MOUNTAIN HOME, Ark. (AP) — State auditors want a legal review of a $150,000 loan made in 2008 to the Baxter County Airport Commission for improvements at Ozark Regional Airport in Mountain Home.
The Arkansas Legislative Joint Auditing Committee asked for the review after receiving an audit report that says the airport commission used county-owned property as security for the loan with a term of more than 10 years. State law limits such loans to no more than five years.
County Prosecutor Ron Kincade told The Baxter Bulletin (http://bit.ly/nGbUIS ) that he was the county's attorney at the time of the loan and has asked a prosecutor in another district to conduct the review.
Kincade also says rent from an airport hangar lease agreement — not county-owned property — was used as collateral for the loan.