Wrongful Conviction Costs Suburb Nearly $9 Million
WAUKEGAN, Ill. (AP) -- A Chicago suburb is taking out a loan to cover a nearly $9 million debt in a wrongful conviction case.
The Lake County News-Sun reports that the Waukegan City Council approved the issuance of up to $8.8 million in bonds to cover an $8.6 million settlement cost with Angel Gonzalez.
Gonzalez was imprisoned for nearly 20 years in connection with a 1994 sexual assault he was later exonerated for.
A financial consultant for the city says the $200,000 difference gives the city an opportunity to get the best deal possible when selling the bonds to the open market.
Anthony Miceli is a senior vice president with financial consulting firm Speer Financial. He says the city's consultants expect the interest costs to total about $1.8 million during the 10-year loan.
The bonds will be paid off with property tax dollars.
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