meeting of the village of buffalo grove buffalo grove, il

Meeting of the Village of Buffalo Grove Suburban Liability Insurance Pool

Regular Board Meeting April 17, 2019 at 9:30 AM

Fifty Raupp Blvd Buffalo Grove, IL 60089-2100 Phone: 847-459-2500

I. Call to Order

II. Approval of Minutes

A. Suburban Liability Insurance Pool - Regular Board Meeting - Mar 20, 2019 10:00 AM

III. Treasurers Report

A. Treasurer’s Report 2019-0417 (Julie Logan) (Staff Contact: Julie Logan)

IV. Authorization of Payments and Service Agreements

A. KEB – Accounting

B. Milliman - Actuarial

C. SLIP Highland Park Drone Endorsement - Approval of Invoice #2958801

V. Claims Report

A. Monthly Aggregate Claims Monitoring Report (Dane Bragg) (Staff Contact: Dane Bragg)

VI. Administrators Report

A. Building Appraisals - status update

VII. Other matters that May Come Before the Board

A. Policies

1. Investment Policy (Trustee Stein, Julie Logan) (Staff Contact: Julie Logan)

2. FOIA Policy (Scott Anderson) (Staff Contact: Scott Anderson)

3. Surplus Return Policy

4. Record Retention

5. Purchasing Policy

VIII. General Discussion

IX. Motion to Adjourn The Village of Buffalo Grove, in compliance with the Americans with Disabilities Act, requests that persons with disabilities, who require certain accommodations to allow them to observe and/or participate in this meeting or have questions about the accessibility of the meeting or facilities, contact the ADA Coordinator at 459-2525 to allow the Village to make reasonable accommodations for those persons.

SUBURBAN LIABILITY INSURANCE POOL Meeting Minutes

Date: Wednesday, March 20, 2019

Location: Buffalo Grove Village Hall

Time: 9:30 am

I. Call to Order and Roll Call – Christine Tromp

II. Approval of Meeting Minutes from February 20, 2019 meeting – Scott Anderson

a. Motion to pass – Scott Anderson

i. Seconded by Christine Tromp

III. Treasurers Report – Julie Logan

a. Buffalo Grove is mailed bank statements, Julie at Highland Park has access to them online

IV. Authorization of Payments and Service Agreements

a. KEB – Accounting

i. All agreed to approve pending review from Chuck

b. Milliman ‐ Actuarial

i. All agreed to approve pending review from Chuck

V. Claims Report

a. No outstanding claims to discuss at the moment

VI. Administrators Report

a. Risk Partner Presentation – Tim Corr

b. Building Appraisals

i. The Pool previously received an alternate quote from Gallagher Basset that

reflected a higher price

ii. CBIZ will contact each municipality directly to schedule visits

iii. Goal is to complete all appraisals prior to July 1, 2019

c. Board Docs

i. Buffalo Grove will utilize Minute Tracker

ii. All meeting packet items must be sent to Buffalo Grove no later than 1 week prior

to the next meeting date

d. Meeting Minute Taker

i. Pool elected to continue documenting minutes as is

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VII. Other matters that May Come Before the Board

a. Policies

i. Investment Policy – Julie and Scott

1. Scott and Julie will email out a sample

ii. FOIA Policy – Scott Anderson

1. Scott will email out a sample

iii. Budget – Scott Anderson

1. Pool agreed to remove the miscellaneous expense of $2,500 and amend it

to zero

iv. Surplus Return Policy – Dan O’Malley

1. Dan advised he is still looking into this and we’ll discuss at a later date

v. Record Retention – Christine Tromp

1. Christine will begin uploading documents into their respective folders

based on the structure provided

vi. Purchasing Policy – Julie and Scott

1. Will look into a purchasing policy for the pool

VIII. General Discussion

a. Dykema Invoice #3245576

i. Motion to approve to pay – Julie Logan

ii. Seconded by Scott Anderson

IX. Motion to Adjourn

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Date: Wednesday, March 20, 2019

Location: Buffalo Grove Village Hall

Time: 9:30 am

Call to Order and Roll Call for Open Session:

Time: 9:30 am

Representative Municipality Present Absent

Mr. Dane Bragg – Chair

Mr. Scott Anderson

Mr. Evan Michael

Village of Buffalo Grove X Dane Bragg

Mr. Dan O’Malley – Vice Chair

Mr. Patrick Seager

Mr. Kenneth Koop

Village of Hoffman Estates X

Mrs. Julie Logan – Treasurer City of Highland Park X

Mrs. Christine Tromp – Secretary Village of Elk Grove Village X

Attendee Organization Present Absent

Rich Stokluska, Tamarah Holm,

Tia Incapreo, and Tim Corr Gallagher X

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Memorandum

1

Date: April 10, 2019 To: SLIP Board Members From: Julie Logan, SLIP Treasurer Subject: Treasurer’s Report 2019-0417

Board Members:

Cash receipts and disbursements since the March board meeting include:

1,554.00 Received from the City of Highland Park on 4/9 for premium to insure two drones (new purchase) 0.00 Disbursements

Expenditures for disbursement on April 17:

1,554.00 Gallagher Invoice 2958801 9 for premium to insure two drones, to be Presented for approval at the April board meeting * 112.50 Dykema Invoice 3245576, approved at the March board meeting

Attached is an Investment Policy Draft, which I developed based Illinois Statute and Gallagher-provided examples. Scott Anderson from the Village of Buffalo Grove reviewed the draft. I recommend the Board approve this policy at the April 17, 2019 Board meeting.

