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

Bonds Outstanding
$3.679 Billion
Qualified Entities

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

16 Tech Project (2019)

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.

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Community Justice Campus (2019)

In March of 2019, the Bond Bank sold $623 million of tax-exempt bonds to finance the Community Justice Campus project. The $610 million, 35-year, Series A bonds that finance construction of the city-county’s adult detention facility and local courthouse are secured by lease rental payments, which are repaid with a local income tax. The deal marks the first time the city has pledged the revenue source to secure bond payments. The $12.6 million, 20-year, Series B bonds that finance the assessment and intervention center will be secured by lease rental payments backed by a property tax. The center will be operated by the Marion County Health and Hospital Corporation.

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Indy Roads - Revenue Bonds (2018)

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. $30 million will be issued in 2018 for road, bridge, and sidewalk repairs. The revenue bonds are a piece of the financing for the 2019-2022 Capital Plan which includes $405.6 million in infrastructure projects. 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. 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.

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IndyGo - Transit Local Income Tax (LIT) (2018)

$26 million will be issued in 2018 with the proceeds used to fund design work on both the Purple Line Rapid Transit and the Blue Line Rapid Transit projects, as well as local bus and paratransit infrastructure improvements and bus fleet replacement. IndyGo (Indianapolis Public Transportation Corporation) received approval from Marion County voters and the City-County Council for a 0.25% Transit Local Income Tax (LIT) to help fund the Marion County Transit Plan which includes rapid bus transit, increased route frequency, and transitioning to electric buses.  These bonds are secured by Transit LIT revenues. The projects included in this issuance are a part of the larger Marion County Transit Plan which will commit $522 million over the next five years to improving and expanding public transportation in Marion County.

2018 Transit LIT Bond Project List:

  • Purple Line Rapid Transit – is a bus rapid transit (BRT) project that extends north from downtown Indianapolis, connecting to the City of Lawrence. This service will include both transit improvements, including enhance stations, new vehicles, and partial dedicated lanes, plus major improvements to infrastructure, including pavement reconstruction, new sidewalks, and new drainage infrastructure.
  • Blue Line Rapid Transit – is a BRT project that extends east-west from the Town of Cumberland to the Indianapolis International Airport. This service will include both transit improvements, including enhance stations, new vehicles, and partial dedicated lanes, plus major improvements to infrastructure, including pavement reconstruction, new sidewalks, and new drainage infrastructure.
  • Local Bus and Paratransit Infrastructure – would install necessary physical improvements to accommodate improved frequency and transfer opportunities for local bus routes and paratransit services.  This work would include the construction of bus stops, sidewalks , and curb ramps; installation of new shelters, benches, and signs in select locations along upgraded bus routes; and facility construction to support the operation.
  • IndyGo Bus replacement – the bust replacement project includes the purchase of 16 new buses in 2018 to replace existing buses which are beyond their useful life resulting in increased maintenance costs and decreased customer satisfaction
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Finance Team

Sarah S. Riordan

Executive Director & General Counsel

(317) 327-4220


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Kyle J. Willis

Associate Director & Chief Compliance Officer

(317) 327-5887


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Laurie Canatsey

Chief Budget Officer & Senior Finance Manager

(317) 327-4264


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Brad Busse


(317) 327-5881


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Isaiah Kuch

Senior Project Manager

(317) 327-5896


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André Zhang Sonera

Project & Public Affairs Manager

(317) 327-5541


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Karen Strunk

Project Manager

(317) 327-4303


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Joe Glass

Deputy General Counsel

(317) 327-5756


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Eva Flick

Project Manager and Legislative Coordinator

(317) 327-5740


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Dennis Charles

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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Bryan Moll

Board Member

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