Fire District Inks New Banking Agreement with Old Plank Trail
June 15, 2025/Comments Off on Fire District Inks New Banking Agreement with Old Plank Trail
The Mokena Fire Protection District Board of Trustees has approved a new two-year banking agreement with Old Plank Trail, a move aimed at securing favorable rates amid a volatile market. The board voted unanimously in favor of the new contract at its June 10 meeting.
The district’s current agreement was set to expire next month. According to Fire Chief Joe Cirelli, the new terms are very similar to the expiring ones, providing continuity for the district’s financial operations.
Under the new agreement, the administration fee will see a slight increase from 0.11% to 0.14%. However, the district’s Earning Credit Rate—which can offset banking fees—is locked in at 0.50% through July of 2026. Chief Cirelli told the board this was a positive outcome.
“With the current rate volatility, this is good,” Cirelli stated in his recommendation to approve the agreement.
The new contract will run from August 1, 2025, through July 31, 2027. The motion to approve the agreement, made by Trustee Craig Warning and seconded by Trustee Dennis Burkhardt, passed with a unanimous roll call vote.
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