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

6 years 8 months 2 weeks ago Tuesday, November 01 2011 Nov 1, 2011 Tuesday, November 01, 2011 12:53:00 PM CDT November 01, 2011 in News
By: Melissa Berman
loading

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.

 

More News

Grid
List
COLUMBIA - A democratic candidate for Missouri's fourth congressional district criticized the Republican incumbent Tuesday for her lack of action... More >>
3 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 6:46:00 PM CDT July 17, 2018 in News
COLUMBIA - The Columbia Chamber of Commerce harshly criticized the city council at Monday night's meeting regarding projects being put... More >>
3 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 6:41:00 PM CDT July 17, 2018 in News
COLUMBIA - Hy-Vee recalled its Spring Pasta Salad from 244 stores on Tuesday. Company officials said 20 illnesses by... More >>
4 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 5:54:00 PM CDT July 17, 2018 in News
MEXICO - Josh Hawley faced questions about President Donald Trump's summit with Russia as well as tariffs facing Missouri farmers... More >>
4 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 5:31:00 PM CDT July 17, 2018 in News
STURGEON - The carnival rides at the Boone County Fair closed unexpectedly just hours after the fair opened because they... More >>
7 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 2:49:00 PM CDT July 17, 2018 in News
BOONE COUNTY – Expecting mothers in Boone County will soon have more services at their disposal. The county received... More >>
8 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 2:16:00 PM CDT July 17, 2018 in News
JEFFERSON CITY - The Grain Belt Express Clean Line, a proposed energy transmission project through northern Missouri, got new life... More >>
8 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 1:59:00 PM CDT July 17, 2018 in News
ASHLAND - A child identification program wants to help parents be as prepared as possible in the event that a... More >>
8 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 1:41:00 PM CDT July 17, 2018 in News
JEFFERSON CITY - Nineteen agencies received more than $115,000 in grant money Tuesday from the United Way of Central Missouri.... More >>
10 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 11:56:00 AM CDT July 17, 2018 in News
COLUMBIA - Some people may notice their trash laying out on the curb for longer than usual on Tuesday. ... More >>
11 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 11:12:00 AM CDT July 17, 2018 in News
COLE COUNTY - A car chase which started in Cole County on Tuesday ended in Columbia with two arrests. ... More >>
11 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 10:22:00 AM CDT July 17, 2018 in News
JEFFERSON CITY (AP) — The group fighting a ballot measure that would make Missouri a right-to-work state has outraised its... More >>
12 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 10:17:30 AM CDT July 17, 2018 in News
KANSAS CITY (AP) — Authorities say two planes carrying more than 250 passengers made emergency landings at Kansas City International... More >>
12 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 10:11:34 AM CDT July 17, 2018 in News
COLUMBIA - Police records related to the shooting death of Rovon Blocker suggest the incident appeared to be accidental. ... More >>
12 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 9:39:00 AM CDT July 17, 2018 in News
CALLAWAY COUNTY - Three Fulton men are in custody after being charged with stealing and drug offenses, in connection to... More >>
13 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 9:01:00 AM CDT July 17, 2018 in News
FULTON - A judge sentenced a man convicted of a dozen sex crimes, some involving children, to sixty years in... More >>
14 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 8:05:00 AM CDT July 17, 2018 in News
WASHINGTON (AP) - The United States is open to holding direct talks with the Taliban to encourage negotiations between the... More >>
17 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 4:30:00 AM CDT July 17, 2018 in News
WASHINGTON (AP) - A 29-year-old gun-rights activist served as a covert Russian agent while living in Washington, gathering intelligence on... More >>
18 hours ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 4:14:00 AM CDT July 17, 2018 in News
Columbia, MO
Broken Clouds 77°
11pm 77°
12am 76°
1am 75°
2am 74°