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The Indianapolis Local Public Improvement Bond Bank

Issuer Type: Pool/Bond Bank/Conduit

Bond Ratings

1 of 5

General Obligation

Fitch
AAA
Moody's
Aaa
S&P
AA+

Revenue

Moody's
Aa2

Lease

Fitch
AAA

Moral Obligation

S&P
AA-

IndyRoads Series 2019F

S&P
AAA

On behalf of the Indianapolis Bond Bank, I would like to welcome you to our new investor relations website. We appreciate your interest and investment in bonds issued by the Indianapolis Bond Bank, as it allows us to make critical investments in public infrastructure throughout Indianapolis. We are committed to maintaining our strong bond ratings, and we are also committed to being as transparent as possible with the investor community and public at large.

I hope you find this website useful as you seek to better understand the credit fundamentals of the Indianapolis Bond Bank. Please do not hesitate to contact our office with suggestions for how we can be doing better. Thanks again for your interest in our bond program.

Sincerely,

Sarah S. Riordan
Executive Director & General Counsel

News & Highlights

January 28, 2020

News
Fitch Affirms City of Indianapolis' AAA

Fitch Affirms Indianapolis Local PIB Bond Bank, IN GOs at 'AAA'; Outlook Stable
Fitch Ratings - New York - 28 January 2020:

Fitch Ratings has affirmed the following ratings of the Indianapolis Local Public Improvement Bond Bank, Indiana bonds:
--$111 million ad valorem special benefits tax bonds at 'AAA';
--$32 million unlimited tax general obligation (ULTGO) bonds at 'AAA';
--$300 million downtown tax increment financing (TIF) revenue bonds, series 2014A, 2014B, 2013F,
2009B, and 1999E at 'AA';
--$8 million Fall Creek TIF bonds, 2014C at 'AA-'.

Fitch also affirms the City of Indianapolis Issuer Default Rating (IDR) at 'AAA'.
The Rating Outlook is Stable.

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December 4, 2019

News
Deal of the Year 2019 — Midwest: Indianapolis Local Public Improvement Bond Bank

The bond bank is the winner in the Midwest for its $625 million issuance of bonds secured by lease rental payments for its Community Justice Campus.

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November 1, 2019

News
Bond Buyer announces finalists for 2019 Deal of the Year

November 01 2019, 9:50am EDT- The Bond Buyer Friday announced the recipients of its annual Deal of the Year awards, marking the 18th year that it has recognized outstanding achievement in municipal finance.

This year, The Bond Buyer increased to 10 the number of categories of deals eligible for awards. The 2019 awards, which considered deals that closed between Oct. 1, 2018, and Sept. 30, 2019, includes three new additions: ESG/Green, Public-Private Partnership (P3), and Innovation, the last of which replaces the Non-Traditional category, which has been retired.

All 10 award winners are also finalists for the national Deal of the Year Award, which will be announced at a Dec. 4 ceremony held at the Conrad New York Downtown in lower Manhattan. The winner will also be revealed at BondBuyer.com later that evening.

“This year’s lineup reflects the full range of communities and public purposes this market comprises,” said Mike Scarchilli, Editor in Chief of The Bond Buyer. “The deals honored vary in size, complexity and structure -- as were the nominations we received, which were deeper and more diverse than ever.”

The Bond Buyer’s editorial board considered a range of factors when judging entries, including: creativity, the ability to pull a complex transaction together under challenging conditions, the ability to serve as a model for other financings, and the public purpose for which a deal’s proceeds were used.

For the ninth year, the Deal of the Year gala will also include the presentation of the Freda Johnson Award for Trailblazing Women in Public Finance. This year marks the fifth in which the organization is honoring two public finance professionals; one from the public sector and one from the private. The 2019 honorees are public finance professional Ritta McLaughlin, most recently the MSRB's Chief Education Officer, and Courtney Shea, owner and managing member of Columbia Capital Management LLC.

Here are the 2019 Deal of the Year award winners:

INNOVATIVE FINANCING
The first recipient of the Innovative award is the Cities of Dallas and Fort Worth, Texas’ nearly $1.2 billion taxable refinancing. DFW’s plan to discontinue issuing alternative minimum tax bonds and focus entirely on taxable debt resulted in the largest ever taxable airport deal and international orders totaling 39% of the deal size.

ESG/GREEN FINANCING
The inaugural winner in the ESG/Green category is the Los Angeles County Metropolitan Transportation Authority’s $545 million offering of Proposition C sales tax revenue bonds, which included $418.5 million second-party-verified green bonds. The transportation issuance was the second largest green deal in 2019, and the second largest green offering in California history.

PUBLIC-PRIVATE PARTNERSHIP FINANCING
The first-ever honoree in the P3 category is the Virginia Small Business Financing Authority’s $262 million offering to fund its Fredericksburg Extension project. The deal, a partnership between the authority and 95 Express Lanes LLC, will help finance the development, design, construction, maintenance and operation of a 10-mile extension of the 95 Express Lanes.

HEALTH CARE FINANCING
The Health Care winner is the $6.5 billion CommonSpirit Health financing, the largest ever by a not-for-profit health system. The financing consisted of both a complex debt restructuring of nearly 50 series of debt and new money reimbursement. It generated the largest order book for a municipal not-for-profit transaction, with $40 billion in orders.

SMALL ISSUER FINANCING
The Vermont Municipal Bond Bank is the Small Issuer honoree for its $31.5 million issuance of Local Investment Bonds. The designation serves a two-fold purpose: raising awareness of the social and environmental impacts of the projects the Bond Bank funds, and making access to those investments more widely available through $1,000 denominations.

NORTHEAST REGION
The Battery Park City Authority claimed the Northeast crown for its $673 million offering for resilience projects in a neighborhood devastated by Superstorm Sandy in 2012. The complex financing saw the authority issue variable-rate demand bonds and SIFMA floating-rate notes for the first time. The transaction also received a second-party sustainability bond designation.

MIDWEST REGION
The Indianapolis Local Public Improvement Bond Bank is the winner in the Midwest for its $625 million issuance of bonds secured by lease rental payments for its Community Justice Campus. The design consolidates operations and replaces the current outdated, overcrowded, and unsafe facilities with three new, modernized buildings on a single campus.

SOUTHWEST REGION
The Southwest recipient is the City of Austin’s $464.5 million offering of taxable revenue bonds to fund its acquisition of a biomass-fired power plant for the city’s electric utility. The transaction created a clear path to eliminate an above-market power purchase agreement, a source of considerable cost and frustration for the city and Austin Energy.

SOUTHEAST REGION
The Solid Waste Authority of Palm Beach County, Florida wins the Southeast for a $347.6 million refunding utilizing "Cinderella bonds," which employ a crossover taxable and tax-exempt convertible refunding bond structure. This creative approach allowed the issuer to solve a problem it otherwise couldn’t have after the elimination of tax-exempt advance refunding.

FAR WEST REGION
The San Diego Association of Governments’ $331 million capital grants receipts revenue bond sale is the honoree in the Far West. The first public market, stand-alone securitization of a federal full-funding grant agreement in nearly 20 years, the deal accelerated the completion of the city’s $2.2 billion Mid-Coast Corridor Transit Project.

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