I reviewed and recommend the Board accept the SLIP Financial Statements as of March 31, 2019 prepared by SLIP’s accountant Phil Capps, as attached, at the April 17, 2019 Board meeting. Given this is the first quarter of SLIP financial statements, the following notes are presented for your ease in reviewing the financial statements. It is recommended that you also reference the attached updated 2019-2020 Invoice Reconciliation. Phil will not attend the April 17, 2019 Board meeting due to a scheduling conflict with another Gallagher pool Board meeting. If you have questions for Phil, please let me know so that I can bring responses to the Board meeting.

Balance Sheet

1. Highland Park B&T Operating Account 452,349

Total SLIP Invoice Add-up 457,234 less unpaid Dykema invoice 112.

2. CCMSI Claims Account 5,000

As approved by the Board.

3. Prepaid Insurance 762,608

75% of (Premium Totals 960,017 + Claims Administration 58,349 – Premium for Two Drones 1,554*).

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4. Accounts Payable 112

Unpaid Dykema Invoice 3245576, approved at the March board meeting.

5. Unearned Contribution 1,106,108

Highland Park B&T Operating Account 452,349 + CCMSI Claims Account 5,000 + Prepaid Insurance 762,608 - Accounts Payable 112 - Net Position 113,736.

6. Net Position 113,736

Inception-to-date Net Income per Statement of Revenues, Expenses and Changes in Net Position.

Statement of Revenues, Expenses and Changes in Net Position

REVENUE

1. Insurance Premiums 193,365

25% of (Premium Totals 960,017 - Risk Management Fee 185,000 – Premium for Two Drones 1,554*).

2. Loss Fund 112,500

25% of (Loss Fund 450,000).

3. Claims Fees 14,587

25% of (Claims Administration (CCMSI) 58,349).

4. Brokerage Fees 46,250

25% of (Risk Management Fee (AJG) 185,000).

5. Administrative Fees 2,000

25% of (Operations Fee (Various) 8,000).

6. Excess Coverage 77,801

25% of (Premiums for Excess Crime 7,839 + Excess Liability (Allied) 140,000 + Excess Liability (StarStone) 10,057 + Cyber Liability 43,201 + Excess Property 94,874 + Equipment 15,231).

7. Excess Loss Fund 77,801

25% of (Premiums for Commercial Package 462,261).

EXPENSES

8. Commissions 46,250

25% of (Risk Management Fee (AJG) 185,000).

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9. Claims Fee Expense 14,587

25% of (Claims Administration (CCMSI) 58,349).

10. Legal Fees 600

Dykema Invoices previously approved by Board for 337.50, 150.00, and 112.50.

11. Supplies & Materials 164

Highland Park B&T account set-up charges for 150 checks, 50 deposit slips, 1 stamp, 1 disbursement journal, 1 check book cover, and 1 Logo fee.

NET INCOME = NET POSITION

12. Net Income 113,735

Add-up of Revenue less Add-up of Expenses.

*-The Gallagher Invoice 29588019 for the premium to insure City Highland Park’s two drones, which will be presented for approval at the April board meeting, was not forwarded to SLIP’s accountant in time to include in the March financial statements as an accounts payable. This premium will be accounted for on the second quarter 2019 financial statements.

Please let me know if you have questions.

Attachments: 1 - Investment Policy Draft

2 - SLIP Financial Statements as of March 31, 2019

3 - 2019-2020 Invoice Reconciliation

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Location Occurrence # Claim Number ClaimantDate of

LossCoverage

Claim Type

Claim Status

Date Closed

Member Deductible

SIR Deductible Total Paid

CITY OF HIGHLAND PARK 19G50F852260 Salgado, Carlos 1/19/2019 ALP Inc Open $25,000.00 $200,000.00 $439.80

CITY OF HIGHLAND PARK 19G50F865531 Hrach, Oskar 1/24/2019 ALP Inc Closed 2/27/2019 $25,000.00 $200,000.00 $146.00

VILLAGE OF BUFFALO GROVE 19G50F869297 Mehta, Ramola 1/30/2019 GLP Inc Open $50,000.00 $200,000.00 $7,071.33

CITY OF HIGHLAND PARK 19G50F884560 Orgiefsky, Ron 2/5/2019 GLP Inc Closed 3/29/2019 $25,000.00 $200,000.00 $0.00

CITY OF HIGHLAND PARK 19G50F888370 Sotoloff, Marvin 2/4/2019 GLP Inc Open $25,000.00 $200,000.00 $0.00

CITY OF HIGHLAND PARK 19G50F889173 Varon, Elise 2/4/2019 GLP Inc Open $25,000.00 $200,000.00 $0.00

VILLAGE OF ELK GROVE 19G50F892944 Magana, Juan 2/10/2019 ALP Inc Open $200,000.00 $200,000.00 $0.00VILLAGE OF HOFFMAN ESTATES 19G50F894466 Village of Hoffman, 2/14/2019 FPPC Inc Open $100,000.00 $100,000.00 $0.00

VILLAGE OF HOFFMAN ESTATES 19G50F900336 Jones, Antoinette 2/25/2019 ALP Inc Open $100,000.00 $200,000.00 $0.00

CITY OF HIGHLAND PARK 19G50F910309 Deitch, Carol 2/23/2019 GLP Inc Closed 3/28/2019 $25,000.00 $200,000.00 $0.00

CITY OF HIGHLAND PARK 19G50F917933 NEMEROFF, EILEEN 2/12/2019 ALP Inc Open $25,000.00 $200,000.00 $0.00

CITY OF HIGHLAND PARK 19G50F928408 POLL, MICHAEL 2/4/2019 GLP Inc Open $25,000.00 $200,000.00 $0.00

$650,000.00 $2,300,000.00 $7,657.13

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Outstanding Reserves

Third Party Recovery

Total IncurredTotal

ReimbursementNet Incurred

Applicable to Member Deductible

Applicable to Aggregate Attachment

$16,706.20 $0.00 $17,146.00 $0.00 $17,146.00 $439.80 $0.00

$0.00 $0.00 $146.00 $0.00 $146.00 $146.00 $0.00

$1,245.00 $0.00 $8,316.33 $0.00 $8,316.33 $7,071.33 $0.00

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

$500.00 $0.00 $500.00 $0.00 $500.00 $0.00 $0.00

$540.06 $0.00 $540.06 $0.00 $540.06 $0.00 $0.00

$7,500.00 $0.00 $7,500.00 $0.00 $7,500.00 $0.00 $0.00

$25,000.00 $0.00 $25,000.00 $0.00 $25,000.00 $0.00 $0.00

$2,680.00 $0.00 $2,680.00 $0.00 $2,680.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

