MINUTES OF

THE INDIANAPOLIS LOCAL PUBLIC IMPROVEMENT BOND BANK

 

Minutes of the Regular Meeting of the Board of Directors

 

December 14, 2009

 

MEMBERS PRESENT:         Briane House  

                                               Fred Miller

Justin Christian

 

MEMBERS ABSENT:         Sahara Williams

Jim Carr

                                              

                                                BOND BANK PRESENT:

                                    Kevin Taylor

                                    Jacqui Coe

                                    Laurie Canatsey

                                    Monica Durrett                   

Kyle Willis

Dario Requiz

Brad Busse

Deron Kintner

                                   

                                                     OTHERS PRESENT:

                                               

          Clayton Graham, Graham & Assoc.                 David Girton, Andes Capital

          Kim Wilson, UMB Bank                                  Diana Hamilton, Sycamore Advisors

          Curt Fritch, CRF Group                                   Tamara Zahn, IDI

          Hans Steck, Bingham McHale                          Brian Shaw, Hilliard Lyons   

          Jay Ryals, Fifth Third Bank                              Dennis Otten, Bose McKinney & Evans

          Sharon Karst, Bank NY Mellon                       Steve Meno, Fifth Third Bank

         John Alexander, Wells Fargo                             Sue Beesley, Bingham McHale

          Sandra Mowell, Citizen                                    Joe Britt, Wells Fargo

          Dennis Golem, Wells Fargo                              Tom Guevara, Crowe Chizek            

         Jim Merten, City Securities                                Kim Wilson, UMB Bank                                 

         Nancy Dorsa, Chase Bank                                 Joe Britt, Wells Fargo

 Bob Kocher, BNY Mellon                               

 Terry Leffew, Raymond James           

                                               

                                               


            A Regular Meeting of the Indianapolis Local Public Improvement Bond Bank (“Bond Bank”) convened at 12:00 noon, Monday, December 14, 2009 in the City-County Building, 200 East Washington Street, Suite 107, Indianapolis, Indiana, pursuant to notice given in accordance with IC 5-14-1.5. Mr. House called the meeting to order after determining that a quorum was present.

                       

            Mr. House asked for the approval of the minutes from November 16, 2009. Mr. Miller made the motion to approve, seconded by Mr. Christian. All voted in favor and the motion passed.

 

             Mr. Taylor presented the Bond Bank’s proposed 2010 budget that was discussed at the previous meeting. He asked for the Board’s approval of the proposed budget. He stated that the expenditures for 2010 budget are proposed at $2,282,500, which reflects a 9.5% decrease from the 2009 budget. The 2009 year-end estimates had been provided for the Board. He discussed the cost savings areas, including Union Station, as a result of rent payments and some HVAC equipment that has been installed. He highlighted the wages and benefits and noted that the dollar amount reflects one fully funded, unfilled position for a project manager. Mr. House asked Mr. Taylor if there is flexibility in reallocating funds if needed. Mr. Taylor stated that there is some flexibility due to conservatively budgeted personnel costs.

 

            Mr. House asked for a motion to approve the Indianapolis Bond Bank’s 2010 budget. Mr. Miller made the motion to approve, seconded by Mr. Christian. All voted in favor and the motion passed. Mr. Taylor thanked Ms. Canatsey for her hard work and preparation on the budget.

 

            The Board then reviewed the 2010 board meeting dates. Mr. Kintner informed the Board that the January 25, 2010 meeting may be subject to change due to the timing of the Health and Hospital Corporation bond resolution. Mr. House asked for the approval of the Bond Bank’s 2010 meeting dates. Mr. Christian made the motion to approve, seconded by Mr. Miller. All voted in favor and the motion passed.

 

            Mr. Busse gave a brief update on the status of the trust accounting. Mr. Busse stated that the financial team has completed all documentation from a trust and accounting perspective through November 2009. He then stated that the internal books are operating on a current month-to-month basis. He stated that the internal books are audited properly on an accrual basis which is in accordance to GAAP. He explained how the trustees provide quarterly statements and how he would perform a full close of the books. He stated that he would provide the Board with a balance sheet and interest income statement. He stated that the Bond Bank is currently going through the initial planning procedures with the new auditors, Somerset, to familiarize them with the Bond Bank’s processes. Mr. Busse then stated that the former accounting firm, Katz, Sapper & Miller, would still be relied upon for more consulting, as needed. The Bond Bank’s audit is tentatively scheduled for the week of April 5th and the Bond Bank’s goal is the have a draft of the financials ready for the Board to review by early May.

 

            Mr. Kintner then gave a brief update on upcoming issues. He stated that in addition to the Health & Hospital Corporation resolution, there may be a small refunding for Circle Block garage, which has one of the last remaining variable-rate bond issues outstanding. Mr. House asked about the amount of the refunding. Mr. Kintner stated that it would between $8 -$10 million. He also stated that in the first quarter there would be some small neighborhood projects coming before the Board.                     

           

            There were no other questions. Mr. Christian made the motion to adjourn, seconded by Mr. Miller. All voted in favor and the meeting was adjourned at 12:15p.m.