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ACA FINANCIAL GUAR CORP. v. CITY OF BUENA VISTA, VG

No. 18-1268.

917 F.3d 206 (2019)

ACA FINANCIAL GUARANTY CORPORATION; UMB Bank, NA, Plaintiffs-Appellants, v. CITY OF BUENA VISTA, VIRGINIA; Public Recreational Facilities Authority of the City of Buena Vista, Virginia, Defendants-Appellees, and Russell J. Singer and Douglas L. Sbertoli, SR., Trustees.

United States Court of Appeals, Fourth Circuit.

Decided: February 21, 2019.

Attorney(s) appearing for the Case

ARGUED: Scott Carlton Ford , Brian Aaron Richardson , FORD RICHARDSON, PC, Richmond, Virginia, for Appellants. Kevin M. Rose , BOTKINROSE PLC, Harrisonburg, Virginia, for Appellees. ON BRIEF: Michael W. Sharp , BOTKINROSE PLC, Harrisonburg, Virginia; Brian J. Kearney , W. Wayne Heslep , HESLEP & KEARNEY PC, Lexington, Virginia, for Appellees.

Affirmed by published opinion. Judge Quattlebaum wrote the opinion, in which Chief Judge Gregory and Judge Thacker joined.

In this appeal, we review an order dismissing a complaint that arose from a troubled bond transaction involving a municipal golf course in the City of Buena Vista, Virginia (the "City"). Bonds were issued to refinance debt on the golf course and the repayment of the bonds depended on the City making payments on the lease...

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