$200.00 $0.00 $200.00 $0.00 $200.00 $0.00 $0.00

$500.00 $0.00 $500.00 $0.00 $500.00 $0.00 $0.00

$54,871.26 $0.00 $62,528.39 $0.00 $62,528.39 $7,657.13 $0.00

attachment point 450,000.00

due from agg $0.00

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Suburban Liability Insurance PoolLoss Run Summary for power user

Monthly Aggregate Monitoring Report

Claim Date From: 01/1/1900 12:00:00 AM To: 04/1/2019 11:59:59 PM

Report Details Generated On: 4/1/2019 8:53:12 AMReport Layout Style CustomFilter Criteria Created By Judy LanxnerDate Type Date Of LossDate Period All DatesStart Date 01/01/1900 12:00 AMEnd Date 04/01/2019 11:59 PMAs Of Date Type Last Day of Last MonthAs of Date 03/31/2019Location AllLocation2 AllDepartments AllDivisions AllCoverage AllHandling Office AllClaim Type Ind,Med,IncClaim Status Closed,OpenInclude RPO NoState of Jurisdiction AllClaim Risk Level AllPayment Classes All ActiveFinancial Filters Any>0.00, Any>0.00, Any>0.00Notes & Disclaimers

* All reports that are run through the current date show data as of midnight the previous day

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http://www.ccmsi.com/

http://www.ccmsi.com/

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Open Claims

Closed Claims

Total Claims Total Paid Outstanding Reserves Third Party Recovery Total Incurred Total

Reimbursement9 3 12 $7,657.13 $54,871.26 $0.00 $62,528.39 $0.00

Report Totals: 3.A.b

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Net Incurred

$62,528.39

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SUBURBAN LIABILITY INSURANCE POOL Treas Rpt 2019-0417 Attachment 32019-2020 Premium Invoices #2772898 & 2958801, CCMSI Fee Invoice #2868390, Dykema Invoices #3226264, 3241404, & 3245576, Bank Set-up Fees

Coverage Company Premium

Surplus Lines,

Taxes & Fees

Municipal Total

Revised Invoice1.8.2019

Maximum Cost

Presented to Council

Add-up Over/

(Under)Maximum Premium

Surplus Lines,

Taxes & Fees

Municipal Total

Invoice12.27.2018 Premium

Surplus Lines,

Taxes & Fees

Municipal Total

Invoice12.27.2018 Premium

Surplus Lines,

Taxes & Fees

Municipal Total

Invoice12.27.2018 Add-up Invoices

Add-up Over/

(Under) Invoice

MaximumCost

Presented to Municipalities

Add-up Over/

(Under)Maximum

Excess Crime Travelers Casualty and Surety Co of America 1,560.00 1,560.00 1,560.00 - 1,254.00 1,254.00 1,607.00 1,607.00 3,418.00 3,418.00 7,839.00 7,839.00 - 7,839.00 -

Excess Liability Allied World National Assurance Company 29,647.00 29,647.00 31,765.00 12.00 29,648.00 29,648.00 37,883.00 37,883.00 42,822.00 42,822.00 140,000.00 140,000.00 - 150,000.00 57.00

Excess Liability StarStone National Insurance Company 2,130.00 2,130.00 2,130.00 2,130.00 2,721.00 2,721.00 3,076.00 3,076.00 10,057.00 10,057.00 -

Cyber Liability Underwriters at Lloyd's London 11,800.00 377.75 12,177.75 11,800.00 377.75 5,916.00 377.75 6,293.75 6,845.00 377.75 7,222.75 17,129.00 377.75 17,506.75 43,201.00 43,201.00 - 41,690.00 1,511.00

Excess Property Fireman's Fund Insurance Company 26,679.00 26,679.00 26,679.00 - 12,390.00 12,390.00 21,737.00 21,737.00 34,068.00 34,068.00 94,874.00 94,874.00 - 94,874.00 -

Commercial Package Underwriters at Lloyd's London 97,960.00 3,942.07 101,902.07 92,000.00 9,902.07 96,553.00 3,886.63 100,439.63 138,716.00 5,584.01 144,300.01 111,145.00 4,473.29 115,618.29 462,260.00 462,261.00 (1.00) 419,000.00 43,260.00

Risk Management Fee Arthur J. Gallagher - PNP 28,000.00 28,000.00 28,000.00 - 50,000.00 50,000.00 65,000.00 65,000.00 42,000.00 42,000.00 185,000.00 185,000.00 - 185,000.00 -

Equipment Breakdown Liberty Mutual Fire Insurance Company 4,282.96 4,282.96 4,338.00 (55.04) 1,989.00 1,989.00 3,489.00 3,489.00 5,469.00 5,469.00 15,229.96 15,231.00 (1.04) 15,427.00 (197.04)

Two Drones Liberty Mutual Fire Insurance Company? 1,554.00 1,554.00 1,554.00 1,554.00 - 1,554.00

Premium Totals 203,612.96 4,319.82 207,932.78 196,142.00 10,236.78 199,880.00 4,264.38 204,144.38 277,998.00 5,961.76 283,959.76 259,127.00 4,851.04 263,978.04 960,014.96 960,017.00 (2.04) 913,830.00 46,184.96

