Insurance company appeals Buena Vista decision

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RICHMOND, Va. (WDBJ7) ACA Financial Guarantee, the insurance company that covered a loan to the city of Buena Vista, has filed an appeal in the US Fourth Circuit Court of Appeals to a decision dismissing their case against the city in federal court.

Judge Norman Moon ruled that the city was under no legal obligation to repay the $9.2-million in bonds that covered a loan to help finance the Vista Links golf course. The city had argued that the loan was a "moral" obligation, meaning they would pay if they could, but were not required to. ACA insured the bonds and paid out to the bond holders.