About

INDIANAPOLIS – The Indiana Bond Bank (IBB) has closed a $106.57 million bond sale designed to strengthen access to affordable, long-term financing for communities of all sizes across Indiana.

The bond sale, completed as a strategic part of the IBB’s Community Funding Resource (CFR) Program, securitizes multiple local government loans into a single, pooled financing structure. This approach lowers costs, simplifies participation, and ensures the long-term sustainability of the program that helps Hoosier communities fund critical projects and infrastructure.

Similar pooled structures have been used successfully in other states, as well as in Indiana for the State’s SRF program. The Bond Bank’s adoption of this tool reflects a thoughtful adaptation of proven models to meet the needs of Hoosier communities.

“This transaction demonstrates our continued commitment to finding smarter, more efficient ways to support Hoosier communities,” said Indiana State Treasurer Daniel Elliott, Chair of the Indiana Bond Bank Board. “By pooling resources and lowering borrowing costs, we’re helping local governments focus their limited budgets on essential services and infrastructure that directly benefit their residents and taxpayers.”

The senior-lien bonds received an AA+ rating from S&P Global Ratings, reflecting the strong credit quality of the program and investor confidence in Indiana’s financial stewardship. The subordinate-lien bonds were non-rated and sold via private placement.

“We’re proud to bring forward a transaction that continues our mission to expand affordable capital access for Indiana communities,” said Jacob Blasdel, Executive Director of the Indiana Bond Bank. “This structure not only supports today’s refinancing but establishes a scalable model for future local investment.”

What the transaction delivers:

· Furthers the CFR Program which delivers lower overall costs for participating communities through pooled financing

· Sustainable long-term model that keeps funding accessible and affordable for future participants

· Broader access to capital, especially for smaller or rural units that benefit from the Bond Bank’s scale and credit strength

For Editors:

· Program/Series: Community Funding Resource Program Bonds (Pooled Financing Program), Series 2025 A-1 (Senior Lien)

· Par Amount: $76,050,000 (senior lien), $30,520,000 (subordinate lien)

· Use of Proceeds: Refunding of prior CFR Program bonds and funding related program reserves, including the Senior Reserve Fund

· Sale Method/Timing: Negotiated sale in the open market; priced October 23, 2025; closed November 20, 2025

· Rating: AA+ (S&P Global Ratings) (senior lien only)

· Syndicate & Advisors: Stifel, Nicolaus & Company, Incorporated (Senior Manager); Robert W. Baird & Co. and Mesirow Financial, Inc. (Co-Managers); Crowe LLP (Municipal Advisor); Barnes & Thornburg LLP (Bond Counsel); Bose McKinney & Evans LLP (Underwriters’ Counsel); Krieg DeVault LLP (General Counsel); Causey Public Finance, LLC (Escrow Verification Agent); BOKF, N.A. (Trustee)

About the Indiana Bond Bank

The Indiana Bond Bank (IBB) was established as a self-supporting quasi-government entity by the Legislature in 1984. A seven-member board oversees the Bond Bank, with the Treasurer serving as the chair of the board, the Public Finance Director of the Indiana Finance Authority is statutorily appointed, with the remaining five members being appointed by the Governor. The Bond Bank assists local governments in the process of issuing debt and provides the following programs: the Advance Funding Program, Community Funding Resource Program, Hoosier Equipment Lease Purchase (HELP) Program, Fuel Budgeting Program, and Interim Loan Program. For more information, visit www.inbondbank.com.

On January 11, 2023 the Indiana Bond Bank announces Jacob Blasdel as its newest Executive Director. The Executive Director for the Indiana Bond Bank is responsible for the overall performance of the IBB. The Executive Director provides vision, purpose, strategy, coaching and direction to the IBB staff team, the IBB Board of Directors and involved stakeholders. Jacob joins the IBB after serving nearly six years at the Town of Speedway as Town Manager and then as Clerk-Treasurer. Jacob's extensive background in public finance and insights gained working in local government offers invaluable experience to allow the IBB to continue its commitment and service to communities across Indiana.

As we begin the 2023 calendar year, the IBB would like to formally welcome Indiana's 56th Treasurer of State as our newest Board Chair!

