<PAGE>
Exhibit 10 (ll)
STATE OF SOUTH DAKOTA
BOARD OF ECONOMIC DEVELOPMENT
REDI LOAN NUMBER 02-18-A
PROMISSORY NOTE
YANKTON, SOUTH DAKOTA
$296,000
DECEMBER 19, 2002
For value received, the undersigned M-TRON INDUSTRIES, INC. OF
100
DOUGLAS AVENUE, YANKTON, SOUTH DAKOTA 57078
promises to pay, in lawful money of
the United States of America, to the order
of SOUTH DAKOTA BOARD OF ECONOMIC
DEVELOPMENT at the offices of its Loan
Servicing Agent, BankWest Inc., at P.O.
Box 998, City of PIERRE, State of SOUTH
DAKOTA or at holder's option, at such
other place as may be designated from time
to time by the holder TWO HUNDRED
NINETY-SIX THOUSAND AND NO/100 DOLLARS,
($296,000) with interest on unpaid
principal computed from the date of each
advance to the undersigned at the rate
of three percent per annum, payment to be
made in installments as follows:
By paying 59 equal monthly installments, in the amount of
$1,642.00,
(based on a level 240 month amortization), beginning thirty (30)
days
from the date of this Promissory Note, with the final balloon
payment
of principal and interest due at the end of 60 months/years from
the
date of this Promissory Note.
This Promissory Note is issued pursuant to that certain
Revolving
Economic Development and Initiative Fund
(REDI) Loan Agreement dated the date
hereof by and between the Borrower and BED
(the "Loan Agreement"), the terms and
provisions of which are hereby incorporated
by reference, pursuant to SDCL
Chapters 1-16G and 1-33, as amended, and
Rules and Regulations Article 68:02,
Administrative Rules South Dakota
(ARSD).
This Promissory Note is secured by:
[X] Mortgage of even date.
If any sum payable hereunder is not paid when due or in the event
of a
default upon any
