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Board approves opening MILAF account citing higher interest rates
Summary
The board voted to open a MILAF bank account offering 3.58%–3.64% interest, replacing lower returns at Old National (about 1.66%); the motion passed with five yeas and two absences.
The Dundee Community Schools Board voted on May 11, 2026 to open a bank account with MILAF, citing materially higher interest rates compared with the district's existing account.
Kim Worden, Business Office Manager, told the board the MILAF rates presented were 3.58% and 3.64% and contrasted those to the district's current Old National rate of approximately 1.66%, stating that MILAF offered the better option for the district. Patricia Motylinski moved to approve opening the MILAF account and Kimberly Wilkins seconded; the motion passed with five yea votes and two absences.
The motion was recorded as approved; the board did not record additional conditions or amendments to the authorization in the minutes.
