The $3 million taxpayer loan given by New Castle County Executive Tom Gordon to a startup stock exchange was unlawful.
That’s the conclusion of an investigation by the County Council in an 11 page advisory document.
The Wilmington News Journal reports that the opinion found Gordon had gone beyond the powers of his office to extend the loan to the Delaware Board of Trade.
The News Journal reports that the opinion also found that Gordon’s attempt to restore the money with a county tax reserve funds, in effect, avoided council involvement.
The paper reports that the opinion does not have any legal authority but was discussed at a closed-door meeting of the county council.
