ROCKFORD — The city plans to borrow $13.7 million to pay off two wrongful conviction lawsuits filed by men who each spent more than two decades in prison before being exonerated of the crimes.
The city plans to issue bonds to be repaid over 20 years. The bond sale doesn’t require voter approval because it doesn’t increase property taxes. Instead, the debt is paid from general sales tax revenue.
“We’re doing what we believe is in the best interest of the city and the taxpayers in the long run to pay these obligations without immediately impacting services today while being financially conservative considering today’s economic climate,” said Carrie Hagerty, the city’s finance director…