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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.