Joe Glass, executive director and general counsel of the Indianapolis Bond Bank, told the Administration Finance Committee that the Bond Bank coordinates debt issuance and management for local government entities in Marion County and is not presenting a budget for approval.

The Bond Bank, Glass said, acts as a centralized debt manager for qualified entities including the city of Indianapolis, the Marion County Building Authority, Health and Hospital Corporation, the Capital Improvement Board, IndyGo and the Indianapolis Airport Authority. "We convene subject matter experts in one agency, reduce the duplication of work and administrative burdens on our qualified entities, and centralize the debt management process," Glass said.

Glass said the Bond Bank completed five major financings this year, including $125,000,000 for the IndyGo Blue Line project. Ongoing and planned financings include a large airport capital project (including an on-site hotel and a new baggage system), a refunding of Health and Hospital Corporation debt (expected to be issued by year-end), general obligation debt approved by the council for a new storm siren system, snow plows and a new fire station (expected to be issued by year-end), and financing to rehab Old City Hall as part of a TWG development. On Old City Hall, Glass said: "We will use the proceeds of the bond issuance to make a loan to the developer. The developer will in turn use that loan to make improvements to Old City Hall. We will retain ownership of Old City Hall until that loan is paid off, which we expect to be in 10 years."

Glass said the Bond Bank anticipates issuing $40,000,000 for the Metropolitan Third Fire District (streets, sidewalks and roads) and $50,000,000 in stormwater bonds next year, in addition to further airport authority debt for a new baggage system.

On credit ratings, Glass explained that separate security sources and issuers have distinct ratings. He listed the four major rating agencies—Moody's, S&P, Fitch and Kroll—and said the city has received recent affirmations: Kroll and Fitch affirmed the city's AAA rating; stormwater was affirmed AAA by Kroll in September; some metro bonds were rated AAA and TIF bonds were rated AA stable by Fitch and S&P last year. Glass said the council's work is "critical in maintaining our credit ratings," citing the city's eight consecutive balanced budgets, fund balance policy and DPW capital plans.

During committee questions, a member asked whether any bonds are retiring and whether there is a total outstanding; Glass said he did not have that figure offhand but could provide it. A member also asked for more detail about the Old City Hall structure and ownership, prompting Glass's explanation that the Bond Bank will retain ownership until the developer repays the loan.

A member of the public, Eddie Yaeger, spoke during the public-comment period and said he had reviewed assessments on the East Side. "I studied 27 properties. Of those 27 properties, not a single one of those properties had an increase from 2022 to 2025," he said, and later, "2839 South Pasadena Street. I've lived there for 7 years. In the 7 years, my property is gonna have 64%. What you're talking about is this burden that's being put on homeowners." Yaeger said commercial properties did not see similar assessment increases and urged the council to review assessment practices.

No formal committee action or vote was recorded on the Bond Bank presentation during this meeting.