RESOURCES TO KEEP INDIANA UNITS OF GOVERNMENT THRIVING DURING - - PowerPoint PPT Presentation

ADVANCE FUNDING PROGRAM: 2020 MIDYEAR

ADVANCE FUNDING PROGRAM – 2020 MIDYEAR

RESOURCES TO KEEP INDIANA UNITS OF GOVERNMENT THRIVING DURING COVID-19

Kelly Mitchell

Indiana Treasurer of State

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Fostering Community Vitality The Indiana Bond Bank’s mission is to provide targeted financial solutions to Indiana local government

Indiana Bond Bank

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Advance Funding Team

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Dennis Otten Local Unit of Government Counsel Bose McKinney & Evans LLP Bradley Bingham Bond Counsel Barnes & Thornburg Angie Steeno IBB Municipal Advisor Crowe LLP Mark Wuellner Executive Director Indiana Bond Bank Ron Mangus Director of Operations Indiana Bond Bank

Executive Order

Governor Holcomb issued Executive Order 20-05 which, among

• ther things, requires counties to waive penalties on property

tax payments made after May 11, 2020 What does this mean for you? This is expected to cause cashflow burdens on a significant number of local units of government in Indiana

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Advance Funding Overview

▪ Since 1989, the IBB has offered cashflow assistance to units of government in Indiana under the Advance Funding program

▪ The Indiana Bond Bank offers a ‘Midyear’ round of cashflow assistance under the Advance Funding program ▪ Applications for the 2020 Midyear Advance Funding program are now being accepted

▪ Over $13.5 billion in cashflow assistance issued ▪ Short-term Tax Anticipation Warrants secured by property taxes and/or school tuition support payments ▪ Efficient market access through pooling ▪ Cashflow analysis and assistance from IBB’s team of professionals

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Advance Funding Application Process

Unit of Government Completes Participation Survey Indiana Bond Bank will send Application Packet Unit of Government Applies to IBB Advance Funding Program Indiana Bond Bank Reviews Application and Cash Flows Financial Assistance Disbursed to Unit of Government

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Application Rounds

The Indiana Bond Bank intends to offer four closing dates for funding disbursement in the 2020 Midyear

• program. Please become familiar with

the applicable deadlines based on the dates that you will need funds. IBB recognizes scheduling difficulties arise and remains flexible with open

• communication. Schedule is Subject to

Change

Description Date

Ti Timeline f for e r enti ntities th that ne need f fund unds i in n early M May: Applications Due: 4/3/2020 (Friday) Cash Flow Statements Due: 4/10/2020 (Friday) Participant Resolution/Ordinance Adopted: 4/13/2020- 4/30/2020 Funds Distributed: 5/7/2020 (Thursday) Ti Timeline f for e r enti ntities th that ne need f fund unds i in n la late M May: Applications Due: 4/17/2020 (Friday) Cash Flow Statements Due: 4/24/2020 (Friday) Participant Resolution/Ordinance Adopted: 5/4/2020 – 5/15/2020 Funds Distributed: 5/28/2020 (Thursday) Ti Timeline f for e r enti ntities th that ne need f fund unds i in n la late J June une: Applications Due: 5/8/2020 (Friday) Cash Flow Statements Due: 5/15/2020 (Friday) Participant Resolution/Ordinance Adopted: 5/18/2020-6/5/2020 Closing/Funds Distributed: 6/25/2020 (Thursday) Ti Timeline f for e r enti ntities th that ne need f fund unds i in n la late J Jul uly: Applications Due: 5/22/2020 (Friday) Cash Flow Statements Due: 5/29/2020 (Friday) Participant Resolution/Ordinance Adopted: 6/29/2020-7/10/2020 Closing/Funds Distributed: 7/31/2020 (Thursday)

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Participation Survey

www.inbondbank.com/advance-funding-program

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Application Overview

Credit Application Unit of Government Information Dates Funds Needed Debt Profile Operating Profile Economic Profile Cashflows The Indiana Bond Bank will provide a cashflow Excel template to capture historical and projected revenues and expenditures. Please refer to participant schedule for cashflow submission deadlines

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General FAQ’s

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Questions and Answers

Deep Dive - Application

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Take a Look at an Application

Deep Dive – Cash Flows

Take a Look at the Cash Flow Template

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Our team is standing by…

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Thank you for joining us!

What questions might we answer?

What to do Next?

Complete the Participation Survey !

Questions? Please send all questions regarding the 2020 Midyear Advance Funding program to midyear@inbondbank.com

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