BUENA VISTA (WSLS 10) - A new lawsuit has been filed in federal court against the city of Buena Vista and its Vista Links Golf Course debt.
ACA Financial, the firm that insured bonds to finance the golf course, filed the lawsuit in U.S. District Court in Lynchburg on Friday. It addresses many of the legal claims made in state court against the city.
The lawsuit asks the court to give ACA the right to seize City Hall and other properties, which were pledged as collateral when the bonds were issued in 2005. It also asks the court to appoint a receiver who would control the city-owned properties to ensure they're maintained.
As we've reported, ACA has been making payments of $660,000 a year for the past few years because the city said it couldn't pay the golf course debt.