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Learn about The Indianapolis Local Public Improvement Bond Bank, including Featured News, Key Projects, and Finance Team.
In 1985, with the assistance of the Indiana General Assembly, the City of Indianapolis established the Indianapolis Local Public Improvement Bond Bank, the first municipal bond bank in the country. The Bond Bank is a municipal corporation that serves as the debt issuance and management arm of the City of Indianapolis and related “Qualified Entities.” These entities include special taxing districts, political subdivisions, and building/leasing authorities. Since its inception, the Indianapolis Local Public Improvement Bond Bank has issued nearly $13 billion in bonds and notes on behalf of various Qualified Entities of the City of Indianapolis and Marion County.
The Bond Bank’s structure allows for the centralized management and supervision of all debt issued by governmental entities throughout Marion County. By coordinating all locally-issued debt, including general obligation and revenue bonds, the Bond Bank provides leadership and guidance through the capital markets and the sale of municipal bonds and other debt instruments. For example, the Bond Bank coordinates the timing of all city and Qualified Entity bond sales. The Bond Bank also maintains relationships and regular communications with representatives from the national credit rating agencies and assists with securing ratings when necessary and providing frequent updates to the agencies on the City’s economy, employment figures, major developments, and the annual budget and audit process. The Bond Bank actively monitors local and national bond markets, as well as financial and economic trends that impact bond issuance structures, timing, and interest rates.
With the assistance of the professionals employed by the various Qualified Entities, the Bond Bank also prepares documents related to bond issuances, manages trustee banks and the collection and disbursement of bond proceeds. The Bond Bank is also primarily responsible for investor outreach and communication, including obligations under continuing disclosure agreements. By centralizing the management of all debt issued by local government entities, the debt management process is simplified and the Bond Bank can provide organization, structure, and consistency to investors interested in purchasing securities issued by Indianapolis entities.
Notice is hereby given that the Meeting of the Board of Directors of The Indianapolis Local Public Improvement Bond Bank previously scheduled for Monday, May 18, 2020, at noon, City-County Building (Room 260), 200 East Washington Street, Indianapolis, Indiana has been cancelled. The next Meeting of the Board of Directors is scheduled for Monday, June 15, 2020.
INDIANAPOLIS – The Indianapolis Department of Public Works (Indy DPW) today announced upcoming construction projects included in its 2020 capital projects plan to improve roads, rehabilitate bridges, increase pedestrian safety and improve stormwater drainage.
Each spring as the weather warms, contractors working on Indy DPW projects resume work from the previous season and begin construction on improvements in new locations. Deemed essential under Indiana’s current Stay-At-Home executive order, this year’s construction projects will move forward at each contractor’s discretion and with Indy DPW’s strong direction to heed all social distancing guidelines.
Construction work this year will include:
Indy DPW has programmed $134 million in transportation projects and $35 million in stormwater projects for year 2020.
Major projects beginning work in the 2020 construction season include:
For more information on current and upcoming DPW construction projects visit www.indy.gov/dpw
Mayor Joe Hogsett joined leadership of the Indy Chamber today to announce nearly $3 million in investments committed for a Rapid Response Loan Fund for small businesses affected by the COVID-19 pandemic, including $1.5 million from City of Indianapolis sources. The Indy Chamber also issued a challenge to top area businesses and financial institutions to provide additional funding and support toward its $10 million goal for the fund. More information on the Rapid Response Loan and the process to apply is available at response.indychamber.com/loans.
“It’s clear that restrictions are necessary to help curb the spread of COVID-19, but we know that small businesses and their employees are hurting as a result,” said Mayor Joe Hogsett. “As we face this pandemic, leaders from public, private, and philanthropic organizations must work collaboratively and fight for the continued success of our community. History has shown that when Indianapolis faces significant hardship, our community rallies together. Today’s announcement is one of many steps our city’s leaders are taking in order to support and preserve the businesses that form the backbone of our economy.”
$1 million in loan capital contributed by Capital Improvement Board (CIB) is earmarked for the food and beverage industry, two industries significantly affected by the first wave of the COVID-19’s business impact. CIB-funded loans will offer working capital to existing food and beverage industry entrepreneurs to keep their businesses afloat, providing bridge loans while traditional financing or disaster recovery loans from the U.S. Small Business Administration materialize.
"Our restaurants and bars are part of what fuels Indianapolis as a convention and event city. We want to do our part to help our partners in the entertainment and restaurant industries be there to welcome our convention business back when it returns,” said Andy Mallon, executive director of the Capital Improvement Board.
Also in today’s announcement, the Indianapolis Local Public Improvement Bond Bank has committed $500,000 toward this fund.
“To keep our focus on making critical investments in public infrastructure throughout Indianapolis, there must be thriving neighborhoods and thriving neighborhood businesses,” said Sarah Riordan, Executive Director and General Counsel for the Indianapolis Bond Bank. “Small business is a driving force for a growing community, and our commitment today is one in the future of our great city.”
