Laserfiche WebLink
„ , . , <br /> FINANCIAL MANAGEMENT MEMORANDUM <br /> #99- 06 <br /> March 23, 1999 <br /> To: Honorable Mayor Howley and City Council Members <br /> From: James L. Williams, Jr. , City Manger <br /> Beth B. Couter, Finance Director ��jC� <br /> �--- <br /> Re: Illinois Metropolitan Investment Fund(IMET) <br /> Attached is a resolution and agreement allowing the City of Decatur to join in and invest <br /> with IMET. <br /> IMET was begun in 1995 by a team of finance directors representing five Chicago-land <br /> Councils of Government. The mission of this Illinois trust created for the benefit of its <br /> participants and governed by a nonprofit trust is to provide an investment pool using fixed <br /> income investments with duration of one to three years which provide a high current yield while <br /> maintaining preservation of principal and liquidity. The pool is designed specifically for <br /> investment by Illinois municipalities in accordance with Illinois state investment statutes. The <br /> performance objective is to exceed the Lehman Brothers 1-3 Year Government Bond Index. <br /> IMET recentl n <br />, y ope ed its membership to downstate cities and villages. IMET has been <br /> approved for investment of Suburban and Downstate Police and Fire pension funds by the I'I <br /> Illinois Department of Insurance. Currently there are approximately 100 upstate entities which ', <br /> belong. Currently there is approximately $150 million under management. First Chicago and ', <br /> Banc One are the day to day investment managers. All assets are one hundred percent 'i <br /> collateralized with investments whose fair market values equal or exceed the IMET investment I <br /> pool value. <br /> IMET has received the highest rating by Moody's Investment Service. <br /> We see joining this fund as a nice complement to our current short term investment in the <br /> Illinois Fund Pool which is under the direction of the Illinois State Treasurer's Office. We have <br /> some funds which we can invest longer than the one year duration of the Illinois Funds, and <br /> IMET will answer that need with a safe, well managed investment trust. <br /> As a municipal participant we will become a voting member of IMET, which gives us a <br /> voice in IMET's future. <br />