WEST WILDWOOD – Borough Commissioners will approach the state Local Finance Board (LFB) to seek approval for an emergency bond to fund a lawsuit won by the police chief.
Jacquelyn Ferentz won a $1.7 million whistleblower claim against the borough in a 2017 jury verdict, and while Ferentz originally agreed to be paid a little over $5,000 monthly over 17 years, a new employment contract she signed just before the prior administration left office accelerated her payments to $22,630 per month, which will see her paid in under five years.
The accelerated payments will begin in September, when Ferentz’s attorney is paid. The attorney was getting around $17,000 a month, and the line item will then transfer to Ferentz.
Commissioners will seek a bond to fund the judgment and free capital in the budget but must first get the LFB’s approval. According to current commissioners, the prior administration originally approached the LFB for the funding, but they felt the conditions that the board insisted on were too onerous.
Ferentz reserves the right to demand payment of the judgment balance at any time.