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Loami board approves switch to business banking and authorizes IMRF participation
Summary
The board adopted Resolution 2025-05 to convert village accounts to business accounts to enable direct-debit billing and automatic payroll deposits, and adopted Resolution 2025-06 to participate in IMRF; both passed by unanimous roll call.
Clerk Carissa Grider told trustees that converting village bank accounts to business accounts would allow the village to offer direct debit for water and sewer payments, implement automatic payroll deposit and access enhanced banking features. Treasurer Brad Colantino provided an overview of how the changes would be implemented. Trustee Christina Stark moved to adopt Resolution 2025-05, "Consider and Act Upon a Resolution Pertaining to the Banking Affairs of the Village and Other Actions in Connection Therewith," and Trustee Billy Cohen seconded; a roll-call vote recorded all ayes and the motion carried.
On a separate motion Trustee Christina Stark moved to accept Resolution 2025-06, authorizing participation in the Illinois Municipal Retirement Fund (IMRF); Trustee Courtney Schmideler seconded and the board approved the resolution by unanimous roll call. No dissent or abstentions were recorded on either resolution.
