95 Camaro Z28-Security problem

Ive got a 95 Z28, LT1/Automatic.
Sometimes when I try to start the car, the security light comes on and it wont start. If I leave the key in the Run position for 10 mins, the light goes out and I can turn the switch off and then start it up. Has anyone ran into this before?

*The car does have the GM Passkey system.  

spray the ignition lock  cylinder with WD 40   work the key in and out a few times.. then on and off a bunch of times...

place some towels under the column.. wd 40 in... will leak out the bottom of the column . right onto the floor mats...

if that fails to fix the contacts...

buy a new ignition lock cylinder...  it will come with a new non resistor key and a long wire...

take your original key and the new key to a locksmith or key cutter..

they can measure the resistance value of the key...  select a proper blank.. duplicate the new key cuts onto the blank that matches your resistor value.

then you can get almost any repair shop to install the new lock cylinder. ..

if you have tools... you can also do it your self...   it's not that easy.. but many people have done it...

buying the new lock at the parts store... and making the key that matches the resistance of the original key saves you times and hours... and cash...  

alright, thanks for the advice.
what exactly goes wrong inside of the switch to make it set off the security?  

Just saw the date on this post, so I apologize.  If this is still an issue, or for someone else in the future, before spending the cash for ignition switch, etc... try cleaning off the pellet on your key.  I have this problem from time to time in my '99, and cleaning the pellet works for me...  
'67 Coupe "Elizabeth"
'95 B4C    "Heidi"
'95 Z28    "Dita"
'99 Z28    "Rebekah"

you might also have to do the by pass if you dont want to spend the cash to fix a stupid little issue like this just check out this site.
http://shbox.com/1/pass_key.html  
97 Camaro z28/SS