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Council approves amendment switching airport loan index from LIBOR to SOFR
5758520 · September 3, 2025
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Summary
The Andalusia City Council adopted Resolution 2025-31 to accept an amendment to a 2015 installment promissory note for the South Alabama Regional Airport, replacing LIBOR with SOFR as the interest-rate benchmark; council said the change does not alter the amount owed.
The Andalusia City Council unanimously adopted Resolution 2025-31 on Sept. 2 to accept an amendment to a restated installment promissory note with the South Alabama Regional Airport, changing the interest-rate benchmark from LIBOR to SOFR.
City Attorney Mark explained the loans originated in 2015 when the…
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