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Indianapolis bond board approves refunding of 2010 Build America bonds
Summary
At its Aug. 25 meeting the Board of Indianapolis Local Public Improvement Bond approved two resolutions authorizing issuance of 2025 bonds to refund 2010 Build America bonds, allowing the Health and Hospital Corporation to replace a cash debt-service reserve with a surety and access held funds.
The Board of Indianapolis Local Public Improvement Bond voted Aug. 25 to approve two resolutions authorizing the issuance of 2025 bonds to refund Build America bonds issued in 2010 for Eskenazi Hospital.
Bond counsel Joe said the two refundings are intended to provide more certainty for debt service after federal subsidy reductions related to sequestration. He told the board the 2010 bonds were issued under the American Recovery and Reinvestment Act of 2009 as taxable “Build America” bonds with a federal interest subsidy. Joe said reductions in that federal subsidy have increased annual debt service costs and that the refundings will allow the Health and Hospital…
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