Dixon expected to use settlement to repay bonds - WREX.com – Rockford’s News Leader

Dixon expected to use settlement to repay bonds

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DIXON (WREX) -

The City of Dixon is expected to use part of a $40 million legal settlement related to former comptroller Rita Crundwell's theft of over $53 million to repay bonds years in advance.

The city will pay three bonds totaling $12.3 million before it is scheduled to, saving the city around $4 million in interest.

The settlement was made with a bank and auditor Dixon claimed did not do enough to expose Crundwell's theft over the course of two decades.

Crundwell was sentenced to nearly 20 years in federal prison earlier this year for one count of wire fraud.

The city expects to get the balance of the settlement by the Thanksgiving holiday.

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