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County attorney: Bank should release letter of credit money ‘now’

Published: 9:38 AM, 02/28/2014 Last updated: 9:39 AM, 02/28/2014
 

Author: Nelson Morais
Source: The Newport Plain Talk

NEWPORT—Cocke County Attorney Carter Moore said he sought counsel for what to do with about an expired letter of credit being held by Newport Federal Bank, and the counsel allegedly agreed with him that the bank is obligated to release the money to the county, and not to the state, as soon as possible.

Attorney Moore spoke during the Tuesday, Feb. 25 meeting of the Cocke County Regional Planning Commission.

“I sought advice from (planning consultant) Ross Phillips and CTAS, and their responses were unanimous. They feel the letter of credit called on Newport Federal Bank is due and owed to us now,” Moore stated.

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