Learn about The Indianapolis Local Public Improvement Bond Bank, including Featured News, Key Projects, and Finance Team.
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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.
City Announces Details of Upcoming General Obligation Bond Sale (ILPIBB Bonds Series 2021E)
Moody’s Affirms Aaa credit rating for City
INDIANAPOLIS – Today the City of Indianapolis announced the details of its upcoming bond sale. The Indianapolis Bond Bank anticipates issuing approximately $35.29 million* in Series 2021E tax-exempt general obligation to secure funds for projects on behalf of the City of Indianapolis. The City’s underwriting syndicate, comprised of all XBE firms, will be led by Siebert Williams Shank & Co., LLC (MBE/WBE) as senior manager and Academy Securities (VBE/DBE) and Blaylock Van, LLC (MBE) as co-managers. The municipal advisor is Sycamore Advisors (WBE).
Also announced today, Moody’s Investors Service has assigned a “Aaa” rating to the Series 2021E bonds, with the following rating outlook: “The stable outlook reflects the city’s role as a growing economic hub with strong financial management. Significant federal funding from the American Rescue Plan Act further supports the city’s financial stability and allows strategic investments to services and capital.”
The projects covered by the bond are included in the first phase of Mayor Hogsett’s Circle City Forward initiative, announced in February 2021, to invest over $190 million in capital improvements across Indianapolis without raising new taxes for Marion County residents.
“These bonds will help make transformative investment in public facilities across Indianapolis,” said Mayor Joe Hogsett. “They will help propel our community forward by creating construction jobs, improving City services, and enhancing overall quality of life.”
Pricing of the bonds is planned for Tuesday, November 23, 2021. The transaction will include new money bonds and will be priced via negotiated sale led by book-running senior manager Siebert Williams Shank & Co., LLC along with Academy Securities and Blaylock Van, LLC as co-managers. Approximately $43 million* in new money bond proceeds will be used to finance various Parks projects throughout the City and construction of certain facilities, including a new fire station and DPW Solid Waste garage.
The Preliminary Official Statement for the issuance is available here.
Mark Bode
Communications Director
Office of Mayor Joe Hogsett – City of Indianapolis
P: (317) 327-4287 C: (317) 995-3289www.indy.gov
October 15, 2021 | Leslie Bonilla Muñiz
Thousands of objects must be moved. Typical office stuff like cabinets, chairs, desks and computers, but also an organ and a baptismal font. And people, too, including some 2,400 inmates.
That’s what happens when a major city relocates the bulk of its criminal justice system to an entirely new site.
The centerpiece of Indianapolis’ $590 million Community Justice Campus is set to open in December, five years after Mayor Joe Hogsett first unveiled his vision for it.
Indy’s courts, sheriff and jail are set to join the Assessment & Intervention Center by the end of the year at the new location in the Twin Aire neighborhood, three miles southeast of their longtime downtown sites.
The City-County Council unanimously approved new bonds Monday evening that will provide $25 million for improvement projects at three Indianapolis public parks.
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