SEARCY (AP) - A Searcy businessman is loaning the city $230,000 to complete airport improvements as officials await grant funding for the project.
Searcy officials say the city needed to spend $230,000 on the project before it'd be eligible for matching grant money. The Daily Citizen reports that the city voted to accept a zero-interest loan for six months from Searcy resident Reynie Rutledge.
Rutledge is president of First Security Bancorp and is offering the loan from his personal finances, not the bank. Rutledge also serves on the city's board of public utilities.
Searcy Mayor David Morris says the city expects to receive $600,000 in grants from the Arkansas Department of Aeronautics and will use that money to repay Rutledge.
The airport terminal is expected to be completed by April.
Information from: The Daily Citizen, http://www.thedailycitizen.com/Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.