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Indiana Bond Bank Celebrates 40 Years of Partnership with Indiana Communities

Mar 7, 2024

Executive Director and State Treasurers at event

On March 5, 2024, the Indiana Bond Bank (IBB) recognized 40 years since its creation by the Indiana General Assembly. The occasion was celebrated in the south atrium of the Indiana State House, with current and past partners of the IBB on hand. In attendance was Indiana State Treasurer, Daniel Elliott, as well as former Indiana State Treasurers, Tim Berry, Dan Huge and Kelly Mitchell. State Representative Mike Andrade also took part in honoring the Bond Bank, along with previous IBB Executive Directors, Jim Higgins and Mark Wuellner.

Executive Director, Jacob Blasdel, welcomed attendees to the anniversary event. In addition to previous Treasurers of State and IBB Executive Directors, Jacob recognized current board members that were in the audience: David Mann, Mike Lucas, Dan Huge and Chuck Williams. He also acknowledged the importance of IBB’s relationship with the larger public finance community, including bankers, municipal advisors, and attorneys, who have been trusted partners of the Indiana Bond Bank’s team for many years.

Next, Director of Operations, Ron Mangus shared the history of the Bond Bank. Since 1984, IBB has issued over $23 Billion in debt, and assisted approximately 800 units of government. Early on, the IBB issued debt using the state’s moral obligation for sewer and water. The IBB also issued tax-anticipation warrants and assisted school corporations with unfunded severance liabilities. As local governments demonstrated new needs, the Bond Bank found ways to help, issuing Qualified School Construction Bonds and creating a program for local governments to finance essential equipment. The Bond Bank has continued to grow and evolve as the landscape for units of government has changed. More recently, creating programs to provide interim financing and long-term debt financing for water, sewer, and infrastructure projects, as well as protecting fuel budgets against rising fuel prices.

David Bottorff spoke next and is the Executive Director of the Association of Indiana Counties (AIC).The AIC was created in 1957 and serves for the betterment of county government. Mr. Bottorff spoke to the IBB’s importance when it comes to local government, saying in part, “The Bond Bank helps local units of governments navigate the complex process of issuing bonds, ensuring that projects are financed in a cost-effective manner and that taxpayers' interests are protected. The Bond Bank can often secure lower interest rates on bonds compared to individual units borrowing on their own. This means taxpayers ultimately pay less in interest and professional services over the life of the bonds.”

Indiana State Treasurer, Daniel Elliott, closed out the anniversary event. He recounted a story about how, while he was running for State Treasurer, he felt drawn to the IBB’s mission. As a previous member of the Morgan County Council, and President of the Morgan County Redevelopment Commission, Treasurer Elliott knew the impact the Indiana Bond Bank Programs can have on local, often rural, units of government. In closing, Treasurer Elliott said of the Indiana Bond Bank, that he is “excited to see what the future holds”.

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