds:
	4.11 % Series B due 2010	$	-	$	-	$	10,000
	7.45 % Series B due 2010		-		-		25,000
	6.665% Series B due 2011		-		10,000		10,000
	7.13 % Series B due 2012		40,000		40,000		40,000
	8.26 % Series B due 2014		10,000		10,000		10,000
	3.95 % Series B due 2014		50,000		50,000		50,000
	4.70 % Series B due 2015		40,000		40,000		40,000
	5.15 % Series B due 2016		25,000		25,000		25,000
	7.00 % Series B due 2017		40,000		40,000		40,000
	6.60 % Series B due 2018		22,000		22,000		22,000
	8.31 % Series B due 2019		10,000		10,000		10,000
	7.63 % Series B due 2019		20,000		20,000		20,000
	5.37 % Series B due 2020		75,000		75,000		75,000
	9.05 % Series A due 2021		10,000		10,000		10,000
	3.176 % Series A due 2021		50,000		-		-
	5.62 % Series B due 2023		40,000		40,000		40,000
	7.72 % Series B due 2025		20,000		20,000		20,000
	6.52 % Series B due 2025		10,000		10,000		10,000
	7.05 % Series B due 2026		20,000		20,000		20,000
	7.00 % Series B due 2027		20,000		20,000		20,000
	6.65 % Series B due 2027		19,700		19,700		19,700
	6.65 % Series B due 2028		10,000		10,000		10,000
	7.74 % Series B due 2030		20,000		20,000		20,000
	7.85 % Series B due 2030		10,000		10,000		10,000
	5.82 % Series B due 2032		30,000		30,000		30,000
	5.66 % Series B due 2033		40,000		40,000		40,000
	5.25 % Series B due 2035		10,000		10,000		10,000
			641,700		601,700		636,700
Subsidiary Senior Secured Notes:
	Gill Ranch Notes due 2016⁽¹⁾		40,000		-		-
			681,700		601,700		636,700
	Less current maturities of long-term debt		40,000		10,000		35,000
Total long-term debt		$	641,700	$	591,700	$	601,700

In March 2009, the utility issued $75 million of 5.37 percent secured MTNs due February 1, 2020, and in July 2009 issued another $50 million of 3.95 percent secured MTNs due July 15, 2014. The utility also issued $50 million of MTNs in September 2011 with an interest rate of 3.176 percent and a maturity date of September 15, 2021.

In November 2011, Gill Ranch issued $40 million of subsidiary senior secured notes with an interest rate of 7.75 percent on the fixed portion and a 7.00 percent interest rate currently on the variable portion. The notes are secured by all of the membership interests in Gill Ranch Storage, LLC, and are nonrecourse notes to NW Natural. The maturity date of these notes is November 30, 2016.

Under the note agreements, Gill Ranch is subject to certain covenants and restrictions, including but not limited to, a financial covenant that requires Gill Ranch to maintain minimum adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) at various levels over the term of the notes. The minimum adjusted EBITDA increases incrementally over the first few years, reaching its highest level in the 12-month period beginning April 1, 2015. Under the note agreements, Gill Ranch is also subject to a debt service reserve requirement of 10 percent of the outstanding principal amount, initially $4 million, certain prepayment penalties, restrictions on dividends out of Gill Ranch unless certain earnings ratios are met, and restrictions on incurrence of additional debt.

The following table provides an estimate of the fair value of our long-term debt including current maturities of long-term debt, using market prices in effect on the valuation date. Because our debt outstanding does not trade in active markets, we used interest rates for outstanding debt issues that actively trade and have similar characteristics such as size, credit ratings, financial terms and remaining maturities to estimate fair value for our long-term debt issues.