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Lanark council renews $2 million bank line of credit tied to Illinois I‑Fund rate
Summary
The Lanark City Council approved renewal of a $2,000,000 line of credit with Exchange State Bank under existing terms — a 12‑month variable rate tied to the Illinois I‑Fund plus 0.25% — and authorized the mayor and treasurer as signers.
The Lanark City Council voted May 19 to renew a $2,000,000 line of credit with Exchange State Bank under the existing terms and conditions. The renewed agreement keeps a 12‑month variable interest rate tied to the Illinois I‑Fund plus 0.25%, and authorizes Mayor Jeri Rogan and Treasurer Deb Throop as signers.
Alderperson Mark Macomber moved to approve the renewal and Alderperson Brad Knutti seconded the motion; the council recorded five ayes and one abstention. Alderperson Justin Rausch arrived at 7:03 p.m. during the discussion. The council did not alter the loan terms during the meeting and provided no additional approvals related to new borrowing.
