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State sells $300 million in Tax Anticipation Notes

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Gov. Mitch Daniels’ strategy to keep Indiana’s taxes low and spending tight is paying off in the form of modest borrowing costs.

Low taxes and tight belts helped Indiana reduce interest costs on its short-term debt. (IBJ File Photo)

On Jan. 21, the Indiana Bond Bank sold $300 million in Tax Anticipation Notes, the proceeds of which will help more than 120 local government units pay their bills while they wait for their property tax receipts. Local participants in the issue include the Greenwood Community School Corp., Indianapolis Public Schools, the Metropolitan School District of Perry Township, Speedway Public Library and Decatur Township.

The state’s borrowing rate was 0.98 percent for one year, or the lowest short-term borrowing rate the Indiana Bond Bank has ever offered during the 24 years of its Advanced Funding program. A year ago, rates stood at 1.79 percent.

New York-based credit rating agency Standard and Poor’s, which analyzed the $300 million debt issue in a Jan. 14 research note, said there is little chance Indiana could experience problems repaying the notes. And that remote possibility is offset by several factors, including strong bond bank oversight and program experience with property tax delays.

 

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  1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

  2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

  3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

  5. Look at the bright side. With the new Lowe's call center, that means 1000 jobs at $10 bucks an hour. IMS has to be drooling over all that disposable income. If those employees can save all their extra money after bills, in five years they can go to the race LIVE. Can you say attendance boost?

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