HomeMy WebLinkAbout5.7 Motion to allow the Village of Mount Prospect to invest the Village funds in the IPRIME fund with PMA Investments.Item Cover Page
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wubject Motion to allow the Village of Mount Prospect to
invest the Village funds in the IPRIME fund with
PMA Investments.
July 21, 2020
PROSPECT O A .
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PMA Investments is Village's approved investments and bond advisors. The Village is
currently using their investment platform, and the liquid funds are kept at Citi Bank, which
was earning a good rate of interest before the pandemic. The PMA investments have
changed business model. • will •' moving the liquid funds at Citi Bank to the
Illinois Public Reserves Investment Management Trust (IPRIME) fund.
IPRIME fund is a AAA -rated fund like Illinois Funds (highest possible rating), and the funds
invested with IPRIME will be an eligible investment per the current investment policy. The
proposal was also discussed at the Finance Commission meeting, and the Finance
Commission did not have any objection with investing the funds in IPRIME. IPRIME has a
fully secured platform, which will allow the Village Staff to do online banking. The Village of
Libertyville, Village of Buffalo Grove, Village of Palatine, and many other towns have
already converted to IPRIME.
Alternatives
Approve the motion to allow the Village to invest the liquid funds in the
IPRIME funds with PMA Investments.
1. Action - discretion of the Villageof Board.
1
Staff recommends approval of a motion to authorize investments in IPRIME funds.
Staff Recommendation
Staff recommends the Village Board to allow the Village to invest the funds in the
PRIME fund (AAA rated fund) as allowed by the Village's current investment
policy. The Village will be making approximately 89 basis points in investment
returns, while the traditional money marketaccountcurrentlyearns around •
basis points.
ATTACH M E NTS:
IPRIME Fact Sheet 2020.pdf
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PRIME BENEFITS About IPRIME
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