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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.