LONG-TERM DEBT

Long-term debt consists of the following (in millions):



	As of December 31,
	2011			2010
First Mortgage Bonds, rates range from 3.46% to 9.31%, with a weighted average rate of 5.83% in 2011 and 5.85% in 2010, due at various dates through 2040	$	1,615		$	1,678
Pollution Control Revenue Bonds:
Port of Morrow, Oregon, 5% rate, due 2033	23			23
City of Forsyth, Montana, 5% rate, due 2033	119			119
Port of St. Helens, Oregon, 5.25% rate, due in 2014	—			10
Total Pollution Control Revenue Bonds	142			152
Pollution Control Revenue Bonds owned by PGE	(21		)	(21		)
Unamortized debt discount	(1		)	(1		)
Total long-term debt	1,735			1,808
Less: current portion of long-term debt	(100		)	(10		)
Long-term debt, net of current portion	$	1,635		$	1,798

First Mortgage Bonds—The Indenture securing PGE’s First Mortgage Bonds constitutes a direct first mortgage lien on substantially all regulated utility property, other than expressly excepted property. On December 29, 2011, PGE redeemed $63 million of the 6.5% series due 2014.

Pollution Control Revenue Bonds—PGE has the option to remarket Pollution Control Revenue Bonds held by the Company through 2033. At the time of any remarketing, PGE can choose a new interest rate period that could be daily, weekly, or a fixed term. The new interest rate would be based on market conditions at the time of remarketing and could be backed by first mortgage bonds or a bank letter of credit depending on market conditions.

As of December 31, 2011, the future minimum principal payments on long-term debt are as follows (in millions):



Years ending December 31:
2012	$	100
2013	100
2014	—
2015	70
2016	67
Thereafter	1,398
	$	1,735

Interest is payable semi-annually on all long-term debt instruments.