Our practice is to recognize interest and/or penalties related to income tax matters in “Other,
Net” in the Consolidated Statements of Income. We incurred no interest in 2015 and 2014.
We incurred $3,000 and $0 of penalties during the years ended December 31, 2015 and 2014,
respectively.
Note 10 — Debt
Long-term debt as of December 31, 2015 and 2014 consisted of the following:
(in thousands) 2015 2014
Unsecured note payable to City of Nashua, 5.75%,
due 12/25/2041 $ 112,864 $ 114,651
Unsecured senior note payable due to an insurance company
7.40%, due March 1, 2021 4,400 4,800
Unsecured Business Finance Authority:
Revenue Bonds (Series 2015A), interest rates from 4.00% to 5.00%, 20,555 -
due January i, 2046
Revenue Bonds (Series 2015B), 5.00%, due January 1, 2046 2,035 -
Revenue Bonds (Series 2014A), interest rates from 3.00% to 4.125%,
due January 1, 2045 41,885 41,885
Revenue Bonds (Series 2014B), 4.50%, due January 1, 2045 5,300 5,300
Revenue Bonds (2005 Series BC-4), 5.375%, due October 1, 2035 - 12,125
Revenue Bonds (2005 Series BC-3), 5.00%, due April 1, 2018 - 7,475
Revenue Bonds (2005 Series A), 4.70%, due October [, 2035 - 12,100
Revenue Bonds (Series 2005A), 4.70%, due January 1, 2035 - 1,765
Revenue Bonds (Series 2005B), 4.60%, due January 1, 2030 - 2,310
Revenue Bonds (Series 2005C), 4.50%, due January 1, 2025 - 1,175
Revenue Bonds, 1997, 6.30%, due May 1, 2022 - 2,600
Unsecured notes payable to bank, floating-rate, due March i, 2030 3,523 3,708
Unsecured notes payable to bank, 3.62%, due June 20, 2023 1,570 1,633
Unsecured notes payable to bank, 4.25%, due June 20, 2033 848 880
Unsecured notes payable to bank, 4.90%, due March 6, 2040 616 -
Unsecured New Hampshire State Revolving Fund (“SRF”) notes (1) 16,576 12,152
Total long-term debt 210,172 224,559
Less current portion (4,120) (26,275)
Less original issue discount - (252)
Total long-term debt, net of current portion $ 206,052 $ 198,032
(1) SRF notes are duc through 2035 at interest rates ranging from 1% to 4.488%. These notes are payable in 120 to 240
consecutive monthly installments of principal and interest. The 1% rate applies to construction projects still in process
until the earlier of (i) the date of substantial completion of the improvements, or (ii) various dates specified in the note
(such earlier date being the interest rate change date). Commencing on the interest rate change date, the interest rate
changes to the lower of (i) the rate as stated in the note or (ii) 80% of the established 11 General Obligations Bond
Index published during the specified time period before the interest rate change date,
