News & Events

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

IBB’s Fuel Budgeting Program insures budgets of participating local units of government against fuel price volatility.  This article looks at the experience of a large city in Indiana which has participated in the program for 10+ years.

INDIANAPOLIS — Governor Eric J. Holcomb today announced several appointments to various state boards and commissions.

Indiana Bond Bank Board of Directors

The governor made two reappointments to the board, who will serve until July 31, 2024:

• David Mann (Indianapolis), managing partner at Spring Mill Venture Partners and co-managing partner at The Firefly Group
• Chuck Williams (Valparaiso), principal of CL Williams & Companies

The governor also made three new appointments to the board, who will serve until July 31, 2024:

• Shawna Girgis (Bedford), program director of community relations and outreach for IU Health and IU Health Foundation’s south central region
• Deron Kintner (Zionsville), general counsel of Flaherty & Collins Properties
• Michael Lucas (Carmel), of counsel with Barnes & Thornburg

INDIANAPOLIS, INDIANA (July 15, 2021) — In May 2021, as part of a newly launched ‘Indiana Bond Bank (IBB) Gives Back’ campaign, the IBB reimbursed 29 school corporations $348,175 in interest paid on tax anticipation warrants issued through IBB in 2020 during the height of COVID-19.

In summer 2020, schools issued tax anticipation warrants through IBB to combat COVID-19-related cash-flow deficits. After providing this cash-flow relief to schools, IBB sought a portion of the State’s Coronavirus Relief Funds (CRF) to reimburse the schools for the majority of their interest expense paid.

Because the initial financing rolled all costs into the interest rate, this reimbursement of the majority of their interest results in schools effectively receiving a no-cost, no-interest loan from IBB.

“Through no fault of their own, these schools faced cash-flow interruptions due to COVID-19,” explained Mark Wuellner, Executive Director of the Indiana Bond Bank. “None planned on borrowing last year. So we felt an obligation to pursue every option on their behalf. It took time and effort, but what an amazing feeling to call these 29 hard-working school treasurers and hear their surprise that over one year later we had a reimbursement check for them.”

One of the schools receiving reimbursement as Centerville-Abington Community Schools. Of the over $11,000 in reimbursement, School Corporation Treasurer Tyna Stover exclaimed, “IBB securing a refund of our interest is a prime example of the stellar customer service IBB is known for. I’m so glad we chose to use IBB last year – no one else would have gone to these lengths for us a year later. The impact of our reimbursement far exceeds the actual dollar amount. Those dollars symbolize how much IBB cares about public schools. Each dollar benefits our students, our schools our community and our taxpayers.”

“I am so proud of our IBB team, who worked behind the scenes for months to secure reimbursement for these 29 schools,” said State Treasurer Kelly Mitchell, chair of the Indiana Bond Bank Board. “As the kick-off to the ‘IBB Gives Back’ campaign, it perfectly encapsulates how IBB views serving local governments. Exceptional customer service is a baseline expectation that does not end with the financing.”

A full list of schools receiving reimbursements may be found below. As part of its efforts, IBB also secured interest expense reimbursements for a fire protection district (over $2,000) and three cities (over $113,000) which issued tax anticipation warrants through IBB due to COVID-19.

Argos Community Schools

Barr-Reeve Community Schools
Beech Grove City Schools
Center Grove Community School Corporation
Centerville-Abington Community Schools
Crawfordsville Community School Corporation
Eastern Howard School Corporation
Elkhart Community Schools
Gary Community School Corporation
Goshen Community Schools
Greencastle Community Schools
Jay School Corporation
Kokomo School Corporation
Lafayette School Corporation
M.S.D. of Warren Township
North Miami Community Schools
Penn-Harris-Madison School Corporation
Plainfield Community School Corporation
Randolph Southern School Corporation
Richland-Bean Blossom Community School Corporation
River Forest Community School Corporation
School City of Hobart
South Henry School Corporation
Southeast Dubois County School Corporation
Vincennes Community School Corporation
Wawasee Community School Corporation
Westfield Washington Schools
White River Valley School District
Zionsville Community Schools

The Indiana Bond Bank is a quasi-state agency created in 1984 whose mission is to provide targeted financial solutions to local Indiana government. For more information on the Indiana Bond Bank, please visit https://inbondbank.com or contact the IBB at (317)233-0090 or bcarman@inbondbank.com.

For additional information, contact:
Ian Hauer at (317) 232-6387
ihauer@tos.in.gov

For more information,visit www.in.gov/tos

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

INDIANAPOLIS (January 2, 2020) –Indiana State Treasurer Kelly Mitchell and the Indiana Bond Bank are pleased to announce they have closed on $64M in financing with Clay Township in Hamilton County.  Thanks to the structure of the transaction, taxpayers will see no change in their taxes as a result of these projects.

Issuing through the Indiana Bond Bank allowed Clay Township to do something it could not on its own - pool its multiple projects into one bond issue, thus creating economies of scale. This simplifies the financing from an investor’s perspective, which may expand the universe of investor interest. It also allows the Township to offer larger maturity blocks which generally come at a lesser yield relative to smaller maturities.

