MINUTES OF

THE INDIANAPOLIS LOCAL PUBLIC IMPROVEMENT BOND BANK

Minutes of the Special Meeting of the Board of Directors

July 16, 2007

MEMBERS PRESENT: Mary Titsworth Chandler

Jacob Hall

DeVonne Richburg-Pollard

MEMBER(S) ABSENT: Tom O’Donnell

BOND BANK STAFF PRESENT:

Bob Kocher, BONY

Ruth Sowers, Huntington

Hans Steck, Bingham McHale

Jay Ryals, Fifth-Third

David Lewis, Chase

Diana Hamilton, Sycamore

Stephanie Spirer, Baker & Daniels

Dave Arrensen, Baker & Daniels

Tom Guevara, Crowe

Jim Merten, City Securities

Nancy Storms, BONY

Tom Surgener, Chase

Terry Leffew, Raymond James

George Buskirk, Hoosier Trust

Curt Fritsch, CRF Financial Group

Todd Kryskowski, JP Morgan

Kostas Poulakidas, Krieg Devault

A Special Meeting of the Indianapolis Local Public Improvement Bond Bank (“Bond Bank”) convened at 12:00 noon, Monday, June 18, 2007, at the City-County Building, 200 East Washington Street, Suite 224 Indianapolis, Indiana, pursuant to notice given in accordance with IC 5-14-1.5. Chair Mary Chandler called the meeting to order after determining that a quorum was present.

Chair Chandler asked for a motion to approve the minutes from May 21, 2007. Ms. DeVonne Richburg-Pollard made the motion to approve, seconded by Mr. Jacob Hall. All voted in favor and the motion passed.

The first order of business was Resolution No. 11 – 2000 C Sanitary District Refunding. Ms. Katie Aeschliman stated that the resolution authorizes the refunding of the Bond Bank Series 2000 C in an amount not to exceed $7.5 million dollars. She then stated that the original 2000 C bond issue was an open market transaction for the Sanitary District of the City of Indianapolis totaling $10 million. She went on to explain that the in the current market the refunding would yield approximately3% of savings or approximately $200,000. The Bond Bank is watching the market and hopes to achieve that level or better. The Bond Bank is going forward with the necessary approvals for the refunding while monitoring the market. She mentioned that another advantage of the refunding is that those bonds will be under the new indenture that was adopted as part of the 2007 A open market sanitary district bond issuance. The new trust indenture allows for the opportunity to pool the debt service reserve funds for all Sanitary District issuances. This refunding will also remove the moral obligation from the issuance, and be based solely on the revenues of the sanitary district. .

Chair Chandler asked for a motion to approve resolution No. 11. Mr. Jake Hall made the motion to approve, seconded by Ms. DeVonne Richburg Pollard. All members voted in favor and the motion passed. Chair Chandler then asked all to join her in congratulating Ms. Laurie Canatsey on her achievement of acquiring her B.S. in General Studies at IUPUI.

Next, Ms. Barbara Lawrence gave a brief update on the ongoing negotiations on the hotel project agreement. Following the hotel update, she informed the board that the stadium contribution transaction will be brought before them at the next meeting. The transaction is the City of Indianapolis’ agreement to help the Colts secure the lowest cost of financing for their contribution to stadium project. Ms. Lawrence then stated that the Bond Bank, City and other working team members would be going to New York City to present the transaction to ratings agencies and insurers.

Ms. Lawrence then mentioned other projects the Bond Bank would be working on. She informed the Board that Mr. Brad Hartz had resigned from the Bond Bank the week prior.

Chair Chandler asked for a motion to adjourn. Mr. Jacob Hall made the motion, seconded by Ms. DeVonne Richburg Pollard. All voted in favor and the motion passed.

Chair Chandler adjourned the meeting at 12:15 p.m.