<DOCUMENT>
<TYPE>EX-99.(S)(II)
<SEQUENCE>10
<FILENAME>a2123721zex-99_sii.txt
<DESCRIPTION>EXHIBIT (S)(II)
<TEXT>
<Page>

                                                                 Exhibit (s)(ii)

                                POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and
appoints Ethan D. Corey, Jack W. Murphy, Randy G. Legg, Amy R. Doberman, David
M. Goldenberg and Keith A. Weller, and each of them singly, as his true and
lawful agents and attorneys-in-fact, with full power of substitution and
resubstitution of him in his name, place and stead, to sign any and all
registration statements on Form N-2 applicable to shares of auction preferred
stock of Insured Municipal Income Fund Inc. and Investment Grade Municipal
Income Fund Inc. ("Funds") and any amendment or supplement thereto, and to file
the same with all exhibits thereto and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said attorney-in-fact
and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he might or could do in person in his capacity as President of the Funds,
hereby ratifying and confirming all that said attorney-in-fact and agent, or his
or her substitute or substitutes, may lawfully do or cause to be done by virtue
hereof.

     IN WITNESS WHEREOF, the undersigned has duly executed this Power of
Attorney on the date indicated below.

<Table>
<Caption>
        NAME                           TITLE                          DATE
        ----                           -----                          ----
<S>                            <C>                          <C>
/s/ Joseph A. Varnas           President                    September 10, 2003
-------------------
Joseph A. Varnas
</Table>

</TEXT>
</DOCUMENT>
