TO: Mayor and City Council
FROM: Kevin Sing, Director of Finance
SUBJECT:
title
Resolution Designating Financial Institutions to be Used as Depositories for City Funds
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BACKGROUND:
The City of Joliet Code of Ordinances as well as the Illinois Municipal Code require that the City Council designate financial institutions to be used as depositories for City funds and that the City Treasurer shall be required to only use those financial institutions designated as depositories for City funds in his custody.
Staff is requesting to add Wintrust Financial as a depository. The addition of Wintrust Financial will provide the City additional investment options to maximize interest income.
This item will be considered by the Finance Committee on June 16, 2026
CONCLUSION:
If approved, the list of depositories would be:
Busey Bank; BMO Harris Bank N.A.; CIBC Bank; Commerce Bank; First American Bank; First Secure Bank, Fifth Third Bank N.A.; Hometown National Bank; Old National Bank; JP Morgan Chase; Wintrust Financial (Old Plank Trail Community Bank); and the State of Illinois Public Treasurer’s Investment Pool
RECOMMENDATION:
recommendation
IT is recommended that the Mayor and City Council approve a Resolution Designating Financial Institutions to be Used as Depositories for City Funds
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