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 The Illinois Metropolitan Investment Fund (IMET) now offers Arbitrage Rebate Calculation Services (ARCS). Through the partnership of IMET and Pinnacle Arbitrage Compliance (Pinnacle), 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 Pinnacle, one of the largest independent providers of arbitrage compliance service in this country. Pinnacle is dedicated to arbitrage compliance service for tax exempt bonds. IMET's primary contact is Pinnacle President, 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.
In selecting Pinnacle, IMET's desire was to provide the best available service and protection to our members who may be subject to the rebate requirement. Toward this end, Pinnacle stands behind the accuracy of its calculations, and agrees to pay all penalties and interest associated with a proven error by Pinnacle. Pinnacle 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:
Laura Allen - IMET Executive Director
847-296-9200
or
Deb Zimmerman - IMET Associate Director
618-662-6655. |
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