In addition to contributions from the City of Indianapolis, Indy Chamber President and CEO Michael Huber issued a call to action for top area funders to invest in this loan fund with a target goal of $10 million. Private and philanthropic funds raised will extend to all eligible small businesses in the 9-county region.
“Time is of the essence for local entrepreneurs and small businesses,” notes Huber. “While federal loans and tax credits will provide significant relief, our businesses need more immediate financial support. We are calling on all major employers, financial institutions, and philanthropic organizations to join us as we invest in the livelihood of our small business community.”
Anthem has committed $1 million dollars to this fund.
“It is imperative that we do everything we can to support the nearly 43,000 small businesses in the Indianapolis region during this time of uncertainty,” said Anthem President and CEO Gail K. Boudreaux. “As an Indianapolis-based company for 75 years, we are committed to improving the health of our community and the health of our local economy at this crucial time.”
Other initial funders include the Indy Chamber ($300,000) and LISC Indianapolis ($75,000). Today’s total announced commitments of $2.8 million add to the loan fund’s existing $840,000 balance, bringing the fund to just over $3.7 million toward a $10 million goal.
The Rapid Response Loan Fund will be administered by Business Ownership Initiative (BOI) and other partners. BOI, a program of the Indy Chamber, recently pivoted its focus to emergency assistance for small businesses affected by COVID-19 via free one-on-one business coaching and access to lending capital. Indy Chamber staff, as well as faculty and alumni of the IU Kelley School of Business at IUPUI, leaders of the Indianapolis Bar Association, communications professionals at Vox Global, and other subject matter experts are on call to field small business questions via the Chamber’s Rapid Response Hub.
For more information on loan requirements and steps to apply, visit response.indychamber.com/loans.
On September 23, 2019 the City County Council unanimously approved Special Ordinance No. 11 ( Proposal 338, 2019) approving the issuance of $15 million in G.O. Bonds for costs of financing the acquisition, construction, installation, and equipping of a fire training facility for the Indianapolis Fire Department, to be located just south of the Community Justice Campus. Since November 1980, IFD has been renting training space while training 30 classes and 1,005 recruits. 314 of those - 25 percent of sworn personnel - were hired since 2014. The proposed Fire Training Facility will include a two-story training building, a three-story Class A live burn structure, modernized durable fire training tower, flashover and backdraft training modules and apparatus vehicular EVOC course. The training facility G.O bonds utilize a public safety levy set to roll off in 2020 ensuring no levy increases to finance the project. The term of the bonds are 15 years.
On December 14, 2015 the City County Council adopted Resolution No. 50, 2015 which approved the issuance of $50 million in Stormwater Revenue Bonds. In 2016, the City of Indianapolis issued $50 million in short term notes to begin approved projects. This issuance was a planned long term take out of the short term debt. To take advantage of the market, on September 11, 2019 the Board of Public works approved Resolution No. 49, 2019 which approved additional projects to be included as uses of proceeds. The purpose of stormwater projects and improvements are to provide for the safe and efficient capture and conveyance of stormwater runoff, mitigate the damaging effect of stormwater runoff and address flooding and drainage problems. The 2019 issuance are the first Stormwater Revenue Bonds secured by a pledge of net revenues of the District, which includes Stormwater user fees imposed on the amount of impervious surface area on all residential and non-residential property in the District's service area based on the Based Billing Unit (BBU) system implemented in 2015. The credit was rated AAA by S&P.
On September 10th, 2018 City County Council unanimously approved the issuance of a maximum of $120 million in revenue bonds over the next three years. $40 million will be issued in 2019 for road, bridge, and sidewalk repairs. These bonds are secured by County Option Vehicle Taxes (wheel tax and excise surtax) and Gas Taxes (MVH and local roads and streets) revenues. No new taxes will be levied to secure these revenue bonds. On September 10th, 2018, Special Ordinance 14 (Proposal 18-326) received unanimous council approval and authorized the issuance of $120 million in revenue bonds. On September 9th, 2019 Fiscal Ordinance No. 18, 2019 (Proposal No. 315, 2019) was unanimously passed by the City County Council and endorsed the 2020-2023 Transportation Capital Plan. The bonds will fund projects such as curbs, sidewalks, ADA ramps, bridge rehab and replacement, and street rehab and replacement. The useful life of these projects are 30-50 years with the bond issuances having a 20-year max bond maturity.
In July of 2019, the Bond Bank issued $28.8 million in tax-exempt bonds to finance public infrastructure. The 2019C Series are backed by Consolidated TIF Allocation Area revenues. Covering 170 acres on the city’s near-Westside, the 16 Tech Technology District is designed and marketed to attract research firms, contract service providers, and high-tech companies in such industries as information technology, health information technology, motorsports, biotechnology, and clean energy. The master plan creates a vision for a district in which residents and workers can live, work, play, and learn in close proximity to downtown, the IUPUI campus and Indiana University School of Medicine. The 2019C Series will finance work for greenspace, walking and biking trails, a new bridge over Fall Creek, structured parking, roads and stormwater infrastructure.