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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.
Office of Mayor Joe Hogsett – City of Indianapolis
P: (317) 327-4287 C: (317) 995-3289www.indy.gov