Daniel Elliott was elected as the 56th Indiana State Treasurer on November 8th, 2022. In this role, Treasurer Elliott serves as the Chair of the Indiana Bond Bank, the Statewide E-911 Board, the Indiana Education Savings Authority, the ABLE Authority, and the Sole Trustee of the State Police Pension Trust, among a number of other positions. As the state’s chief investment officer, he oversees the management of $16 billion on a daily basis.

Prior to becoming Treasurer, Daniel Elliott worked as a small business owner focused on software development and website design. Treasurer Elliott has also served in local government as a member of the Morgan County Council County and President of the Morgan County Redevelopment Commission, where he worked to create economic development opportunities in Morgan county. As President of the RDC, he has learned the importance of developing infrastructure for our local communities. As a County Councilman, he joined his fellow councilman in leading a county government of more than 350 employees. Daniel has seen firsthand the challenges local elected officials face.

Daniel Elliott grew up in a town called Nebraska, in rural Jennings County. Now, he lives on a farm in Morgan County with his wife Laura, and their four children. He is a proud school choice dad and a believer in traditional Hoosier values. Treasurer Elliott holds a B.A. in Business and Computer Science from Utah Valley University, and is the first Latter-Day Saint to be elected to statewide office in the State of Indiana.

In his free time, Daniel loves to spend time with his family and can often be found riding horses on his land and getting his boots dirty.

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Roles & Responsibilities

The Office of the Indiana State Treasurer is one of five constitutional offices and has broad responsibilities and authority in the areas of investment and finance. Kelly Mitchell serves as the 55th Treasurer of State, the fifth highest-ranking statewide government official. The Treasurer is elected statewide every four years. In addition to being the State’s chief investment officer and banker, the Treasurer serves as chairperson or a member of numerous State boards, commissions and authorities.

Below are some of the Treasurer’s key responsibilities:

• The Treasurer serves as the sole Trustee of the Indiana State Police Pension Trust, which provides pension, death, survivor, and other benefits to present and former employees of the state police department and their beneficiaries.
• As chair of the Indiana Education Savings Authority, the Treasurer plays a key role in encouraging attendance to higher education institutions, providing families with additional means of striving for education through the education savings program, and promoting the economic development of the state by creating opportunities for a more highly educated workforce.
• The Office of the Treasurer manages TrustINdiana, the local government investment pool created to provide all Indiana local units of government the opportunity to invest in a common pool of investment assets that preserves the principal of the public funds, remains highly liquid, and maximizes the return on investment.
• The Treasurer serves as chair of the Indiana Bond Bank, which has the mission to assist local government in obtaining low-cost financing for important public work, including school facilities and leasing essential equipment items.
• The Treasurer plays a significant part in public safety as the chair of the Statewide 9-1-1 Board. The Board is responsible for collecting surcharges from all communication service providers and distributing the funding to local units of government.

Mission Statement

We uphold fiduciary responsibilities while investing and safeguarding public funds, overseeing the management of the state’s financial assets, and providing accurate and timely funding to state and local stakeholders.

Value Statement

As stewards for the State of Indiana, we will serve Hoosiers with honesty, integrity, transparency, and dedication. We will do all we can to protect and strengthen Indiana’s fiscal present and future, while learning from the past. With steadfast determination, we will deepen relationships, stay open to possibilities, and listen well to the people we are privileged to serve.

Boards & Commissions

Indiana Bond Bank (http://www.in.gov/bond)

Indiana Statewide 911 Board (https://www.in911.net/)

Indiana Education Savings Authority (https://www.in.gov/tos/iesa)

Indiana Achieving A Better Life Experience (ABLE) Authority (https://www.in.gov/tos/able)

Indiana Board for Depositories (https://www.in.gov/tos/deposit)

Indiana Finance Authority (http://www.in.gov/ifa)

Indiana State Police Pension Trust Advisory Board (http://www.in.gov/isp/)

Indiana Housing & Community Development Authority (https://www.in.gov/myihcda/)

Indiana Deferred Compensation Committee (http://www.in.gov/auditor/2389.htm)

Indiana State Board of Finance (http://www.in.gov/auditor/2364.htm)

Indiana Grain Indemnity Corporation (http://www.in.gov/isda/2491.htm)

Underground Storage Tank Financial Assurance Board (http://www.in.gov/idem/4708.htm)

Next Level Indiana Trust Fund (https://www.nextlevelindianafund.com/)

Enterprise Resource Planning Governance Committee Indiana Public Retirement System (https://www.in.gov/inprs/)

Indiana Community Business Credit Corporation