Moberly Won't Pay $39M Bonds for Failed Factory

5 years 1 month 1 day ago November 01, 2011 Nov 1, 2011 Tuesday, November 01 2011 Tuesday, November 01, 2011 12:53:00 PM CDT in News
By: Melissa Berman

MOBERLY - The city of Moberly has no plans to pay off $39 million of bonds issued on behalf of a failed artificial sweetener factory.

Tuesday marked the deadline for the city of Moberly to either put money back into the Debt Service Reserves or choose not to help out financially at all.

The city along with the Moberly Industrial Development Authority chose announced Tuesday it would not use city funds to replenish the Debt Service Reserves.

The city says it's not fair to have taxpayers bear the burden of Mamtek's failures and to bail out shareholders and investors. The city also believes if it had chosen to replenish the funds, it would have only been a temporary fix and not a long term solution.

The fate of the project is now in the hands of its trustee, UMB Bank.

 

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