PLAINVIEW, TX (KCBD) - In Plainview, the city council approved a resolution that allows them to settle a loan made to bankrupt Peanut Corporation of America.
According to the Plainview Daily Herald, the city is negotiating with Capital Funds Incorporated out of North Carolina to pay the city the $70,000 remaining on an original $150,000 loan from Plainview's revolving loan fund.
According to the resolution, the company is willing to pay - with interest. Plainview City Manager Greg Ingham says the loan money was not made with taxpayer funds. He says it was part of a federal grant.
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