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Tupelo Airport Authority repays city promissory note after grant reimbursement
Summary
The Tupelo City Council recorded satisfaction of a promissory note after the airport authority repaid a loan with grant reimbursement proceeds, city staff said.
The Tupelo City Council on Aug. 5 approved payment and satisfaction of a promissory note by the Tupelo Airport Authority after city staff said the airport received a reimbursement grant and repaid the loan.
Ben (city staff) told the council the airport received a delayed reimbursement grant for a tower project; the grant was delayed by a change in administrative timing and application issues, he said. The airport used the reimbursed funds to pay its contractor and repay the city’s loan, and the council recorded satisfaction of the promissory note.
Council approved the payment by motion during the meeting. Staff described the repayment as unusually quick and characterized it as good news for the airport and the city’s loan portfolio.
The council did not disclose the original loan amount or the grant award size during the meeting; staff cited grant timing and reimbursement as the reason the loan was repaid now.
