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

5 years 4 months 3 weeks 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
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 - Officers said a suspect is on the run after a robbery at an Extended Stay America Saturday night.... More >>
3 hours ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 10:39:11 PM CDT in News
LINN - State Technical College in Linn opened up its campus to recruit prospective students and to show off what... More >>
9 hours ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 4:49:00 PM CDT in News
COLUMBIA - The Boone County Fire Protection District said Saturday it is conducting a search and rescue at the Katfish... More >>
9 hours ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 4:37:00 PM CDT in News
ST. LOUIS (AP) — Two men each are jailed on $750,000 bond after being accused in connection with the St.... More >>
10 hours ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 3:38:00 PM CDT in News
COLUMBIA - Two semi trucks and multiple cars were part of a wreck Saturday that closed westbound I-70. The... More >>
11 hours ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 3:23:00 PM CDT in Top Stories
JEFFERSON CITY, Mo. (AP) — The Republican-led Missouri Legislature will get back to a business-friendly agenda when it returns from... More >>
13 hours ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 12:35:00 PM CDT in News
ST. LOUIS (AP) — A St. Louis man has been sentenced to life in prison without the possibility of parole... More >>
15 hours ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 10:54:00 AM CDT in News
CLAYTON, Mo. (AP) — An activist who helped shut down a St. Louis-area freeway during protests commemorating the first anniversary... More >>
15 hours ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 10:45:00 AM CDT in News
ST. LOUIS (AP) — St. Louis police say a 15-year-old boy was killed and six other people were critically wounded... More >>
15 hours ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 10:41:00 AM CDT in News
COLUMBIA – A group of local artists hosted a fundraiser Friday night, giving people people the chance to view works... More >>
20 hours ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 5:40:00 AM CDT in News
COLUMBIA – Columbia businesses are coming together to encourage community members to lead healthy and balanced lives. Keystone Chiropractic... More >>
20 hours ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 5:28:00 AM CDT in News
OVERLAND PARK, Kan. (AP) — Officials in a Kansas City suburb where a fire destroyed a multimillion-dollar apartment building under... More >>
21 hours ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 4:30:30 AM CDT in News
SPRINGFIELD (AP) — Police say a man arrived at a Missouri hospital with his lips apparently glued together after coming... More >>
22 hours ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 4:19:00 AM CDT in News
COLE COUNTY - Deputies arrested a man Friday evening for shooting a gun near Rainbow Hills Road, the sheriff's office... More >>
1 day ago March 24, 2017 Mar 24, 2017 Friday, March 24 2017 Friday, March 24, 2017 8:39:00 PM CDT in News
COLUMBIA - The Columbia Police Department said Friday it will begin patrolling areas with a high concentration of student housing... More >>
1 day ago March 24, 2017 Mar 24, 2017 Friday, March 24 2017 Friday, March 24, 2017 7:09:00 PM CDT in News
JEFFERSON CITY (AP) — A Missouri judge says summaries of initiative petitions against right to work no longer fit since... More >>
1 day ago March 24, 2017 Mar 24, 2017 Friday, March 24 2017 Friday, March 24, 2017 6:59:00 PM CDT in News
JEFFERSON CITY (AP) — Republican Gov. Eric Greitens will be visiting the U.S. Capitol this weekend to talk policy with... More >>
1 day ago March 24, 2017 Mar 24, 2017 Friday, March 24 2017 Friday, March 24, 2017 6:49:00 PM CDT in News
COLUMBIA - A Mid-Missouri man has been sentenced to life in prison after pleading guilty to multiple sex charges. ... More >>
1 day ago March 24, 2017 Mar 24, 2017 Friday, March 24 2017 Friday, March 24, 2017 6:22:00 PM CDT in Top Stories
Columbia, MO
Broken Clouds 50°
3am 51°
4am 50°
5am 49°
6am 49°

Select a station to view its upcoming schedule:

Coming Up Next

2:00a
Paid Program
2:30a
Paid Program
3:00a
Paid Program
1:00a
Elementary
3:00a
Paid Program
3:30a
Paid Program

Tonight's Schedule

7:00p
Little Big Shots
8:00p
Chicago Justice
9:00p
Shades of Blue
6:00p
Mystic Pizza
8:00p
Marvel's Agents of S.H.I.E.L.D.
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld