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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.
City Announces Details of Upcoming Bond Sale
Fitch/Moody’s affirm AAA/Aaa credit rating for City
INDIANAPOLIS – Today the City of Indianapolis announced details of its upcoming offering of road bonds. Subject to market condition, the Indianapolis Bond Bank plans to sell $50 million in Series 2020D tax-exempt bonds and $135,645,000 in Series 2020E taxable bonds by negotiated sale on Tuesday, September 22. The City’s underwriting syndicate will be led by Citigroup as senior manager and Siebert Williams Shank & Co. as co-manager. The municipal advisor is Sycamore Advisors.
The bond issuance was passed on Monday, September 14 with the unanimous, bi-partisan support of the City-County Council. The bonds will finance $50 million in new street, road, and bridge infrastructure projects identified in DPW’s 4 year Transportation Capital Plan. The remaining bonds will refinance outstanding road debt to achieve interest costs savings up to $300,000 annually.
The Series 2020 D&E were rated AAA by Fitch and Aaa by Moody’s. During the bond issuance process, the two major ratings agencies confirmed the City’s overall credit rating of AAA/Aaa with a stable outlook, despite many municipalities experiencing downgrades or more negative outlooks due to COVID-19 lowering revenue projections. Moody’s cited Indianapolis’s “diverse economy with young, educated labor force” as a credit strength in affirming the rating.
“These bonds will make possible major upgrades to our city’s infrastructure,” said Indianapolis Mayor Joe Hogsett. “Our continued high bond ratings are a testament to the strength of our Bond Bank team and the City’s sound fiscal management, and will save taxpayers millions in interest savings.”
Additional information can be found on the Bond Bank’s website, indianapolisbondbank.com. The report from Fitch can be found at fitchratings.com and the report from Moody’s can be found at moodys.com.
Deputy Communications Director
Office of Mayor Joe Hogsett – City of Indianapolis
P: (317) 327-4287 C: (317) 995-3289
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
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.
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.
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.