Madison County is appealing a federal judge’s order to pay $3 million in bond payments related to a failed development project.
U.S. District Judge Carlton Reeves says the county must reimburse a bond insurer after a group of landowners and developers in the county defaulted on its bond payments. The Parkway East Public Improvement district failed after taking out more than $27 million in bonds to finance the highway development project.
Madison had agreed to make payments on the bonds if the district failed to do so.
Board of Supervisors President Trey Baxter says the agreement only required Madison to make payments on the district’s behalf for two years.
Reeves says the county must make payments as long as there is outstanding debt.
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