MINUTES OF
THE INDIANAPOLIS LOCAL PUBLIC IMPROVEMENT BOND BANK
Minutes of the Special Meeting of the Board of Directors
January 26, 2009
MEMBERS PRESENT: Briane House
Fred Miller
Justin Christian
Jim Carr
BOND BANK PRESENT:
Kevin Taylor
Deron Kintner
Brad Busse
Jacqui Coe
Dario Requiz
Laurie Canatsey
Kyle Willis
OTHERS PRESENT:
Tom
Guevara, Crowe Chizek Sharon
Karst,
John Kirkwood, Kreig DeVault David Girton, Melvin & Company
Sandra Maddox, citizen Molly Williams, IDI
Daryl Mergenthal,
Jay Ryals, Fifth-Third Paul Jones, Ice Miller
Steve Meno, Fifth-Third Dennis Otten, Bose, McKinney & Evans
Tamara Zahn, IDI Eric Green, Backstrom, McCauley
Curt Fritsch, CRF Group Bob Kocher,
Terry Leffew, Raymond James Nancy Dorsa, Chase Bank
Kim Wilson, UMB Bank
A Special Meeting of the Indianapolis Local Public Improvement Bond Bank (“Bond Bank”) convened at 12:00 noon, Monday, January 26, 2009 in the City-County Building, 200 East Washington Street, Suite 107, Indianapolis, Indiana, pursuant to notice given in accordance with IC 5-14-1.5. Mr. House called the meeting to order after determining that a quorum was present.
Mr. House first asked for a motion to approve the minutes of December 15, 2008. Mr. Miller made the motion to approve, seconded by Ms. Williams. Next, Mr. House asked for the approval of the January 5, 2009 minutes. Mr. Miller made the motion to approve, seconded by Ms. Williams. All voted in favor of the minutes presented and the motions passed.
Mr. House asked Mr. Kintner to give a brief summary of Resolution No. 2- Tax Warrants. Mr. Kintner stated that it is the first-half 2009 Tax Warrant Note issuance. The Notes are issued twice a year in anticipation of the distribution of property taxes. Mr. Kintner stated that there is a greater need to issue for the qualified entities due to the significant delays in property tax collections. The qualified entities are the City, County, Library District and IndyGo. The resolution authorizes the Notes in an amount not to exceed $190 million, however, it will likely be closer to a $150 million issue. The interest rate shall not exceed 6%, however, the Bond Bank expects an interest rate closer to 2% or less. Mr. Merten stated that tax warrants are currently being issued closer to 1% interest rates. The issuance will be in mid-February. Ms. Williams had a question regarding the 6% interest rate and wanted to know if the percentage-rate was consistent with the projections used by the qualified entities. Mr. Kintner stated that the qualified entities projected between 4 – 4.5% interest-rate, but the flexibility of 6% would benefit the qualified entities if the market would take a downturn.
Mr. House asked for a motion to approve the resolution. Mr. Christian made the motion, seconded by Mr. Carr. All voted in favor and the motion passed.
Next, Mr. Taylor updated the Board on the upcoming Waterworks Revenue Bonds. He stated that the Bond Bank is in talks with the City-County Council and the Waterworks Board while working on the restructuring of the bonds.
Mr. House adjourned the meeting at 12:10 p.m.