MINUTES OF
THE INDIANAPOLIS LOCAL PUBLIC IMPROVEMENT BOND BANK
Minutes of the Regular Meeting of the Board of Directors
September 21, 2009
MEMBERS PRESENT: Briane House
Fred Miller
Jim Carr
MEMBERS ABSENT: Justin Christian
BOND BANK PRESENT:
Kevin Taylor
Deron Kintner
Jacqui Coe
Laurie Canatsey
Monica Durrett
Kyle Willis
Dario Requiz
Brad Busse
OTHERS PRESENT:
Sue Beesley, Bingham McHale John Goss, Bond Bank Board Rep. to IDI
Kim Wilson, UMB Bank Molly Williams, IDI Curt Fritch, CRF Group Tamara Zahn, IDI
Hans Steck, Bingham McHale Bob Kocher, Bank of NY Mellon
Brian Shaw, Hilliard Lyons Jay Ryals, Fifth Third Bank
Sharon Karst, Bank NY Mellon Steve Meno, Fifth Third Bank
Greg Reynolds, Blaylock Robert Van Clayton Graham, Graham & Hurley
Dennis Otten, Bose McKinney & Evans Angie Steeno, Crowe Horwath
Eric Green, Backstrom, McCarley & Berry Terry Leffew, Raymond James
Emily Loehr, Sycamore Advisors Katie Aeschliman, KeyBank
Maria Quintana, Chase Ann Forey, US Bank
Kim Wilson, UMB Bank Lynn Potosky, Bose McKinney
Joe Britt,
Pam Cole, U.S. Bank Jean Landy, U.S. Bank
Julie Bolling, Kreig DeVault Dawn Tabler, KeyBank
A Regular Meeting of the Indianapolis Local Public Improvement Bond Bank (“Bond Bank”) convened at 12:00 noon, Monday, September 21, 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 August 31, 2009. Mr. Miller made the motion to approve, seconded by Ms. Williams. All voted in favor and the motion passed.
Mr. Taylor first informed the Board that Mr. Kintner, the Bond Bank’s Deputy Director/General Counsel, would be joining the CIB as interim CFO. The current CFO, Ms. Dixie Gough, is retiring. Mr. Kintner would be temporarily relocating at the CIB offices and will be available to the Bond Bank as needed. In Mr. Kintner’s absence, Mr. Clayton Graham would assist the Bond Bank, on an as needed basis, on general counsel matters. Mr. Taylor stated that he would keep the Board up-to-date as the transition evolves. Mr. Kintner stated that it is a temporary interim situation and it has yet to be determined if it will last a few weeks or a few months. Ms. Williams inquired about Mr. Graham. Mr. Kintner stated that Mr. Graham has his own firm, Graham & Associates.
Mr. Kintner then updated the Board on the IFA/CIB Bond Bank agreement. He stated that the matter was time sensitive due to the CIB facing a default deadline by the Friday prior. The Bond Bank completed the necessary procedures by that Friday and there were no material changes from the document distributed to the Board prior to the last meeting. The drafted document is a promise by the Bond Bank that in the event a draw is required on the reserve, due to insufficient funds, a request will be submitted to the Controller for a replenishment. Mr. Kintner then explained the process of the terms of the agreement. He then stated that by entering into the agreement the CIB will save approximately $20-$30 million.
Mr. Taylor informed the Board that the Bond Bank is in the early stages of drafting the Bond Bank’s budget and that a draft could be presented at the next Board meeting.
Mr. John Goss, the Bond Bank’s liaison for IDI, spoke regarding IDI’s 2009 budget and stated that it has been maintained, however, with the CIB having a reduced budget, IDI did not want to have to rollback the downtown budget as a result and would like to continue to provide the necessary services they normally offer. He then stated that IDI should have a proposal before the Bond Bank Board for consideration of the 2010 budget at the November meeting.
There were no other questions, Mr. House asked for a motion to adjourn. Ms. Williams made the motion to adjourn, seconded by Mr. Miller. All voted in favor and the motion passed. The meeting was adjourned at 12:25p.m.
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