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Arbitrage Rebate Calculation Service

womanThe Illinois Metropolitan Investment Fund (IMET) now offers Arbitrage Rebate Calculation Services (ARCS). Through the partnership of IMET and The Bank of New York Mellon Corporate Trust Company, N.A. (BNY Mellon), the ARCS are available to all IMET participants who issue debt and may incur a liability under Section 148(f)(2) of the Internal Revenue Code of 1986, as amended.

The ARCS are provided by BNY Mellon, who is dedicated to arbitrage compliance service for tax exempt bonds. IMET's primary contact is, Terence Burke, who is the sole author of the Government Finance Officers Association (GFOA) textbook entitled "Guide to Arbitrage Requirements for Governmental Bond Issues." In May 2001, Mr. Burke was appointed by the Secretary of the United States Treasury to serve on the inaugural Internal Revenue Service Advisory Committee for Tax Exempt and Government Entities.

IMET participants benefit from special pool pricing to IMET for the calculation services, and under certain conditions, participants can take advantage of the ARC Services at NO charge to the participant.

IMET's desire is to provide the best available service and protection to our members who may be subject to the rebate requirement. Toward this end, BNY Mellon stands behind the accuracy of its calculations, and agrees to pay all penalties and interest associated with a proven error by BNY Mellon. BNY Mellon will also pay or absorb costs of defending the basis of its calculations in the event of an IRS examination.

For more information, please contact:

Sofia Anastopoulos - IMET Executive Director
630/571-0480 ext. 229
Deb Zimmerman - IMET Associate Director

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