Claims Administration 24,451.00 24,451.00 24,451.00 - 17,227.00 17,227.00 6,668.00 6,668.00 10,003.00 10,003.00 58,349.00 58,349.00 - 58,348.00 1.00

Operations Fee 1Q = Dykema, HPBT set-up costs 2,000.00 2,000.00 2,000.00 - 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 8,000.00 763.78 7,236.22 8,000.00 -

Loss Fund 132,000.00 132,000.00 132,000.00 - 100,000.00 100,000.00 125,000.00 125,000.00 93,000.00 93,000.00 450,000.00 450,000.00 450,000.00 -

Invoice Add-up 362,063.96 4,319.82 366,383.78 354,593.00 10,236.78 319,107.00 4,264.38 323,371.38 411,666.00 5,961.76 417,627.76 364,130.00 4,851.04 368,981.04 1,476,363.96 1,019,129.78 457,234.18 1,430,178.00 46,185.96

Invoice Over/(Under) Add-up - 0.17 0.42 0.45 1.04 (33.78) 34.82

Invoice Total 366,383.78 323,371.55 417,628.18 368,981.49 1,476,365.00 1,019,096.00 457,269.00

Check Over/(Under) Invoice - - - - - (1.00) 1.00

Check Received / Paid 366,383.78 323,371.55 417,628.18 368,981.49 1,476,365.00 1,019,095.00 457,270.00

Notes:

1. Funds received from Municipalities to SLIP for premiums were $1 less than the SLIP premium invoice, given Gallagher invoicing errors. Gallagher advised that SLIP should pay $1 less than the $958,463.00 invoiced, for a total of $958,462.00.

TotalSLIP

City ofHighland Park

Village ofBuffalo Grove

Village ofElk Grove Village

Village ofHoffman Estates

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Location Occurrence # Claim Number ClaimantDate of

LossCoverage

Claim

Type

Claim

Status

Date

Closed

Member

DeductibleSIR Deductible Total Paid

Outstanding

Reserves

Third Party

RecoveryTotal Incurred

Total

ReimbursementNet Incurred

Applicable to

Member

Deductible

Applicable to

Aggregate

Attachment

CITY OF HIGHLAND PARK 19G50F852260 Salgado, Carlos 1/19/2019 ALP Inc Open $25,000.00 $200,000.00 $439.80 $16,706.20 $0.00 $17,146.00 $0.00 $17,146.00 $439.80 $0.00

CITY OF HIGHLAND PARK 19G50F865531 Hrach, Oskar 1/24/2019 ALP Inc Closed 2/27/2019 $25,000.00 $200,000.00 $146.00 $0.00 $0.00 $146.00 $0.00 $146.00 $146.00 $0.00

VILLAGE OF BUFFALO GROVE 19G50F869297 Mehta, Ramola 1/30/2019 GLP Inc Open $50,000.00 $200,000.00 $7,071.33 $1,245.00 $0.00 $8,316.33 $0.00 $8,316.33 $7,071.33 $0.00

CITY OF HIGHLAND PARK 19G50F884560 Orgiefsky, Ron 2/5/2019 GLP Inc Closed 3/29/2019 $25,000.00 $200,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

CITY OF HIGHLAND PARK 19G50F888370 Sotoloff, Marvin 2/4/2019 GLP Inc Open $25,000.00 $200,000.00 $0.00 $500.00 $0.00 $500.00 $0.00 $500.00 $0.00 $0.00

CITY OF HIGHLAND PARK 19G50F889173 Varon, Elise 2/4/2019 GLP Inc Open $25,000.00 $200,000.00 $0.00 $540.06 $0.00 $540.06 $0.00 $540.06 $0.00 $0.00

VILLAGE OF ELK GROVE 19G50F892944 Magana, Juan 2/10/2019 ALP Inc Open $200,000.00 $200,000.00 $0.00 $7,500.00 $0.00 $7,500.00 $0.00 $7,500.00 $0.00 $0.00

VILLAGE OF HOFFMAN

ESTATES19G50F894466 Village of Hoffman, 2/14/2019 FPPC Inc Open $100,000.00 $100,000.00 $0.00 $25,000.00 $0.00 $25,000.00 $0.00 $25,000.00 $0.00 $0.00

VILLAGE OF HOFFMAN

ESTATES19G50F900336 Jones, Antoinette 2/25/2019 ALP Inc Open $100,000.00 $200,000.00 $0.00 $2,680.00 $0.00 $2,680.00 $0.00 $2,680.00 $0.00 $0.00

CITY OF HIGHLAND PARK 19G50F910309 Deitch, Carol 2/23/2019 GLP Inc Closed 3/28/2019 $25,000.00 $200,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

CITY OF HIGHLAND PARK 19G50F917933 NEMEROFF, EILEEN 2/12/2019 ALP Inc Open $25,000.00 $200,000.00 $0.00 $200.00 $0.00 $200.00 $0.00 $200.00 $0.00 $0.00

CITY OF HIGHLAND PARK 19G50F928408 POLL, MICHAEL 2/4/2019 GLP Inc Open $25,000.00 $200,000.00 $0.00 $500.00 $0.00 $500.00 $0.00 $500.00 $0.00 $0.00

$650,000.00 $2,300,000.00 $7,657.13 $54,871.26 $0.00 $62,528.39 $0.00 $62,528.39 $7,657.13 $0.00

attachment point 450,000.00

due from agg $0.00

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Revised: April 2019

Arthur J. Gallagher Risk Management Services, Inc. Public Sector The Gallagher Centre Two Pierce Place Itasca, IL 60143 www.ajg.com

2014 Arthur J. Gallagher & Co. All Rights Reserved

Investment PolicyUpdated April 2019

DRAFT

Treasurer’s Report 2019-0417 Attachment 1 7.A.1.a

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http://www.ajg.com/

SLIP | INVESTMENT POLICY | APRIL 2019 | DRAFT

K:\_Liability Insurance\SLIP\Policies\Investment\SLIP Investment Policy_April 2019_Draft.docx 2

Investment of Funds

A. Scope

This investment policy applies to funds of the Suburban Liability Insurance Pool (“SLIP”). These funds are accounted for in SLIP’s independently prepared and independently audited annual financial report and include all current funds, and any other funds that may be created from time to time. Transactions involving the investment of funds and related activity of any funds shall be administered in accordance with the provisions of this policy and the Intergovernmental Cooperation Act (5 ILCS 220/16).

