About

Learn about The Indianapolis Local Public Improvement Bond Bank, including Featured News, Key Projects, and Finance Team.

Bonds Outstanding (as of 9/30/2021)
$4,012,951,634
AAA/Aaa/AA+/AA+
Qualified Entities
10

About The Indianapolis Local Public Improvement Bond Bank

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.

Key Projects

CIB/ MCCRFA Fieldhouse Project (2021)

In March 2021, the Bond Bank issued a total of  $424,335,000 in bonds for new money, to refund the outstanding Series 2019B and Series 2020C CIB Fieldhouse BANs and to defease the outstanding 2011D, 2011I, 2011K, and 2012B series.  Refunding and defeasing outstanding debt allows the existing 2007C bonds and new 2021A bonds to be the only outstanding CIB obligations.  As part of a 25 year agreement with the Indiana Pacers, an NBA team based in Indianapolis, the Capital Improvement Board (CIB) has committed to $320 million in improvements to Bankers Life Fieldhouse. The project includes updates to the Fieldhouse, fan experience and the construction of a public plaza.  Anticipated completion of over 90% of the improvements is expected by December 31, 2022. Construction has been completed in phases allowing for the Pacers to play a normal at-home schedule during the 2021-2022 NBA season.  The Series 2021A bonds are secured by CIB's revenues including PSDA, Innkeeper's, Food and Beverage, County Admissions, County Auto Rental, and Cigarette tax revenues.

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Indy Roads - Revenue Bonds (2020)

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.

The Series 2020 Bonds are the third tranche of the original $120 million authorized in 2018. The $50 million in new money bonds are being issued by the Metropolitan Throughfare District. Additionally, the 2020 Bonds will refund the callable portions of the Series 2015A, Series 2015E, Series 2018B and Series 2019E Bonds to achieve $4.5 million in Present Value Savings.  $134,855,000 was issued to refund the outstanding roads debt. The Bonds will be payable  by a pledge of special benefits tax,  but are expected to be paid for by the available Transportation Revenues (MVH, Wheel Tax and Gas Tax).

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CIB Fieldhouse Project (2020 & 2019)

As part of a 25 year agreement with the Indiana Pacers, an NBA team based in Indianapolis, the Capital Improvement Board (CIB) has committed to  $320 million in improvements to Bankers Life Fieldhouse. The project includes updates to the Fieldhouse, fan experience and the construction of a public plaza (rendering right). In 2020 and 2019 BANs were issued in the amount of $31.4 million and $133.9 million to fund Phase 1 of the project. The BANS are secured by CIB's revenues including PSDA, Innkeeper's, Food and Beverage, County Admissions, County Auto Rental, and Cigarette tax revenues.  The BANS will come due in 2021 and will be taken out as part of a larger bond issuance to fund the remaining phases of the project.

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Infosys US Education Center (2020)

On December 9, 2019 the City County Council unanimously approved Special Ordinance No. 14 ( Proposal 397, 2019) approving the issuance of $45 million in Airport TIF Revenue Bonds for costs of financing the property acquisition, infrastructure and parking garage for the Infosys U.S. Education Center Since at former airport site. Two series of bonds, 2020Bs (tax-exempt) and 2020Cs (taxable) were issues in 2020 secured by a pledge of the Airport TIF. As part of the Infosys U.S. Education Center project, Infosys has committed to 2,000 jobs by 2021 including it's tech and innovation hub in Downtown Indianapolis. The 125 acre campus with 786,000 sq. ft of facilities will return the property to tax rolls since it's vacancy in 2008. The term of the bonds are five years.

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Finance Team

Sarah S. Riordan

Executive Director & General Counsel

(317) 327-4220

sarah.riordan@indy.gov

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Kyle J. Willis

Associate Director & Chief Compliance Officer

(317) 327-5887

kyle.willis@indy.gov

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Laurie Canatsey

Chief Financial Officer

(317) 327-4264

laurie.canatsey@indy.gov

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Isaiah Kuch

Senior Project Manager

(317) 327-5896

isaiah.kuch@indy.gov

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Karen Strunk

Project Manager

(317) 327-4303

karen.strunk@indy.gov

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Aidan Parker

Assistant Project Manager

(317) 327-4128

Aidan.Parker@indy.gov

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André Zhang Sonera

Project Manager for Community & Economic Development

(317) 327-5541

andre.zhangsonera@indy.gov

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Norm Gurwitz

Board Chair

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Sarah Rubin

Board Vice Chair

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Michael Carter

Board Member

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Dr. Terri Jett

Board Member

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Dr. Ryan Nagy

Board Member

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