Rentech cash in bank early

Published 12:00 am Thursday, July 3, 2008

NATCHEZ — The money is in the bank — and it’s ahead of schedule, too.

On Monday Rentech wired approximately $1.3 million it owed to Adams County.

On June 3, when Rentech’s land deal closed, the county was scheduled to receive approximately $3 million from the deal.

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However, at the last minute, the contract was changed and the county agreed to accept the money in two payments.

The first payment was made on June 3.

The remaining money, approximately $1.3 million, was scheduled to be sent by Rentech to the county by July 31.

However the money came sooner than originally expected.

Rentech’s Director of Investor Relations Julie Dawoodjee said Rentech was simply able to pay in advance of the July 31 deadline.

“We’re very appreciative of the county’s cooperation,” she said.

On Wednesday afternoon attorney Bob Latham dropped the check off at the Adams County Board of Supervisors office to be deposited.

Latham, former county attorney, said the wired funds were received on Monday and confirmed on Tuesday.

Supervisor Darryl Grennell said he was pleased to learn of the check’s arrival.

“Rentech did exactly what they said they were going to do,” he said.

When the deal closed the county netted nearly $3 million from Rentech’s transaction.

But what exactly will be done with the money is still unknown.

Board President Henry Watts said some of the money would likely be spent on a Rentech-related trestle project the county is involved in.

Watts said the remainder of the money should be put in a “rainy day fund.”

And Grennell said when the supervisors originally heard of the money, they discussed using it for economic development in the in the county.

Supervisor Mike Lazarus said the board would have to vote on what the money would be used for. But on Wednesday evening Lazarus, like others, was happy the deal was done.

“The money is in the bank again,” he said.