ICal 3.0: Last day of the month repeating event

I am migrating back to iCal after a few years using Entourage. I am trying to set up calendar events and reminders for the last day of every month, but I can't figure out how to do it. In Entourage this was easy. Any advice? Thank you.

I would like this to be an easy feature included in iCal as I get paid on the 16 and second to last day of the month. I want iCal to show the event in the calendar, not for me to set the event and have an alarm for 24 hours before. I tried the trick found at http://www.macworld.com/article/47872/2005/11/trickical.html but that does not work with iCal 3.0.
Any help would be appreciated or maybe Apple adding this in the repeating section of the ical event seeing it is apart of the icalendar specification.
tim

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