OPENPUBLICA · PUBLIC MEETING RECORD
Record of Proceedings

Indianapolis Bond Bank Board Meeting - July 20, 2026

Other Meetings (I) — Monday, July 20, 2026
BodyIndianapolis, Indiana
SessionOther Meetings (I)
DateMonday, July 20, 2026
StatusNEW · FILED
Video Record
0:00 / 6:43
Transcript — Verbatim
0:02

Well, I think we're gonna start our meeting.

0:06

Um so if you are going to testify or talk, please sign in.

0:22

And uh so I want to start for uh the fact that this is an open bond bank improvement for the state of Indiana.

0:39

And so the next the thing the first agenda item is approval of the minutes from June 2026.

0:50

Do we have a motion?

0:51

So moved, Mr.

0:52

Chairman.

0:54

Second approved.

0:59

Yeah, take a vote.

1:01

Yeah, vote.

1:02

Yeah.

1:03

The vote is four to zero.

1:07

All in favor, please say aye.

1:09

Aye.

1:10

Aye.

1:10

As opposed to any motion passes.

1:16

Uh so now we're gonna talk about uh the resolution number two dealing with the 20 26 bonds for the Indy Roads project.

1:30

The board has received a res uh resolution number two, which is in the issue of bonds for the Indiana Roads project.

1:39

So we've already been involved in this project.

1:43

I will now call on the bar the bond bank executive director for a summary of the resolution before the board.

1:52

Thank you, Mr.

1:52

Chairman.

1:53

Um apologize for my voice and getting over a bit of a cold.

1:56

Uh so there's two components to the resolution.

1:58

Uh the first is a 40 million dollar uh new money issuance.

2:02

Um that is a part of uh DPW's uh five-year capital plan.

2:05

Um it was originally approved as uh $90 million bond issuance in 2004, and we issued uh the first component, uh $50 million bond issuance last year.

2:14

So that's the final step of of that component of the capital improvement plan.

2:19

The second is uh refunding of up to a 121 million dollars.

2:23

Um this refunding is a little different.

2:25

Um normally when we refund bonds, it's when we hit the call date in uh the um the trust indenture with uh um with uh the the buyers of the bonds.

2:36

In this case, um we have not yet hit the call date, but uh we will be um pursuing what we call a tender refinancing, and that is when we approach uh the individual holders of the bonds and uh repurchase them individually.

2:51

Um we anticipate a buyback rate of about 30 percent um and a uh based on current market conditions a uh net present value savings of about 1.9 uh million dollars.

3:04

So uh happy to answer uh any questions about about the resolution anybody have any questions in Joe Mr.

3:18

Dummers again the savings the last two numbers sure we anticipate um buying back about 30 percent of the outstanding bonds and uh a savings of approximately 1.8 million dollars.

3:31

Thank you for those percentages.

3:39

So the uh resolution is before the board.

3:44

I'll take a uh anybody have any comments for Joe motion.

3:56

So I have a motion to approve resolution number two for the 2026 bonds for the Indy Roads project.

4:05

So move.

4:07

Second.

4:08

All in favor say aye.

4:10

Aye.

4:11

Motion passed.

4:16

Okay, Joe is still up.

4:20

Thank you, Mr.

4:21

Chairman.

4:21

Uh so we're working on a couple other uh projects at the bond bank.

4:24

Uh the first is uh an issuance of uh the Health and Hospital Corporation.

4:28

Uh we plan to issue uh 20 million dollar about 20 million dollars in bonds on their behalf for the construction of new ambulance bays.

4:36

Um we anticipate that coming before the board uh in October.

4:40

Uh additionally, um we are planning to issue um facility revenue bond debt um an amount that hasn't been finalized, probably about 30 million dollars uh to repurchase uh parking garages uh built at the community justice campus, one garage for um the uh judges and uh judicial staff and then another connected to uh the private office building, which is where the um uh public defender and uh probation office uh currently currently work out of.

5:10

Uh that will also come before the board we anticipate in October.

5:14

Um so nothing currently um our agenda for the next two meetings, so it's possible we could end up end up canceling those and we'll let um let the board know as soon as possible when um when that makes sense.

5:26

So have everybody answered any questions.

5:29

Okay, thanks, Joe.

5:31

Anybody in the peanut gallery have anything they want to let us know.

5:41

Okay.

5:45

So I'll take a uh vote to uh resolve June the hospital bonds and so we'll be bringing those res resolutions yeah in uh in October.

6:03

Right.

6:03

And and well, yeah, so we'll vote on those items.

