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10-Q/A - FOR QUARTERLY PERIOD ENDED JUNE 30, 2011 - NEDAK ETHANOL, LLCform10qa_091411.htm
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v2.3.0.11
Line of Credit
6 Months Ended
Jun. 30, 2011
Line of Credit  
Line of Credit

7.  LINE OF CREDIT

 

In March 2006, the Company entered into a line of credit agreement in favor of its natural gas transporter to reserve pipeline space.  The natural gas transporter may draw up to $150,000 until maturity in May 2012.  Interest is payable upon the lender's demand or in May 2012 at an annual rate of .85%.  In August 2007, the Company entered into a line of credit agreement in favor of its natural gas transporter for the service of transporting gas.  The natural gas transporter may draw up to $923,828.  Interest is payable upon the lender's demand at an annual rate of 1.25%.  These agreements are secured by restricted short term investments totaling $1,180,875 and $1,163,581 as of June 30, 2011 and December 31, 2010, respectively.  As of June 30, 2011 and December 31, 2010, there were no borrowings outstanding on the lines of credit. All lines of credit are automatically renewed upon expiration.