The Opp City Council on Monday approved a bond issue refinancing its of the $2.9 million in debt associated with economic development at the South Alabama Regional Airport.

The airport has approximately $12 million in long-term debt that was originally secured by the cities of Andalusia and Opp, and by Covington County.

This past summer, the three entities agreed to refinance its portions of the debt separately.

Ken Funderburk of Merchant Capital told members of the Opp council that there were a lot of moving parts and they were working with the city of Andalusia and the Covington County commission to ensure that the airport debt was paid off at the same time.

Funderburk told the council that they would receive $165,000 in reserves from the airport bond that would be plowed back into the new financing and would pay down some of the amount owed.

The city will only pay the interest for the time being, he said.

The debt will amortize in 22 years rather than 25.