6:06

Yeah, uh planning to do that at our October meeting.

6:08

So that's uh yeah.

6:11

Okay.

6:18

Second the votes.

6:26

Aye.

6:28

The uh motion passed.

6:33

So I want to thank everybody for coming and uh hopefully we'll see you next month.

6:42

Thank you.

Discussion Breakdown — Share of Meeting
Engineering And Infrastructure█████████████████████████████████████████████60%
Procedural██████████████████████████████40%
Summary of Proceedings

Indianapolis Bond Bank Board Meeting - July 20, 2026

The Bond Bank Board approved the June 2026 minutes and Resolution 2 authorizing 2026 bonds for the Indy Roads project, and received updates on future bond issuances for the Health and Hospital Corporation and parking garages.

Consent Calendar

  • Approval of June 2026 Minutes: Motion approved with a vote of 4-0.

Discussion Items

  • Resolution 2: 2026 Bonds for Indy Roads Project: Executive Director Joe summarized the resolution, which includes $40 million in new money issuance as the final component of DPW’s capital plan and up to $121 million in refunding via a tender refinancing. The refunding is planned before the call date, with an anticipated buyback rate of 30% and net present value savings of approximately $1.8 to $1.9 million. The board approved the resolution unanimously.
  • Future Projects Update: Executive Director Joe informed the board of upcoming bond issuances expected in October: approximately $20 million for the Health and Hospital Corporation to construct new ambulance bays, and approximately $30 million in facility revenue bonds to repurchase parking garages at the Community Justice Campus. The board plans to vote on these resolutions at the October meeting. It was noted that if no items are pending, meetings may be canceled.

Key Outcomes

  • June 2026 minutes approved unanimously.
  • Resolution 2 for the 2026 bonds for the Indy Roads project passed.
  • The board will consider Health and Hospital Corporation bonds and parking garage bonds at its October meeting.

Meeting Transcript

Well, I think we're gonna start our meeting. Um so if you are going to testify or talk, please sign in. And uh so I want to start for uh the fact that this is an open bond bank improvement for the state of Indiana. And so the next the thing the first agenda item is approval of the minutes from June 2026. Do we have a motion? So moved, Mr. Chairman. Second approved. Yeah, take a vote. Yeah, vote. Yeah. The vote is four to zero. All in favor, please say aye. Aye. Aye. As opposed to any motion passes. Uh so now we're gonna talk about uh the resolution number two dealing with the 20 26 bonds for the Indy Roads project. The board has received a res uh resolution number two, which is in the issue of bonds for the Indiana Roads project. So we've already been involved in this project. I will now call on the bar the bond bank executive director for a summary of the resolution before the board. Thank you, Mr. Chairman. Um apologize for my voice and getting over a bit of a cold. Uh so there's two components to the resolution. Uh the first is a 40 million dollar uh new money issuance. Um that is a part of uh DPW's uh five-year capital plan. Um it was originally approved as uh $90 million bond issuance in 2004, and we issued uh the first component, uh $50 million bond issuance last year. So that's the final step of of that component of the capital improvement plan. The second is uh refunding of up to a 121 million dollars. Um this refunding is a little different. Um normally when we refund bonds, it's when we hit the call date in uh the um the trust indenture with uh um with uh the the buyers of the bonds. In this case, um we have not yet hit the call date, but uh we will be um pursuing what we call a tender refinancing, and that is when we approach uh the individual holders of the bonds and uh repurchase them individually. Um we anticipate a buyback rate of about 30 percent um and a uh based on current market conditions a uh net present value savings of about 1.9 uh million dollars. So uh happy to answer uh any questions about about the resolution anybody have any questions in Joe Mr. Dummers again the savings the last two numbers sure we anticipate um buying back about 30 percent of the outstanding bonds and uh a savings of approximately 1.8 million dollars. Thank you for those percentages. So the uh resolution is before the board. I'll take a uh anybody have any comments for Joe motion. So I have a motion to approve resolution number two for the 2026 bonds for the Indy Roads project. So move. Second. All in favor say aye. Aye. Motion passed. Okay, Joe is still up. Thank you, Mr. Chairman. Uh so we're working on a couple other uh projects at the bond bank. Uh the first is uh an issuance of uh the Health and Hospital Corporation. Uh we plan to issue uh 20 million dollar about 20 million dollars in bonds on their behalf for the construction of new ambulance bays.

SUMMARIZED BY OPENPUBLICA AI
TRANSCRIPT VIA PUBLIC VIDEO
openpublica.com