As Mark Wuellner, Executive Director of the Indiana Bond Bank, observed, these economies of scale likely translated into significant savings for Clay Township on interest payments. “Clay Township is saving approximately $2.7M in debt service by issuing through the Indiana Bond Bank, according to underwriter estimates,” noted Wuellner.  “We are proud to support Clay Township’s comprehensive vision for vibrant quality of place through strong public safety and parks.”

The $64M in bonds will be used for improvements on fifteen different projects in the township, divided between the Township park system and fire stations. For a full list of projects, click here.

"The Clay Township parks are some of the best in the country, and they are amenities not only for our residents, but also attractions for visitors from across the U.S.,” noted Doug Callahan, Clay Township Trustee. “This Indiana Bond Bank financing ensures our legacy continues, by funding improvements to walking trails, WiFi, restrooms, parking lots and park entrances.”

In addition to improvements at 7 parks, the Township will construct a new children’s pavilion at Coxhall Gardens and a new multi-use indoor fieldhouse at the Mark Badger Memorial Park.

“Our second major initiative of this program is to improve safety of Township residents by investing in our fire stations and apparatus,” commented Callahan.

Specific fire safety improvements include the expansion of the existing fiber optics ring within the Township for faster, more reliable communications between schools and the Carmel Clay Fire Department.  Five fire stations will also see various interior and exterior facility renovations and equipment upgrades.

The bonds were priced on November 6th and closed on November 26th. Baird Public Finance served as underwriter, Barnes & Thornburg as bond counsel & London Witte Group as the Bond Bank municipal advisor.

More information on the Indiana Bond Bank’s programs and services at www.inbondbank.com and www.ibbinvestors.com. For more information on the Clay Township Impact Program visit http://claytownshipimpact.com.

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

INDIANAPOLIS (November 25, 2019) –The Indiana Bond Bank is pleased to announce it has refinanced the municipal water and sewer bonds originally issued in the years 2006 or 2009 for the City of Anderson (sewage), the City of Butler (water), the City of Lawrence (sewage), the City of Mitchell (water) and the City of South Bend (water).

This refunding reduces total debt service on these bonds by over $3,000,000.  The 5 participating entities will save between $30,000 and $1,105,000 (or 6% to 23% of their original payment amounts), depending on the size of their initial bonds and how the community chose to apply savings.  Communities paid no out-of-pocket costs to participate in the refinancing.

“We believe in managing our budget the same as our residents manage their household budgets.  And just like many homeowners are refinancing their mortgages in this low interest rate environment, we had the opportunity to do the same, saving taxpayers nearly $800,000 in interest payments”, said City of Lawrence Mayor Steve Collier.

Kelly Mitchell, Treasurer of the State of Indiana and Chair of the Board of Directors of the Indiana Bond Bank, said “Every dollar in interest saved through this Indiana Bond Bank refinancing is one more dollar that our participating communities can reinvest toward local quality of life initiatives.”

Communities increased their savings by refinancing together through the Indiana Bond Bank.  “By pooling, our 5 communities enjoyed a streamlined process using standardized documents and a shared team of professionals,” explained Mark Wuellner, Executive Director of the Indiana Bond Bank.  Added Angela Eck, Clerk-Treasurer for the City of Butler stated: “For us, the collaboration between Butler and the Indiana Bond Bank teams represents the best in how government is supposed to work for its citizens”.

Interest rates for the 2019 Refunding Bonds were set at a sale to investors on October 1, 2019.  The transaction closed on November 5, 2019.  The financing team included Raymond James as underwriter, Barnes & Thornburg as bond counsel and Crowe LLP as municipal advisor.

More information on the Indiana Bond Bank’s programs and services at www.inbondbank.com and www.ibbinvestors.com.

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

The roots of the Common School Fund (CSF) go back to the State’s beginnings.  As Treasurer Kelly Mitchell said, “Our founders recognized in the State’s Constitution that ‘knowledge and learning…[are] essential to the preservation of a free government’.  The Common School Fund exists to realize that vision by ensuring schools have access to low-interest loans with which to create a structured and safe learning environment”.

School corporations apply directly to the State Department of Education (DOE) for school building construction and education technology program loans, which DOE recommends approval of loans to the State Board of Education.  Indiana Bond Bank’s role is behind the scenes, ensuring the CSF fund balance remains adequate to serve schools’ future needs and demands.

“Providing support to improve such key components as technology and safety within our schools is vital to the success of any district,” said Dr. Jennifer McCormick, Indiana Superintendent of Public Instruction. “The $85 million being made available will go a long distance in serving the needs of school corporations across the state.”

Indiana Bond Bank Executive Director Mark Wuellner noted that “Making available over $85 million to Indiana’s public schools is one of the most satisfying accomplishments during my tenure.  By ensuring an ample source of low-interest funding for construction, technology and safety needs, Indiana schools can remain laser-focused on what they do best – educating Indiana’s next generation.”

For more information about the operation of CSF, or regarding applying for a CSF loan, please email CommonSchoolFund@doe.in.gov.

For more information on the Indiana Bond Bank bond issuance to replenish the CSF, please click here for the roadshow video that accompanied offering.

Please click below for more information.

Report – Indiana Bond Bank, IN, Series 2019 A