MINUTES OF

THE INDIANAPOLIS LOCAL PUBLIC IMPROVEMENT BOND BANK

Minutes of the Special Meeting of the Board of Directors

March 19, 2007

MEMBERS PRESENT: Mary-Titsworth-Chandler

Jacob Hall

Thomas O’Donnell

MEMBER(S) ABSENT: DeVonne Richburg-Pollard

OTHERS PRESENT:

Barbara A. Lawrence, Indpls. Bond Bank Jim Merten, City Securities

Katie Aeschliman, Indpls.Bond Bank

Laurie Canatsey, IndianapolisBond Bank

Monica Durrett, Indianapolis Bond Bank

Brad Hartz, Indianapolis Bond Bank

Jacqui Coe, Indianapolis Bond Bank

Tom Guevara, Crowe Chizek

Howard Stevenson, Coleman, Graham

Jeff Bennett, Summit Consulting

Gabe Bender, Baker & Daniels

Terry Leffew, Raymond James

Curt Fritsch, CRF Financial Group

George Buskirk, Hoosier Trust

Tom Surgener, Chase

Hans Steck, Bingham McHale

Bob Kocher, JP Morgan

Clayton Graham, Coleman Graham

& Stevenson

& Stevenson

A Special Meeting of the Indianapolis Local Public Improvement Bond Bank (“Bond Bank”) convened at 12:00 p.m., Monday, March 19, 2007 at the City-County Building, 200 East Washington Street, Suite 224, Indianapolis, Indiana, pursuant to notice given in accordance with IC 5-14-1.5. Board Chair Mary Chandler called the meeting to order after determining that a quorum was present.

Ms. Chandler asked for a motion to approve the minutes from February 26, 2007. Mr. Jacob Hall made the motion to approve the minutes, seconded by Mr. Thomas O’Donnell. All then voted in favor and the motion passed.

The first order of business was Resolution No. 3 - 1998A Refunding. Mr. Brad Hartz gave a brief summary of the transaction stating that the Indianapolis Bond Bank would like to do a current refunding of a portion of the 1998A Bond Bank Bonds. The refunding could be executed now, for forward delivery, or any time until the February 1, 2008 call date for the 1998A Bond Bank Bonds. The Bond Bank anticipates issuing $69.055 million to refund approximately $68.205 million of the 2014 - 2018 maturities of the outstanding 1998A Bond Bank Bonds. Debt service for the 2007 refunding transaction will match, as closely as possible, the existing debt service for the 1998A Bond Bank Bonds being refunded.

Because interest rates are lower today than when the 1998A bonds were issued, a savings is realized.

Mr. Hartz explained the expenses, and noted that in the fourth quarter there was a line item for Flood Control District: $225,000; Sanitary & Flood Improvements; Separation & Renovation of the Sewer System; Metropolitan Thoroughfare District: $866,000; Bridge & Street Rehabilitations, Improvements, and Replacements; Traffic Control Park District: $483,000; Improvements to Municipal Parks, Athletic Fields, & Pools; Greenways & Trails; Sanitary District: $1,135,000 with improvements to Wastewater Treatment Plants, Pump Stations & Sewers; Assessments.

A $69.1 million Callable Refunding of the Series 1998A Bonds generates approximately $2.7 million in NPV savings or a savings of 3.98% of refunded par. This would have a Total Interest Cost equaling 4.13% and an All-In Total Interest Cost equaling 4.27%, with a delivery date of 11/6/2007.

Chair Chandler asked for a motion to approve Resolution No. 3. Mr. Jacob Hall made the motion to approve, seconded by Mr. Thomas O’Donnell. All voted in favor and the motion passed.

Chair Chandler apologized for the abbreviated agenda and stated that the Bond Bank would reschedule another meeting fairly quickly to discuss the Glendale Redevelopment Project. This was necessary to postpone due the lack of a quorum.

Chair Chandler asked for a motion to adjourn. Mr. Thomas O’Donnell made the motion, seconded by Mr. Jacob Hall. All voted in favor and the motion passed.

Chair Chandler adjourned the meeting at 12:15p.m.