Q May a county airport authority borrow funds on a twenty (20) year amortization schedule with monthly payments for ten (10) years and a balloon payment at the end of ten (10) years?

A Yes, Section 61-3-60 requires an airport authority to repay borrowed money within 10 years. The same section does not include any language which limits or expands upon the amortization period of the loan, so the proposal to borrow funds on a twenty (20) year amortization period with ten (10) years of monthly payments and a balloon payment at the end of the ten (10) years satisfies the provisions. (Attorney General’s Opinion to Tucker, November 30, 2015)