DIXON, Ill. — A small northern Illinois community will use a portion of a $40 million legal settlement to repay bonds years ahead of schedule.
The (Dixon) Telegraph reports the city plans to pay off three bonds valued at a combined $12.3 million. The early payoff agreement means the community will save about $4 million in interest.
Dixon is receiving the cash in connection with former comptroller Rita Crundwell’s theft of millions of dollars in public money. The deal is part of a settlement with a bank and auditor the city contended failed to do enough to expose Crundwell’s scheme.
Crundwell was sentenced to 20 years in federal prison after pleading guilty to stealing more than $53 million over two decades.
Dixon expects to receive the balance of the money by Thanksgiving.