MOODY'S ASSIGNS A MIG 1 RATING TO THE $112,275,000 INDIANAPOLIS LOCAL PUBLIC IMPROVEMENT BOND BANK NOTES, SERIES 2009 I-J AND SERIES 2010 A-D

Posted on: December 15, 2009, 12:51 pm

NEW YORK, Dec 15, 2009 -- Moody's Investors Service has assigned a MIG 1 rating to the $112.275 million Indianapolis Local Public Improvement Bond Bank Notes comprised of $14.3 million Series 2009I (City of Indianapolis), $10.7 million Series 2009J (Marion County), $39.4 million Series 2010A (City) $34.875 million Series 2010B (County), $6.2 million Series 2010C (Indianapolis-Marion County Public Library), and $6.8 million Series 2010D (Indianapolis Public Transportation Corporation). Proceeds will provide funds to be used by the Bond Bank to purchase Revenue Anticipation Warrants issued by the four Qualified Entities. The Bond Bank is authorized by statute to issue debt on behalf of Qualified Entities within Marion County, including the City of Indianapolis, Marion County, and other Special Taxing Districts whose budgets are reviewed by the City-County Council. The Series 2009 Notes are secured by the second of two property tax disbursements collected for 2009 and the Series 2010 Notes are secured by the first disbursement of 2010 collections of the corresponding QE. Assignment of the short term MIG 1 rating reflects satisfactory to ample coverage of the four participants and sufficient timing between receipt of pledged revenues and impoundment with the Trustee (UMB Bank, NA)...

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