VILLA PARK : City Accepts Offer on Investment Pool
Saying that other choices would be too expensive, the City Council voted unanimously for Option A of the settlement being offered in Orange County’s bankruptcy case.
Villa Park had $1.3 million in the county’s failed investment pool. By taking Option A, the city expects to get back about $1 million by June 5 but waives the right to sue the county. Council members said that lawsuits would be very costly and are not worth the risk.
“The difference between 77 cents and 100 cents wouldn’t begin to pay the legal fees,” Councilman John Frackelton said at Tuesday night’s meeting.
Councilman Barry Denes said, “To me, getting $1 million out of there is a priority. Let’s get it and run. To litigate, money would go so quickly.”
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