Item 1.01 Entry into a Material Definitive Agreement.

On October 30, 2009, Elecsys Corporation (the "Company") entered into a Secured Loan Agreement with UMB Bank, N.A. (the "Bank") pursuant to which the Company established a $6,000,000 revolving line of credit with the Bank. The line of credit is secured by all of the Company's business assets and is available for working capital and other general business purposes. The line of credit expires on October 30, 2011 and the Company's borrowing capacity is calculated as a specified percentage of its accounts receivable and inventory. The line of credit accrues interest at rate that is dependent on the ratio of the Company's debt to tangible net worth, and absent an event of default, the interest rate will not be less than the prime rate minus 0.50% or greater than the prime rate plus 0.50%. The line of credit contains various covenants, including reporting covenants pertaining to certain business and financial information and performance covenants pertaining to the maintenance of a minimum tangible net worth.

In conjunction with the establishment of the revolving line of credit, on October 30, 2009, Elecsys International Corporation, a subsidiary of the Company and f/k/a DCI, Inc. ("Elecsys International"), and the Bank entered into a Bond Pledge Agreement pursuant to which Elecsys International, to induce the Bank to purchase from Bank Midwest a Tax Exempt Industrial Revenue Bond (DCI, Inc. Project) Series 2006A in the outstanding principal amount of $3,333,997.52, pledged a Taxable Subordinate Industrial Revenue Bond (DCI, Inc. Project) Series 2006D to the Bank.

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