MINUTES OF

THE INDIANAPOLIS LOCAL PUBLIC IMPROVEMENT BOND BANK

Minutes of the Special Meeting of the Board of Directors

January 24, 2008

MEMBERS PRESENT: Briane M. House, Chairman

Fred Miller

Sahara Williams

Justin Christian

MEMBERS ABSENT: James Carr

BOND BANK PRESENT:

David Girton, SBK Brooks

Philip Genetos, Ice Miller

Curt Fritsch, CRF Financial

Randy Ruhl, City Securities

Deron Kintner, Bingham McHale

Curt Fritsch, CRF Financial Group

Jay Ryals, Fifth-Third

Angie Steeno, Crowe Chizek

Hans Steck, Bingham McHale

Steve Meno, Fifth-Third

John Dorzuczek, BNY

Molly Williams, IDI

Dennis Otten, Bose McKinney & Evans

Sharon Karst, BNY

Molly Williams, IDI

A Special Meeting of the Indianapolis Local Public Improvement Bond Bank (“Bond Bank”) convened at 12:00 noon, Thursday, January 24, 2008 in the City-County Building, 200 East Washington Street, Suite 224 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.

The first order of business was the approval of the meeting minutes from December 19, 2007. Since neither the board or, Mr. Kevin D. Taylor were in attendance at the December 19, 2007 meeting; Mr. Miller proposed the minutes be approved, in accordance with IC 5-1.4-2-9, and Article III Section 4 of the By-Laws of the board which require the executive director, inter alia, to maintain minutes of the board. Mr. Miller then moved that the minutes be included in the minutes of the board, which was seconded by Ms. Williams and passed unanimously.

Bond Bank staff was then introduced by Mr. Taylor to the newly appointed members of the board. Mr. Taylor introduced, Kyle Willis, Jacqui Coe and Monica Durrett. He also mentioned the absence of Ms. Laurie Canatsey (Finance Manager), stating that she is on maternity leave. Mr. Taylor then provided a brief background of his previous employment, education and personal accomplishments. Board members then introduced themselves, and provided a brief overview of their professional backgrounds.

Mr. House asked that the Board formally appoint Mr. Kevin D. Taylor, Executive Director of the Bond Bank in conformance with the By-Laws of the Bond Bank. Upon motion duly made and seconded, the appointment of Mr. Taylor was unanimously approved.

Next the Board turned to its formal organization pursuant to its By-Laws. Mr. Miller moved that Mr. Briane House to be named Chair, seconded by Ms. Williams. All voted in favor and the motion passed. Mr. House then called for the appointment of a Vice-Chairperson of the board. Mr. Miller moved to appoint Ms. Sahara Williams, Vice-Chair which was seconded by Mr. House. All voted in favor and the motion passed.

The next order of business was presentation of a proposed Bond Bank Budget by the Executive Director. Mr. Taylor gave a summary of the proposed budget highlighting projected revenue, projected expenditures and an adjustment downward in the charge to the Qualified Entities. Mr. Taylor explained that the outgoing Board had not adopted a budget in December of 2007.

There was no further discussion for the budget.

The board then took up approval of a Public Employees Retirement Fund (PERF) resolution authorizing an agent, normally the executive director, to execute the pension obligation on behalf of the Bond Bank. Mr. Miller moved approval of the resolution, which was seconded by Ms. Williams. All voted in favor and the motion passed.

The last order of business was fixing the date of the next board meeting. The Board agreed to meet again on Wednesday, January 30, 2008. Mr. House then called for a motion to adjourn which was so moved by Ms. Williams and, seconded by Mr. Christian. All voted in favor and the motion passed.

Meeting was adjourned at 12:30p.m.