- Associated Press - Wednesday, July 22, 2015

BUENA VISTA, Va. (AP) - The standoff is continuing over a debt of nearly $10 million that could lead to the foreclosure of Buena Vista’s City Hall.

The Roanoke Times (https://bit.ly/1RPun9S ) reports that City Attorney Brian Kearney sent a letter on Tuesday to ACA Financial Guaranty Corp. regarding bonds the company covered to finance a municipal golf course

Kearney says Buena Vista officials are willing to negotiate with ACA, but that they are not backing down from an earlier decision to default on the payments.

ACA has said it has the legal right to foreclose on the buildings housing City Hall and the police department, which were used as collateral.

Kearney says the city has no legal obligation to make the payments.

ACA told the newspaper Tuesday it hopes a resolution can be made.


Information from: The Roanoke Times, https://www.roanoke.com

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