B. Objectives

1. Safety of Principal – Investments shall be undertaken in a manner that seeks to ensure the preservation of principal in the overall portfolio. To attain this objective only appropriate investment instruments will be purchased and insurance or collateral may be required to ensure the return of principal.

2. Liquidity – SLIP’s investment portfolio shall be structured in such manner as to provide sufficient liquidity to pay obligations as they come due.

3. Return on Investments – The investment portfolio shall be designed to attain a market-average rate of return throughout budgetary and economic cycles, taking into account the risk constraints, the cash flow characteristics of the portfolio, and legal restrictions for return on investments.

4. Maintaining the Public’s Trust – Investment officers shall seek to act responsibly as custodians of the public trust and shall avoid any transaction that might impair public confidence in SLIP, the Board, the Executive Committee, the Chairman or the Treasurer.

5. Diversification - It is SLIP policy to diversify its investment portfolio. Investments shall be diversified to eliminate the risk of loss resulting in over concentration in a specific maturity, issuer, or class of securities. Diversification strategies shall be determined and revised periodically by the Treasurer and implemented after authorization by the Board or Executive Committee.

6. Performance – The Board or Executive Committee shall develop performance measures appropriate for the nature and size of the funds within its custody. The separately created Mandate Document provides guidance of the performance measures. The Mandate Document, as developed, approved, and as may be amended by the Board or Executive Committee from time to time, serves as a supplement to this Investment Policy, which is incorporated herein by reference and shall provide for guidance to SLIP’s Investment Advisor.

C. Investment Instruments

SLIP may invest in any type of security permitted the under the Public Funds Investment Act (30 ILCS 235/2) and/or the Intergovernmental Cooperation Act (5 ILCS 220/15) which are incorporated herein by reference as though fully set forth herein, except investment products that are considered as derivatives or repurchase agreements are specifically excluded from approved investments.

D. Investment Guidelines

1. “Prudent Person” Rule - SLIP hereby adopts the “Prudent Person” rule which provides as follows: “Investments should be made with the judgment and care, under circumstances then prevailing, that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not for speculation but for investment, considering the probable safety of their capital as well as the probable income to be derived from the investment.”

2. Investment Advisors - Any investment advisor retained by SLIP must be a fiduciary, who has the power to manage, acquire, or dispose of any asset of SLIP, has acknowledged in writing that he or she is a fiduciary with respect to SLIP and that he or she has read and understands SLIP’s First Amended Investment Policy.

7.A.1.a

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E. Collateralization

1. SLIP policy is to require that time deposits in excess of FDIC insurable limits be secured by collateral or private insurance, at 110% of value, to protect public deposits in a single financial institution if it were to default.

2. Eligible collateral instruments are any investment instruments acceptable under the Public Funds Investment Act (230 ILCS 235). The collateral must be placed in safekeeping at or before the time SLIP buys the investments so that it is evident that the purchase of the investment is predicated on the securing of collateral. Any change in collateral by the issuing bank will be exchanged for like kind collateral.

3. Safekeeping of Collateral

a) Third party safekeeping is required for all collateral. To accomplish this, the securities can be held at the following locations:

1) A Federal Reserve Bank or its branch office;

2) At another custodial facility in a trust or safekeeping department through book-entry at the Federal Reserve;

3) by an escrow agent of the pledging institution; and/or

4) by the trust department of the issuing bank.

b) Safekeeping will be documented by the SLIP Board or Executive Committee approved written agreement that complies with FDIC regulations. This may be in the form of a safekeeping agreement.

c) Substitution or exchange of securities held in safekeeping for SLIP can be approved exclusively by either the Chairman or Treasurer provided the market value of the replacement securities is equal to or greater than the market value of the securities being replaced.

F. Safekeeping of Securities

1. Third party safekeeping is required for all securities and commercial paper. To accomplish this, the securities can be held at the following locations:

a) A Federal Reserve Bank or its branch office;

b) At another custodial facility – generally in a trust or safekeeping department through book-entry at the Federal Reserve unless physical securities are involved; and/or

c) In an insured account at a primary reporting dealer.

2. Safekeeping will be documented by the SLIP Board or Executive Committee approved written agreement. This may be in the form of a safekeeping agreement, trust agreement, escrow agreement or custody agreement.

3. Original certificates of deposit will be held by the originating bank. A safekeeping receipt will be acceptable documentation.

7.A.1.a

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G. Qualified Financial Institutions and Intermediaries

1. Depositories – Demand Deposits

a) Any financial institution selected by SLIP shall provide normal banking services, including, but not limited to: checking accounts, wire transfers and safekeeping services.

b) SLIP will not maintain funds in any financial institution that is not a member of the FDIC system. In addition, SLIP will not maintain funds in any institution not willing nor capable of posting required collateral for funds or purchasing private insurance in excess of FDIC insurable limits.

c) To qualify as a depository, a financial institution must furnish the Treasurer with copies of the latest two statements of condition which it is required to furnish to the Comptroller of Currency as the case may be. While acting as a depository, a financial institution must continue to furnish such statements to the Treasurer within 45 days of the end of each quarter.

d) Fees for banking services shall be mutually agreed to by an authorized representative of the depository bank and the Treasurer, with approval of the SLIP Board or Executive Committee. Fees for services shall be substantiated by a monthly account analysis, when if needed.

e) All financial institutions acting as a depository for SLIP must enter into a “Depository Agreement.”

