Short-term and Long-term Debt

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Short-term and Long-term Debt

SHORT-TERM AND LONG-TERM DEBT

Long-term debt consists of the following:

($ in thousands)
	December 31, 2013			December 31, 2012
Note payable to a bank	$	4,693		$	253
Less current portion	(234		)	(41		)
	$	4,459		$	212

The outstanding long-term debt is being used to provide long-term financing for commercial retail development within TRCC-West. The balance of the long-term debt instrument listed above approximates the fair value of the instrument.

We also have a long-term revolving line of credit of $30,000,000 that, as of December 31, 2013 and 2012, had no outstanding balance. At the Company’s option, the interest rate on this line of credit can float at 1.75% over a selected LIBOR rate or can be fixed at 1.50% above LIBOR for a fixed rate term. During the term of this credit facility (which matures in December 2016), we can borrow at any time and partially or wholly repay any outstanding borrowings and then re-borrow, as necessary. Under the terms of the line of credit, we must maintain tangible net worth, defined as total equity, including noncontrolling interest, plus debt less intangible assets, of not less than $225,000,000 and liquid assets of not less than $25,000,000, including the amount then available for borrowing under the line of credit. At December 31, 2013 our tangible net worth was $324,880,000 and liquid assets were $64,467,000 and including available line of credit total $94,467,000. A portion of our farm acreage secures this line of credit.