$650,000 returned to city coffers

Posted on October 23, 2015

A portion of the $5 million collateral guarantee the City of Perry provided to BioNitrogen, the company working to construct a $300 million urea fertilizer plant in Taylor County, has been released back to the city.

According to Bob Brown, when BioNitrogen’s loan was renewed for a second year, the total amount was reduced by $650,000, which released the same amount from the bank account holding the collateral funds. That transfer back into the city’s accounts occurred this week, Brown said.

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