Project

On May 13th, 2024 City County Council unanimously approved Special Ordinance No. 2, 2024, approving the issuance of a maximum of $90 million in IndyRoads revenue bonds over the next three years for transportation infrastructure projects. Special Ordinance No. 2, 2024 also approved the issuance of up to $12.825 million to refund outstanding IndyRoads Revenue bonds. The Bonds will be payable by a pledge of special benefits tax, but are expected to be paid for by the available Transportation Revenues (MVH, Wheel Tax and Gas Tax). No new taxes will be levied to secure these revenue bonds. In October 2023, the City County Council endorsed the 2024-2027 Transportation Capital Plan. The Bonds will fund project such as curbs, sidewalks, ADA ramps, bridge rehab and replacement, and street rehab and replacement. The useful life of these projects are 30-50 years with the bond issuances having a 20-year max bond maturity.

The Series 2024B&C Bonds are the first tranche of the $90 million authorized in May 2024. The $50 million in new money bonds are being issued by the Metropolitan Throughfare District. Additionally, the 2024C bonds refunded a total of $8.575 million of the Series 2015E, 2018B, 2019E bonds, allowing the City of Indianapolis to realize a net neutral impact for any cost the refunding and consolidate outstanding debt under one trust indenture. At closing, the City of Indianapolis cash defeased the January 1st, 2025, maturities of the 2015A, 2015E, 2018B, and 2019E IndyRoads Bonds. The Bonds are payable by a pledge of special benefit tax but are expected to be paid for by the available transportation Revenues.