Title
Resolution authorizing the County Board Chair to execute an Agreement with Illinois Metropolitan Investment (IMET), and any documents related thereto, on behalf of the County.
Body
RESOLUTION
WHEREAS, Lake County, through the Treasurer, invests funds as available, and;
WHEREAS, the County invested certain funds in the Illinois Metropolitan Investment Fund ("IMET") Convenience Fund;
WHEREAS, IMET retained Pennant Management, Inc. ("Pennant") to act as investment advisor, and Pennant recommended and facilitated certain investments through the IMET Convenience Fund with First Farmer Financial, LLC ("FFF");
WHEREAS, the FFF investment appears to be fraudulent, resulting in losses to IMET's Convenience Fund (the "Lost Funds") that affected numerous units of local government, including the County;
WHEREAS, the County is seeking to participate in efforts by IMET and Pennant to recover the Lost Funds, and to that end, have negotiated an agreement with IMET to work cooperatively to maximize a recovery of those funds; and
WHEREAS, it is in the public interest of the County to enter into the Agreement,
NOW, THEREFORE, BE IT RESOLVED that the Board Chair is authorized to execute the Agreement, and any documents related thereto, on behalf of the County.
DATED, at Waukegan, Lake County, Illinois, on February 10, 2015.