2. Banks and Savings and Loans – Certificates of Deposit

Any financial institution selected to be eligible for SLIP’s competitive certificate of deposit purchase program must meet the following requirements.

a) Shall provide wire transfer and certificate of deposit safekeeping services.

b) Shall be a member of FDIC system and shall be willing and capable of posting required collateral or private insurance for funds in excess of FDIC insurable limits.

c) Shall have met the financial criteria as established in the SLIP investment policy.

3. Intermediaries

Any financial intermediary selected to be eligible for SLIP’s competitive investment program must meet the following requirements.

a) Shall provide wire transfer and certificate of deposit safekeeping services.

b) Shall be a member of a recognized U.S. Securities and Exchange Commission SLIP Regulatory Organization such as the New York Stock Exchange, National Association of Securities Dealers, Municipal Securities Rule Making Board, etc.

c) Shall provide an annual audit upon request.

d) Shall have an office of Supervisory Jurisdiction within the State of Illinois and be licensed to conduct business in this State.

e) Shall be familiar with SLIP’s Board’s policy and accept financial responsibility for any investment not appropriate according to the policy.

7.A.1.a

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H. Management of Program

1. The following individuals are authorized to purchase and sell investments, authorize wire transfers, authorize the release of pledged collateral, and to execute any documents required under this policy:

a) Chairman

b) Treasurer

These documents include:

1) Wire Transfer Agreement

2) Depository Agreement

3) Safekeeping Agreement

4) Custody Agreement

2. Internal Controls

Management responsibility for the investment program is hereby delegated to the Chairman and Treasurer, who shall establish a system of internal controls and written operational policies designed to prevent losses of funds that might arise from fraud, employee error, misrepresentation by third parties, or imprudent actions by employees of the entity. Such policies shall include explicit deletion of authority to persons responsible for investment transactions; check signing, check reconcilement, deposits, bond payments, report preparation and wire transfers. No person may engage in any investment transaction except as provided for under the terms of this policy. The Treasurer shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinates.

3. Ethics and Conflicts of Interest

The Board or Executive Committee members and any other persons involved in the investment process shall refrain from personal business activity that could conflict with the proper execution of the investment program, or which could impair their ability to make impartial investment decisions.

4. Indemnification

With the exception of any outside Investment Adviser retained by SLIP, any Board or Executive Committee member and any other persons, if applicable, acting in accordance with this Investment Policy and any written operational procedures as have been or may be established, and exercising due diligence and reasonable care, shall be relieved of personal liability for any individual investments credit risk, monetary risk or market changes in fund values.

5. Reporting

The Treasurer shall submit to the SLIP Board or Executive Committee an investment report at each scheduled meeting, or at a minimum quarterly, which shall include information regarding portfolio investments, including securities by type or class, book value, income earned, and market value as of the report date. Generally accepted accounting principles shall be used for valuation purposes. The report shall indicate any areas of policy concern and planned revision of investment strategies.

6. Amendment

This Investment Policy shall be reviewed from time to time by the SLIP Board or Executive Committee with regards to the policy’s effectiveness in meeting SLIP’s needs for safety, liquidity, rate of return, diversification, and general performance. Any substantive changes will be reported to the SLIP Board and approved by the SLIP Board or Executive Committee.

7.A.1.a

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7. Miscellaneous

Any investment policy provisions set forth in 5 ILCS 220/16 and not specifically set forth in this Investment Policy are incorporated herein by reference.

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Suburban Liability Insurance Pool 50 Raupp Boulevard

Buffalo Grove, Illinois 60089

Procedure for Request of Public Records Suburban Liability Insurance Pool’s Regulations Concerning the Illinois

Freedom of Information Act 5 ILCS 140/1 et seq. ARTICLE I

Section 1.1 Summary and Purpose

a) These regulations are established to implement the provisions of the Freedom of Information Act (5 ILCS 140/1 et seq). The purpose of these regulations is to support the policy of providing access to the public records in the possession of the Pool while, at the same time, protecting legitimate privacy interests and maintaining administrative efficiency.

b) These rules create a procedure by which the public may request and obtain public records.

Section 1.2 Definitions

a) Terms not defined in this Procedure shall have the same meaning as in the Act (Section 140/2).

b) "Act" means the Illinois Freedom of Information Act. (5 ILCS 140/1 et. seq.) c) "Freedom of Information Officer" shall be as defined in Section 140/3.5 of the Act. d) "Requestor" means a person who submits a request for public records in accordance with

these regulations.

ARTICLE II

Section 2.1 Requests for Public Records

Requests for inspection or to copy public records shall be made to the President of the Suburban Liability Insurance Pool. Written requests can be submitted to the Pool by personal delivery, mail, fax or other means available, including email. The Pool may honor a verbal request to either inspect or copy a public record. The Pool will provide a standard form, identified as Exhibit D to this Directory to assist in the request for public records although requests can be made in any other written manner as well. Requests for public records submitted to the President of the Suburban Liability Insurance Pool shall be directed to the entity responsible for maintaining the public records requested. Requests for public records will be handled during the following normal working hours: Monday-Friday 8:00 A.M. to 4:30 P.M.

7.A.2.a

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Section 2.2 Form and Content of Requests

a) Requests in accordance with the Act and these regulations may be made in writing or as noted in Section 2.1 above. Such requests may be submitted on forms, provided by the Pool as shown on Exhibit D. or in a similar format.

b) The requestor shall provide the following information in a request for public records: 1. The requestor's full name, address and phone number. 2. A description of the public records sought, being as specific as possible. 3. Whether the request is for inspection of public records, copies of public records,

or both. In addition, the requestor shall note if the public records that are being requested are for a commercial purpose or whether there is a request to waive any fees that may be due.

