The Clean Coal Power Resources Company has settled its debt with the Fayette County Board.
The company made a $387,000 payment by its deadline this month that covers several missed lease payments. The company owed the money as part of an agreement to mine 159,000 acres of Fayette County coal.
Under the contract, the Louisville, Kentucky-company has to make payments of about $37,000 a month and another of those is due next month. Clean Coal's plans are to establish a mine and eventually a power plant. The project is has a price tag of about $7 billion.
The company signed its deal with the county in 2002 and made an initial $250,000 lease payment but, until this month's money came through, some critics worried Fayette County wouldn't see another cent.