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ACA Files Federal Suit Against Buena Vista
ACA Financial Guaranty Corporation, the New York firm that insured Buena Vista’s bonds for the Vista Links course, has filed a lawsuit in federal court against Buena Vista after the city decided in 2014 to default on its debt.
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The city has 60 days to file a response.
ACA’s lawsuit threatens foreclosure of the city hall building. The city hall building, the building that houses the Buena Vista Police and the golf course were pledged as collateral by Buena Vista when the bonds were issued.
ACA wants a federal judge to appoint a receiver to take control of the properties and wants the judge to order Buena Vista to find a new location for its court operations.