MINUTES OF

THE INDIANAPOLIS LOCAL PUBLIC IMPROVEMENT BOND BANK

Minutes of the Special Meeting of the Board of Directors

September 17, 2007

MEMBERS PRESENT: Mary-Titsworth-Chandler

Jacob Hall

Thomas O’Donnell

MEMBERS ABSENT: DeVonne Richburg-Pollard

Katherine Minx

OTHERS PRESENT:

Katie Aeschliman, Indpls. Bond Bank Jim Merten, City Securities

Laurie Canatsey, IndianapolisBond Bank

Monica Durrett, Indianapolis Bond Bank

Jacqui Coe, Indianapolis Bond Bank

Kyle Willis, Indianapolis Bond Bank

David B. Girton, Liger Securities

Ruth Sowers, Huntington Bank

Lucy Emison, Ice Miller

Jay Ryals, Fifth Third

Steve Meno, Fifth Third

Tom Guevara, Crowe Chizek

Sharon Karst, Bank New York

Curt Fritsch, CRF Group

Sean McCarthy, A.G. Edwards

Kostas Poulakides, Kreig DeVault

George Buskirk, Hoosier Trust

Hans Steck, Bingham McHale

Angie Steeno, Crowe Chizek

A Special Meeting of the Indianapolis Local Public Improvement Bond Bank (“Bond Bank”) convened at 12:00 p.m., Monday, September 17, 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.

Chair Chandler first noted that Ms. Barbara A. Lawrence was not in attendance and sends her regrets. Chair Chandler then asked the Board if they had a chance to review the previous month’s minutes and asked for a motion to approve the minutes with one small change regarding a comment she made in the August 20, 2007 meeting, she stated that on page three she would like a word changed from “would” to “may”. The scriber made note for the change. Chair Chandler asked for a motion to approve the August 20, 2007 minutes. Mr. Thomas O’Donnell made the motion, seconded by Mr. Jacob Hall. All voted in favor and the motion passed.

The first order of business was Resolution No. 15 – Tax Warrant Rollover Notes. Ms. Katherine Aeschliman stated that the resolution authorizes the issuance of up to $80 million in Tax Anticipation Warrants for Marion County of the Indianapolis Bond Bank Series – 2007I. Ms. Aeschliman explained to the Board about the previous issuance of rollover notes which were to pay off the original 2007 A-D notes that were issued in the June 2007 distribution. She stated that at that time it was thought that distribution would just be delayed due to trending. Once the notes were issued, however, the State ordered a reassessment of all of the property in Marion County which will further delay the collection of the total 2007 distribution so the County needs the current note issuance to help their cash-flow and pay off the other notes. The notes will mature for the Indianapolis Bond Bank in January 8, 2008. Chair Chandler asked for a motion to approve, Mr. Jacob Hall made the motion, seconded by Mr. Thomas O’Donnell. All voted in favor and the motion passed.

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

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