SARA attorney: Airport debt satisfied

Published 1:22 am Wednesday, November 25, 2015

South Alabama Regional Airport Attorney Anne Sumblin reported at Tuesday’s meeting that airport board long-term debt had been paid in full.

That includes some $12 million in debt from two 2006 bonds, a PNC bank loan and a loan from Covington Electric Cooperative.

Sumblin is working with attorneys from the three entities – Andalusia, Opp and Covington County – on a promissory note

The airport board agreed to pay each of the three entities a proportionate amount of the rent collected from the hangars’ leases in return for the entities dividing up the debt and alleviating the airport board from the debt.

The three entities were backing the debt, but agreed to take on portions of it individually.

–Kendra Majors