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Article provides overview of potential impacts of COVID-19 on Indiana property tax collections and disbursements, and highlights certain units of government and how they are prepared.  The Indiana Bond Bank Advance Funding Program is highlighted as a short-term borrowing option for units who will experience a cash-flow deficit as a result.

INDIANAPOLIS (April 2, 2020) –State Treasurer Kelly Mitchell and the Indiana Bond Bank are pleased to announce the 2020 Midyear Advance Funding Program for local units of government across the state.

The Midyear Program assists local units of government with cash flow needs due to a mismatch in timing between budgeted revenues and expenses. While the Indiana Bond Bank offers this program annually, it is scaling up the program to meet potential needs of Hoosier cities, townships, towns, counties, library corporations, school corporations and special taxing districts due to COVID-19.

"As a former Cass County Commissioner, I understand the financial demands our communities are facing," said Treasurer Kelly Mitchell, chair of the Indiana Bond Bank Board. "We hope this program can assist local governments as they strive to continue providing the same level of excellence to their constituents during this uncertain time."

The 2020 Midyear Program offers the time-tested benefits that have made it a go-to resource for Hoosier governmental units for over 30 years: hands-on customer service, experienced professional team, zero out-of-pocket costs and efficient market access through pooling.

In addition, the Indiana Bond Bank has added new features in response to COVID-19. Most significant is the creation of multiple funding rounds throughout the calendar. “One size does not fit all in this environment,” stated Mark Wuellner, Executive Director of the Indiana Bond Bank. “Each local unit is uniquely situated in how COVID-19 might affect them. The answers to if, when, or for how long a unit may need funds will differ. That’s why it was so critical to create multiple options to access the Midyear resource.” 

Since its inception in 1989, the Advance Refunding Program has served over 250 units and has issued over $13.4 billion to Hoosier units of government.

To learn more about the program or to apply for financing, please visit https://inbondbank.com/advance-funding-program/ or email at midyear@inbondbank.com. 

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Media Contact:
Brian Carman, Program Development Director
Indiana Bond Bank
(317) 233-0090 or bcarman@inbondbank.com

To all our friends and partners,

I hope this message finds you and your loved ones safe, healthy and well.  The human spirit is resilient, and we will collectively get through these uncertain times.  While the computer and technology are blessings that make remote work possible for many, they are also stark reminders of how much the spaces of local government are the heartbeat of our daily lives.  I already miss the touch of a book’s spine as I pull it off the shelf.  The sound of my children’s shouts mingled with others’ at our town playground.  A handshake at the start of a meeting.  Dropping the water bill off at the local utility office and sharing a smile with a familiar face inside.  The blur of unmistakable ‘school bus yellow’ through our front window.

All this week there’s been a tune floating around my head to a song whose name I can’t remember that says you don’t really know what you’ve got till it’s gone.  How true has that been about local government and its critical roles in our lives.  All of these local government puzzle pieces fit together perfectly to create a picture of Hoosier quality of life; now so many of those pieces are back in the box, scattered and on pause till a brighter day.  

And brighter days will come.  Until then, as we navigate this unknown, know that Team IBB is here for you.  We’ve stood side by side with local governments since 1984.   How many of you remember those years in the mid-2000’s when it looked like your cash flows would be choked off due to significant delays in reassessments?  Remember who jumped in to provide liquidity, some years in excess of $1 billion?   We stood by you then, and we’re standing by you again.

Today, tomorrow and in the future – if you have a question or need anything, please reach out to me or any member of our team.  Our normal programs are still operating at 100%.  In the meantime we are working on solutions specific to needs of local governments caused by COVID-19, and I hope to have more to share soon. 

On behalf of the Bond Bank team, stay well-

Mark Wuellner

Executive Director