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Buena Vista plans to hire financial advisor to help with debt

March 03, 2011|Web staff

The city of Buena Vista needs helps with finances, especially when it comes to paying debt.

On Thursday night, the mayor announced the city will hire a financial advisor. That decision came after a 2 hour closed door meeting with representatives from ACA Financial Guaranty Corporation.

Buena Vista owes that company $9 million on a loan for the golf course, Vista Links. Officials even put up city hall and the police station as collateral. However, the city defaulted on the loan.

Last year, the city had problems paying its bill of $660,000. The mayor doesn't know how the next payment will be made.

"We do need professional advice because the economy the way that it is and Buena Vista is just like everybody else it's hurting big time and you pay a professional to come in and say 'hey this is what you can do'," says Mayor Mike Clements.

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The mayor says the financial problems surrounding the golf course have given the city a black eye and could cost Buena Vista school funding.

The city is slated to receive $510,000 to renovate Parry McCluer Middle School. Mayor Clements says he's been told by state officials that the money is now in jeopardy.

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