ARTICLE III

Section 3.1 Timeline for Pool Response

a) The Pool shall respond to a request for public records within 5 business days after the receipt of such request; please note that Day 1 of the 5 day timeline is the first business day after the request is received by the Pool. Response would include either a compliance with the request, a written request for an extension, or a denial, and said denial shall be in writing.

b) The Village may give notice of an extension of time to respond which does not exceed an additional 5 business days, from the original due date, or a total of 10 business days from the request. Such an extension is allowable only if notice is provided within the original 5 business day time limit and only for the reasons provided in Section 140/3 (e) of the Act. Such notice of extension shall state the reasons why the extension is necessary and be in the format as shown on Exhibit E.

c) A requestor and the Pool may agree in writing to extend the time for compliance for a period to be determined by both parties.

d) The response requirements for compliance or denial of a request for public records set out in this Section 3.1 shall not apply to requests for records made for commercial purposes. Such requests shall be subject to the provisions of Section 140/3.1 of the Act.

Section 3.2 Types of Pool Responses

a) The Pool shall respond to a request for public records in one of following ways:

1) Approve the request.

2) Approve in part and deny in part.

3) Deny the request.

4) Give notice of an extension.

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5) Provide an opportunity for a conference.

b) Upon approval of a request for public records, the Pool may either provide the materials immediately, give notice that the materials shall be made available upon payment of appropriate fees, or give notice of the time and place for inspection of records.

c) Categorical requests creating an undue burden upon the Pool shall be denied only after extending to the requestor an opportunity to confer in an attempt to reduce the request to manageable proportions in accordance with Section 140/3 (g) of the Act. A letter for this procedure is at Exhibit G.

d) A denial of a request for public records shall be made in writing. It shall state the reasons for the denial in accordance with Section 140/3 (g), Section 140/7, or Section 140/7.5 of the Act and the names and titles of individuals responsible for the decision, and shall include a detailed factual basis as to why the exemption was claimed. The format letter for denial is at Exhibit H.

e) The Pool can remove or black out information from documents released if the information is exempt from disclosure under the Act. This process is called “redaction” and if used, the Pool will release the remaining information, if it too is not exempt from disclosure. A redaction is considered a partial denial and therefore, the requestor will be notified of such partial denial. Depending upon the reason for the redaction, the letter noted in Exhibit I will be provided.

f) Copies of all requests and denials will be retained by the Freedom of Information Officers.

ARTICLE IV

Section 4.1 Right to Review of a Denial

a) As part of a denial of a request for public records, the Pool will inform such requestor of their right to review by the Public Access Counselor and will be provided with the address and phone number for the Public Access Counselor (Section 140/9.5 of the Act).

b) In addition, each notice of denial shall inform the requestor of their right to a judicial review as set forth in Section 140/11 of the Act.

Section 4.2 Permission to Assert Two Specific Exemptions Under the Act

If the Pool believes that the records requested under the Act fall into one of two specific exemptions in the Act, and intends to assert those exemptions and withhold the records in whole or in part from disclosure, the Pool must provide written notice to the Public Access Counselor (“PAC”), within the Office of Attorney General, before asserting either exemption. A letter specific to requests for such exemptions is at Exhibit K.

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Specifically, if the Pool intends to withhold information from disclosure because either (1) disclosure of the information would result in an unwarranted invasion of personal privacy (5 ILCS 140/7(1)(c)) (“personal information”) or (2) the information falls into the exemption for preliminary policy drafts (5 ILCS 140/7(1)(f)), the Pool must provide written notice to the PAC asserting either of the exemptions.

Once the PAC receives the written notice from the Pool, they have five (5) working days to determine if further inquiry is necessary. If it is determined that further inquiry is necessary to determine whether either of the exemptions may be used, the timeline for a Request for Review begins and the Pool must provide any information requested by the PAC within seven (7) working days of receiving the PAC’s request. During the time period that the PAC is reviewing whether the Pool can assert either of these exemptions, the original response timeline requirements cease for the Pool to respond to the request (5 ILCS 140/9.5(b)).

ARTICLE V

Section 5.1 Inspection of Records at Pool Offices

a) Generally, public records will be made available for inspection during normal working hours of the Pool.

b) Documents which the requestor wishes to have copied shall be segregated during the course of the inspection. Generally, all copying shall be done by Pool officials.

c) Unless otherwise arranged, the inspection of records shall take place at the office of the Department concerned. For purposes of convenience, either the Pool or the requestor may request that inspection take place in another Department office location.

d) An official of the Pool may be present throughout the inspection. A requestor may be prohibited from bringing bags, brief cases or other containers into the inspection room.

Section 5.2 Charges for Public Records

a) Copies of public records shall be provided to the requestor only upon payment of any charges which are due and are subject to the authority as further set forth in Section 140/6 of the Act.

b) Except where a fee is otherwise fixed by State statute, charges for copies of public records shall be assessed as follows:

No fees shall be charged for the first fifty (50) pages of black and white, letter or legal sized copies, requested by the requestor. Copies in excess of fifty (50) in a black and white format, on letter or legal sized paper, shall be $.15/page. If color copies are requested, and can be provided, or if copies are provided in a size other than letter or legal, the actual cost for reproducing the records will be due.

The following company will photocopy and invoice any person or company who required many copies to be made:

7.A.2.a

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PR2 Blueprint 5100 Newport Drive, Suite 1 Rolling Meadows, IL 60008

(847) 3985-5855

Certification fees are $1.00 per record.

c) Charges may be waived, or provided at a reduced rate, in any case where the Pool determines that the waiver serves the public interest. “Public interest” is set forth in Section 140/6 (c) of the Act.

d) If a public record is provided to the requestor in an electronic format, the Pool may charge the requestor for the actual cost of purchasing any recording medium, including but not limited to, disc, diskette, tape or other medium.

