VALPARAISO -- The Porter County Council has received 21 responses to its call for investment managers who can help the county manage the proceeds from last year's sale of Porter Memorial Hospital.

Council member Mike Bucko, D-4th, said the council committee will meet with Porter County Treasurer Jim Murphy and Council Attorney Dave Hollenbeck to review the "request for qualifications" from investment managers.

County officials haven't yet decided what to do with the hospital sale proceeds, the principal of which cannot be touched for five years after the sale. The county can, however, spend the interest, which is estimated to total around $5 million a year. Bucko said the selection of an investment manager is a critical decision and will "no doubt be one of the most important steps in the process" of deciding the hospital proceeds.

At this stage, the committee will not delve into the distribution of the proceeds but rather focus on the interview and evaluation process for selecting the investment management firm.

Bucko said although it may sound redundant, the council may find itself seeking a consultant to help with the selection process.

Posted 8/25/2008