Oh I had to do that.

That's pretty amazing.

Welcome to the Adman Finance Committee.

Start with the introductions to my left.

Thank you, Mr.

Chair, Derek Cahill, District 23.

Thank you, Mr.

Chairman.

Mike Dok, District 24.

Thank you, Mr.

Chair, Brian Mowray, District 25.

Thank you, Mr.

Chair.

We night Allen, District 15 for I said.

Thank you, Mr.

Chair Nick Roberts, District 4.

Thank you, Chairman Muscary, Andy Nielsen, District 14, East Side.

Good evening, Maggie Lewis, District 5.

Frank Mascarry, District 19, Southeast Side.

With consent, I'd like to move the budget hearing just around a little bit.

First, we would like to hear the bond bank and the budget review and analysis with consent.

All right, bond bank is first.

Welcome.

This is gonna be real brief, right?

Thank you.

Mr.

Boogie, if you'd like to introduce yourself.

Okay.

Sorry about that.

We'll go ahead and get started.

Uh thank you, Mr.

Chairman and members of the committee.

Uh, my name is Joe Glass.

I'm the uh executive director and general counsel of the uh Indianapolis Bond Bank.

Um the Bond Bank is a separate body in politics uh from the city of Indianapolis.

Um it was uh created by statute uh nineteen eighty-five uh to buy and sell securities on behalf of uh local government entities within Marion County.

Um since we are a separate um entity from the city, uh we are not presenting a budget for approval, but appreciate the opportunity to uh update you on the goings-ons at going on of the bond bank.

Some of our qualified entities are the City of Indianapolis, uh, the Marion County Building Authority, uh Health and Hospital Corporation, the Capital Improvement Board, um, Indigo, and the Indianapolis uh airport authority.

So we have a bond bank basically to streamline debt management uh within local government in Marion County.

Um we uh prepare bond docs, um, engage with underwriters, um we uh uh head the ratings process and continuing this continuing disclosure so that our qualified entities can focus on uh on their main purpose.

Uh so we convene a subject matter experts uh in one agency, uh reduce the duplication of work and administrative burdens on our qualified entities and uh centralize uh the debt management process.

So the the uh three main categories of activity of the bond bank are planning capital improvements, uh we monitor the uh debt capacity of our qualified entities, uh we develop uh plans to finance projects, um different options include uh direct placements, uh short-term financing, such as bond anticipation notes, or uh traditional uh municipal bonds, and then we manage debt uh through the life of the bonds.

So we uh sell the bonds uh through an underwriter, we uh go through the uh ratings process, we administer the continuing disclosure process, and uh we also uh participate in a surveillance uh through the rating agencies.

Uh we have seven uh full-time staff members.

Uh we are governed by a five uh member uh board of directors appointed by the mayor.

Um all uh current board members uh have terms that expire uh expire in April of 2027.

Uh this year uh we had um five major financings, um the uh 125 million dollars for the uh indigo uh blue line project, which um the bonds were sold uh in the spring.

Um we had a large uh capital uh project at the airport, which included uh the new on-site hotel, and uh financings that are still in the process include refundings of a health and hospital debt uh that has been approved by the council and we expect to issue that debt by the end of the year.

Uh there's general obligation debt for um a new uh storm uh uh siren system, uh snow plows as well as a new fire station.

Um that has been approved by the council and uh will be uh issued sometime uh by the end of the year.

And uh lastly, uh Old City Hall.

Um we are issuing debt uh to rehab uh old city hall proper as a part of a development of by TWG, which includes um a multi-use uh tower on the north end of the building, and we expect to close uh that financing this year as well.

Uh next year um we anticipate uh issuing debt for uh the Metropolitan Thoroughfight District, so that is a streets, uh sidewalks, and uh roads.

Uh we anticipate issuing 40 million dollars of debt pursuant to DPW's uh capital improvement plan.

Uh we anticipate issuing 50 million dollars in stormwater bonds as well as uh additional debt of the airport authority uh primarily for a new uh baggage system uh at the Indianapolis Airport.

So I wanted to speak a little bit about uh credit ratings.

Uh credit ratings basically provide assurance uh to bondholders uh that we are good for our debt.

Every source of security has its own unique credit rating.

So, for instance, Stormwater, Metro Thoroughfare, um the separate qualified entities like the airport and health and hospital and uh the city of Indianapolis have their own uh special rating.

There's four major uh credit rating agencies, uh, Moody's, SP, Fitch, and Kroll, and as well as rating individual bond issuances, uh, most agencies complete an annual surveillance of the city's overall credit.