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Bond bank staff: $40 million new issuance, up to $121 million tender refunding planned for Indy Roads
Summary
Joe Glass told the Local Public Improvement Bond Bank the plan cleared the City Council public works committee and will go to full council in July; staff propose $40 million in new debt and a tender refunding of up to $121 million for Indy Roads, with board consideration planned in July.
Joe Glass told the board that staff last week presented a resolution on refunding existing Indy Roads debt to the Indianapolis City Council public works committee and that it passed unanimously there. "So we will be issuing $40,000,000 in new money for road infrastructure projects, as well as a tender refunding in an amount up to a $121,000,000 of existing Indy Roads debt," Glass said. He said the item will go to the full council in July and then be scheduled for this bond bank's July meeting for board consideration.
Glass also flagged next steps: final approvals at the full council and then a board review and vote. The report did not include a roll-call vote or final financing schedule; Glass said only that the matter will be set for the board's July meeting.
