Repository: UIHistories Project: Board of Trustees Minutes - 1990 [PAGE 221]

EXTRACTED TEXT FROM PAGE:

1991]

UNIVERSITY OF ILLINOIS

209

is available only to Illinois public agencies and other political corporations or subdivisions of the State of Illinois. IPTIP, as of February 1991, included more than 3,000 participant accounts with invested assets of approximately $1.3 billion. T h e investment objective of the Illinois Public Treasurers' Investment Pool is to seek as high a level of income for participants as is consistent with prudent investment management, the preservation of capital, and maintenance of liquidity. I P T I P seeks to achieve this objective by investing only in certain high-grade shortterm investment instruments which are specifically authorized for investment by State law. All investment instruments are backed by a combination of Federal insurance a n d / o r direct U.S. Treasury securities (bills, bonds, notes) held at a safekeeping bank designated by the State Treasurer. Liquidity is provided on the same day as long as the withdrawal request is made prior to 12:00 p.m. Investment management and administrative costs are currently limited to .25 of one percent of the pool assets. For calendar year 1990, IPTIP provided a return of 8.21 percent compared with an 8.03 percent average for 90day U.S. Treasury Bills and an 8.42 percent return for the Common Fund for Short Term Investments. T h e University's primary interest in participating in this program is to speed the collection of reimbursement payments made by the State to the University. T h e University will receive deposits of State payments directly into the University's IPTIP account. This will permit access to funds four to five days earlier than if distribution is received through the mail. Funds will then be transferred to the University's account at T h e First National Bank of Chicago. Accordingly, the vice president for business and finance has recommended that authority be given to establish an IPTIP investment account and that the following resolution be adopted. I recommend approval.

Resolution

Be It Resolved, that the Comptroller of the Board of Trustees of the University of Illinois is authorized to invest such funds or securities as may, from time to time, be determined by the Board of Trustees in the Illinois Public Treasurers' Investment Pool. Be It Further Resolved, that the Comptroller in his discretion may, from time to time, deposit a portion of University of Illinois funds which are normally invested in short-to-intermediate term investment vehicles into the Illinois Public Treasurers' Investment Pool. Be It Further Resolved, that the Comptroller is authorized, from time to time, to designate in writing to the State of Illinois those officers, employees, and other agents of the University of Illinois authorized to issue written, telephonic, electronic, or oral instructions to purchase or sell participations in the Illinois Public Treasurers' Investment Pool. Be It Further Resolved, that each of the foregoing resolutions shall continue in force until express written notice of its recision or modification has been received by the State of Illinois.

O n motion of Mrs. Gravenhorst, authority was given as requested and the foregoing resolution was adopted by the following vote: Aye, Dr. Bacon, Mr. Boyle, Mrs. Calder, Mr. Grabowski, Mrs. Gravenhorst, Mr. Lamont, Ms. Reese, Mrs. Shepherd, Mr. Wolff; no, none; absent, none. (Governor Edgar asked to be recorded as not voting on this item.) ( T h e student advisory vote was: Aye, Mr. Forbes; absent, Ms. Kelly.)