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Learn about Indiana Bond Bank Investor Relations, including Featured News, Projects and Programs, and The Team.
The Indiana Bond Bank is a quasi-governmental agency established by the Indiana General Assembly in 1984. The Bond Bank is a self-funded entity and does not receive any appropriations from the State of Indiana. The primary mission of the Bond Bank is to provide targeted financial solutions to Indiana units of government, including cities, towns, townships, public school corporations, counties, public libraries, county hospitals, and public universities.
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.
Brian Carman, Program Development Director
Indiana Bond Bank
(317) 233-0090 or firstname.lastname@example.org
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-
Since 1989, Indiana Bond Bank has offered a twice a year program to assist local units of government with their annual cash flow needs - the "Advance Funding Program".
IBB provides funds for the purchase of temporary loan tax or revenue anticipation warrants (the “Warrants”), such as the ones described below in this memorandum.
IBB eliminates the need to bid the financing of the Warrants. (I.C. 5-1.5-8-3)
IBB may purchase Warrants issued by certain local units of government, including, without limitation, school corporations, cities, townships, towns, counties, library corporations and special taxing districts (the “Qualified Entities”).
The Warrants in each case are issued in anticipation of the receipt of ad valorem taxes levied and in the course of collection (and, in the case of: (1) school corporations, may be also issued in anticipation of the receipt of State tuition support distributions in the course of collection; or (2) townships, may be also issued in anticipation of other revenues to be collected during the remainder of the calendar year of the issuance of such Warrants), thereby alleviating cash flow difficulties through the financing of cash flow deficits of such Qualified Entities.
Advance Funding is offered as a pooled program, in which Qualified Entities’ needs are pooled and funded together. Pooling allows participating Qualified Entities to share costs. Interim, short term funds are available.
The Hoosier Equipment Lease Purchase (HELP) Program assists local units of government in acquiring essential items of equipment through a standardized and streamlined lease-purchase process. Since 1991, the HELP Program has assisted over 200 communities in obtaining various items of equipment worth over $220 million.
Five Reasons Why Local Units of Government Choose HELP:
The Bond Bank’s Interim Loan Program (ILP) provides local units of government with access to short-term funding in anticipation of long-term financing. ILP funds are available to all Indiana municipalities that are expected to receive long-term financing through a variety of sources, including Federal or State loans and grants.
The Bond Bank’s Pool Program allows local communities to “pool” their debt in order to effectively reduce the costs associated with the issuance of debt. Projects include construction, maintenance, expansion of municipal utility systems or other building projects. Entities may also issue bonds on a “stand-alone” basis.