Organizers of the American Folk Festival have taken the first step toward paying down $300,000 owed to the city of Bangor. The city’s finance director says they made their first $30,000 payment in mid-October, two weeks before it was due. Last February, festival organizers signed an agreement with the city to eliminate that debt over a 10-year period.It was built up through budget shortfalls with the annual event. Organizers haven’t released financial figures for last summer’s festival. But director Heather McCarthy says they plan to present a report to city councilors next week. They’re scheduled to go before the business and economic development committee on Wednesday.