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Indianapolis, IN | January 23, 2018
Nora Colomer, The Bond Buyer
Indianapolis officials are asking the City-County Council to approve $55 million of notes to proceed with a criminal justice center project.
It’s the second leg of financing needed for the $571 million project and follows a $20 million draw note approved in July 2017 to finance design work on the planned courthouse, sheriff’s office, jail and assessment and intervention center.
Both the $20 million approved in July and the $55 million in bond anticipation notes are secured by local auction income tax but the borrowing will ultimately be paid off by bond proceeds. The Indianapolis Bond Bank will serve as conduit issuer for the debt on behalf of the council, the legislative body for the combined government of Indianapolis and Marion County.