In 2002, the Miami-Dade Empowerment Trust agreed to pay off an overdue county loan for former lobbyist and businessman William Perry III. The trust used money from the very same county fund to pay off Perry's overdue debt.
1998: Perry and his wife borrow $100,000 from a Miami-Dade County loan fund then managed by a private consulting firm, Daughtrey-Jones Corp. The couple's Miami Shores home is secured as collateral.
2000: Daughtrey-Jones transfers the Perry loan back to Miami-Dade County.
May 2002: The county transfers the loan to another nonprofit agency, the BAC Funding Corp.
July 22, 2002: BAC Funding hands the loan to a collection agency, Madison Capital Credit Corp.
July 24, 2002: Madison files a foreclosure suit against the Perrys for defaulting on the loan, aiming to seize the couple's house.
September 2002: The Empowerment Trust agrees to take over the county loan fund from BAC Funding.
Dec. 16, 2002: One day before a crucial court hearing, the Empowerment Trust agrees to pay Madison Capital and take over the loan.
April 2004: The trust enters a formal agreement with Perry for a $90,000 loan, forgiving $5,000 for his legal fees and removing the mortgage on his house.