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About IMET

The Illinois Metropolitan Investment Fund (IMET) is a
governmental investment fund created under the Illinois Municipal Code. IMET actively manages two investment funds for municipal treasurers, official custodians of municipal funds, and other public agencies in the State of Illinois. These funds are the IMET 1-3 Year Series and the IMET Convenience Series. IMET also offers arbitrage rebate calculation services for participants whose bond proceeds are subject to federal arbitrage restrictions.The investment fund is controlled by and for Illinois public funds managers and finance officers to enhance investment opportunity. The 1-3 Year Fund carries the highest rating by Moody's, Aaa/bf.

The Illinois Metropolitan Investment Fund (IMET) was developed in July 1996 as a cooperative endeavor to assist Illinois public entities with the investment of their intermediate-term dollars. IMET was established as a not-for-profit investment fund under the Illinois Municipal Code. Currently serving 273 municipalities and related governmental bodies, IMET offers two separate investment vehicles to meet the investment needs of public funds.

The IMET 1-3 Year Fund is designed as an investment vehicle for public funds not required to be spent in the near term and are available for investment in securities with slightly longer average maturities. Although the 1-3 Year Fund is designed for funds that may be invested for a year or more, there is no minimum investment term and there are no “early” withdrawal/redemption fees or penalties for funds invested for less than one year.

The 1-3 Year Fund provides 5 day liquidity; participants are able to redeem investment shares with 5 business days notice to the IMET Operations desk. The IMET 1-3 Year Fund has a fluctuating net asset value (NAV) and an average portfolio maturity of 1-to-3 years. IMET invests exclusively in U.S. government backed securities (Treasuries and Agencies). The IMET 1-3 Year Fund carries the highest rating by Moody's, Aaa/bf.

The IMET Convenience Fund (CVF) is a short-term money market instrument supported by FDIC Insurance, collateralized by eligible collateral at least 110%, and U. S. Government Securities. The IMET Convenience Fund provides for the convenient investment for cash management and liquidity purposes, for the temporary investment of longer-term intermediate funds, and/or for bond proceeds. The Convenience Fund rate is primarily pegged to the Federal Funds Rate. The current Convenience Fund rate is listed on IMET's home page.


How do I start investing?

Opening your account is simple! Your governing body must pass an ordinance or a resolution authorizing participation in IMET, then complete an IMET Account Application. Return the form and establish an account. More about joining IMET


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