(Wilmington, DE) -- Wilmington Treasurer Velda Jones-Potter is paying off a controversial city-backed loan which became the focus of a lawsuit. Jones-Potter made the announcement yesterday saying she had wired about three-point-four-million dollars to JP Morgan Chase. That loan was taken out on behalf of Wilmington Housing Partnership, which eventually went broke causing the city to be left with debt and vacant housing. Mayor Mike Purzycki sued Jones-Potter last month fearing that she would not follow through on the City Council-approved plan to refinance the debt through bonds. Jones-Potter agreed to approve the bond issuance Monday in order to replenish city funds.
Source:24/7 News