ARTICLE VI

Section 6.1 Requests for Commercial Purposes

The Pool will respond to a request for records that will be used for a commercial purpose within twenty-one (21) working days after receipt. The response shall (i) provide to the requestor an estimate of the time required to provide the records requested, along with an estimate of the fees to be charged, which the Pool will require the requestor to pay in full before reproducing the requested documents, (ii) deny the request pursuant to one or more of the exemptions set forth in the Act, (iii) notify the requestor that the request is unduly burdensome and extend an opportunity to the requestor to attempt to reduce the request to manageable proportions, or (iv) provide the records requested. A letter specific to requests for commercial purposes is at Exhibit J.

Unless the records are exempt from disclosure, the Pool shall comply with the request within a reasonable period considering the size and complexity of the request. In addition, the Act allows for a priority to be given to record requests of a non-commercial nature.

It shall be a violation of the Act for a person to knowingly request or obtain a public record or records for a commercial purpose without disclosing that such request has been for a commercial purpose, if requested to do so by the Pool.

Section 6.2 Definition of Commercial Purpose

The Act defines a “Commercial Purpose” (5 ILCS 140/2 (c-10)) to mean the use of any part of a public record or records, or information derived from public records in any form for sale, resale, or solicitation or advertisement for sales or services.

For purposes of the definition, requests made by news media and non-profit, scientific, or academic organizations shall not be considered to be made for a “commercial purpose” when the principal purpose of the request is (i) to access and disseminate information concerning news

7.A.2.a

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and current or passing events, (ii) for articles of opinion or features of interest to the public, or (iii) for the purpose of academic, scientific, or public research and education.

ARTICLE VII

Section 7.1 Private Information & Personal Information

The Act is not intended to cause an unwarranted invasion of personal privacy. The Act allows for an exemption of personal information contained within public records which would constitute a clearly unwarranted invasion of personal privacy, unless the disclosure is consented to in writing by the individual subjects of the information. “Unwarranted invasion of privacy “is defined to mean the disclosure of information that is highly personal or objectionable to a reasonable person and in which the subject’s right to privacy outweighs any legitimate public interest in obtaining the information. (5 ILCS 140/7(1)(c))

Section 7.2 Private Information-Definition

Private information means unique identifiers, including social security numbers, driver’s license number, employee identification number, biometric identifiers, personal financial information, passwords or other access codes, medical records, home or personal telephone numbers, and personal email addresses. Private information also includes home address and personal license plates, except as otherwise provided by law or when compiled without possibility of attribution to any person.

ARTICLE VIII

Section 8.1 Freedom of Information Officers

The Pool has designated Freedom of Information Officers as identified within this Directory. Except in instances when records are furnished immediately, Freedom of Information Officers, or their designees, shall receive requests submitted to the Pool under the Act, ensure that the Pool, as represented by the responsible department or division, respond to a request in a timely manner, and will issue responses, when necessary, as required by the Act. Freedom of Information Officers are also responsible to develop and maintain a list of documents or categories of records that the Pool shall disclose upon request.

PUBLIC ACCESS COUNSELOR

The Illinois Attorney General’s Office provides for the position of Public Access Counselor (“PAC”) whose mission is to assist individuals obtain public documents and to offer, as appropriate both advisory and binding opinions as part of ensuring public bodies comply with the Act. The PAC also has another responsibility under the Act, that being if the Pool wants to withhold information from a requestor based upon one of two specific exemptions under the Act. They are (1) disclosure of personal information that would result in an unwarranted invasion of personal

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privacy; or (2) that the information requested falls under the exemption of preliminary policy drafts. In these cases, the Pool must provide written notice to the PAC before asserting these exemptions.

The Attorney General, through the PAC, can also provide the Pool with an advisory opinion regarding compliance with the Act upon submittal of a written request. The request can only be submitted by the Pool President or Pool Attorney. The request must contain sufficient accurate facts in order for a determination to be made and if required to facilitate a review, the PAC may request additional information from the Pool. While the Pool has a right to request an advisory opinion, the Attorney General is not obligated to issue such an opinion and may decline to do so (5 ILCS 140/9.5(h))

If a requestor believes that the Pool has wrongly denied their FOIA request, a Request for Review (Request) can be submitted to the PAC. The Request is a formal way of asking the PAC to look at the original request, as well as the Pool’s response, so as to determine if a violation of the Act has occurred. The Request must be in writing, signed by the requestor, and must include a summary of the facts supporting the allegation. In addition, the Request must contain a copy of the original FOIA request and any responses from the Pool (5 ILCS 140/9.5(a)). The Request must be submitted to the PAC within 60 days after the denial of the FOIA request and can be submitted either by email or U.S. Mail. The address is:

Public Access Bureau Office of the Attorney General

500 South 2nd Street Springfield, Illinois 62706

Via E-Mail: [email protected]

Based upon the review of the Request, the PAC can decide no further review is necessary, go through the process of issuing a binding opinion or attempt to resolve the dispute using more informal means. The PAC may choose informal mediation of a dispute where the PAC will work with the Pool and the requestor to reach an agreement and resolve the dispute. The results of mediation will not include a binding opinion.

When the PAC receives a written Request, it has seven (7) working days to either: (1) decide no further review is necessary in that the alleged violation is believed unfounded or (2) send a copy of the Request to the Pool and request more information that may involve records needed to complete their review. If a request for additional information is made, the Pool has seven (7) working days to provide the requested information. Please note that the Pool, when providing

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records, is permitted to provide a written answer to the allegations that may have been made and may provide affidavits in support of its position (5 ILCS 140/9.5 (e)).

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