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On December 6, 2021, the City-County Council passed Special Ordinance No. 22, 2021, which authorized the Indianapolis Public Transportation Corporation to issue up to $65 million in Local Income Tax revenue bonds for several IndyGo projects. These projects included a buildout of the IndyGo East Campus HQ, renovations to the bus storage building on West Michigan Street, a buildout of a new bus facility at the new East Campus, the purchase of a new computer-aided dispatch system, installation of UV-C lighting for the IndyGo Fleet & Facilities, renovation of the Rural Street underpass, and the purchase of 22 new electric buses. The buses are a part of IndyGo’s 10-year fleet replacement plan and will help towards IndyGo’s goal to get to zero emissions over the next 20 years.
In 2016, Marion County voters passed a measure for an additional 0.25% Local Income Tax levy (Transportation LIT) to fund public transportation projects in the County. The bonds will be payable and secured by these Transportation LIT Revenues.
On February 28, 2022, the Bond Bank Board of Directors unanimously approved Resolution No. 3 – 2022D IndyGo LIT Revenue Bonds to authorize up to $65 million in Local Income Tax Revenue Bonds for the IndyGo projects. In March 2022, the Bond Bank issued $65,000,000 in Transportation Local Income Tax Revenue Bonds for the Indianapolis Public Transportation Corporation. These bonds were labelled “Green Bonds” by Kestrel Verifiers because of the beneficial impact the IndyGo projects will have on the environment. The 2022D IndyGo LIT Revenue Bonds were second series of Bond Bank bonds to be issued as “Green Bonds”.