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City Announces Details of Upcoming Bond Sale

Fitch/Moody’s affirm AAA/Aaa credit rating for City

INDIANAPOLIS – Today the City of Indianapolis announced details of its upcoming offering of road bonds. Subject to market condition, the Indianapolis Bond Bank plans to sell $50 million in Series 2020D tax-exempt bonds and $135,645,000 in Series 2020E taxable bonds by negotiated sale on Tuesday, September 22. The City’s underwriting syndicate will be led by Citigroup as senior manager and Siebert Williams Shank & Co. as co-manager. The municipal advisor is Sycamore Advisors.

The bond issuance was passed on Monday, September 14 with the unanimous, bi-partisan support of the City-County Council. The bonds will finance $50 million in new street, road, and bridge infrastructure projects identified in DPW’s 4 year Transportation Capital Plan. The remaining bonds will refinance outstanding road debt to achieve interest costs savings up to $300,000 annually. 

The Series 2020 D&E were rated AAA by Fitch and Aaa by Moody’s. During the bond issuance process, the two major ratings agencies confirmed the City’s overall credit rating of AAA/Aaa with a stable outlook, despite many municipalities experiencing downgrades or more negative outlooks due to COVID-19 lowering revenue projections. Moody’s cited Indianapolis’s “diverse economy with young, educated labor force” as a credit strength in affirming the rating.

“These bonds will make possible major upgrades to our city’s infrastructure,” said Indianapolis Mayor Joe Hogsett. “Our continued high bond ratings are a testament to the strength of our Bond Bank team and the City’s sound fiscal management, and will save taxpayers millions in interest savings.”

Additional information can be found on the Bond Bank’s website, indianapolisbondbank.com. The report from Fitch can be found at fitchratings.com and the report from Moody’s can be found at moodys.com.

Mark Bode
Deputy Communications Director
Office of Mayor Joe Hogsett – City of Indianapolis

mark.bode@indy.gov

P: (317) 327-4287  C:  (317) 995-3289
www.indy.gov

Notice is hereby given that the Meeting of the Board of Directors of The Indianapolis Local Public Improvement Bond Bank previously scheduled for Monday, May 18, 2020, at noon, City-County Building (Room 260), 200 East Washington Street, Indianapolis, Indiana has been cancelled. The next Meeting of the Board of Directors is scheduled for Monday, June 15, 2020.

INDIANAPOLIS – The Indianapolis Department of Public Works (Indy DPW) today announced upcoming construction projects included in its 2020 capital projects plan to improve roads, rehabilitate bridges, increase pedestrian safety and improve stormwater drainage.

Each spring as the weather warms, contractors working on Indy DPW projects resume work from the previous season and begin construction on improvements in new locations. Deemed essential under Indiana’s current Stay-At-Home executive order, this year’s construction projects will move forward at each contractor’s discretion and with Indy DPW’s strong direction to heed all social distancing guidelines.

View the full 2020 Construction Season list and map, showing where work will be occurring this year.

Construction work this year will include:

• 232.7 lane miles of street rehabilitation
• 10.2 lane miles of strip patching
• 21,380 linear feet of new trails
• 21,870 linear feet of new sidewalk
• 31,276 linear feet of sidewalk rehab
• 11 bridge projects, including the installation of new bridges and rehabilitation of old bridges.
• 22,021 linear feet of storm sewers.

Indy DPW has programmed $134 million in transportation projects and $35 million in stormwater projects for year 2020. 

Major projects beginning work in the 2020 construction season include:

• The installation of a raised five-span multimodal bridge on the Monon Trail constructed at the 38th Street crossing. This $5.6 million investment will improve trail safety and mobility by eliminating the crossing and include sidewalk connectivity as well as hosting a Pacers BikeShare Station.
• Rehabilitation of 19.2 lane miles of street rehabilitation along Keystone Avenue from 39th Street to 65th Street. The $7.66 million investment includes full-depth asphalt repairs, milling and resurfacing as well as sidewalk and curb repair, curb ramp installation, and drainage improvements.
• Storm drainage improvements in the westside Furman Stout neighborhood to mitigate chronic flooding on residential streets. This $5.4 million investment will be broken down into two phases; work is underway on the first phase, south of Rockville Road. The second phase, primarily north of Rockville Road, is expected to begin this year.
• Work to extend the Pennsy Trail from German Church to Post Road ($2.689 million) and Post to Shortridge Roads ($1.892 million) in Warren Township. Both projects will feature a continuous multi-use path, pedestrian beacons, enhanced lighting, and drainage improvements when complete in summer 2021.

For more information on current and upcoming DPW construction projects visit www.indy.gov/dpw