RESOURCES TO KEEP INDIANA UNITS OF GOVERNMENT THRIVING DURING COVID-19 ADVANCE FUNDING PROGRAM: 2020 MIDYEAR ADVANCE FUNDING PROGRAM – 2020 MIDYEAR
Kelly Mitchell Indiana Treasurer of State 2
Indiana Bond Bank Fostering Community Vitality The Indiana Bond Bank’s mission is to provide targeted financial solutions to Indiana local government ADVANCE FUNDING PROGRAM – 2020 MIDYEAR 4/1/2020 3
Advance Funding Team Mark Wuellner Ron Mangus Executive Director Director of Operations Indiana Bond Bank Indiana Bond Bank Angie Steeno Bradley Bingham Dennis Otten IBB Municipal Advisor Bond Counsel Local Unit of Government Counsel Crowe LLP Barnes & Thornburg Bose McKinney & Evans LLP ADVANCE FUNDING PROGRAM – 2020 MIDYEAR 4/1/2020 4
Executive Order Governor Holcomb issued Executive Order 20-05 which, among other 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 ADVANCE FUNDING PROGRAM – 2020 MIDYEAR 4/1/2020 5
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 ADVANCE FUNDING PROGRAM – 2020 MIDYEAR 4/1/2020 6
Advance Funding Application Process Unit of Government Indiana Bond Bank will Unit of Government Indiana Bond Bank Financial Assistance Completes send Application Applies to IBB Advance Reviews Application Disbursed to Unit of Participation Survey Packet Funding Program and Cash Flows Government ADVANCE FUNDING PROGRAM – 2020 MIDYEAR 4/1/2020 7
Description Date Timeline f Ti 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) Application Participant Resolution/Ordinance Adopted: 4/13/2020- 4/30/2020 Funds Distributed: 5/7/2020 (Thursday) Timeline f Ti for e r enti ntities th that ne need f fund unds i in n la late M May: Rounds Applications Due: 4/17/2020 (Friday) Cash Flow Statements Due: 4/24/2020 (Friday) Participant Resolution/Ordinance Adopted: 5/4/2020 – 5/15/2020 The Indiana Bond Bank intends to offer Funds Distributed: 5/28/2020 (Thursday) four closing dates for funding Ti Timeline f for e r enti ntities th that ne need f fund unds i in n la late J June une: disbursement in the 2020 Midyear Applications Due: 5/8/2020 (Friday) program. Please become familiar with Cash Flow Statements Due: 5/15/2020 (Friday) the applicable deadlines based on the Participant Resolution/Ordinance Adopted: 5/18/2020-6/5/2020 dates that you will need funds. Closing/Funds Distributed: 6/25/2020 (Thursday) IBB recognizes scheduling difficulties Ti Timeline f for e r enti ntities th that ne need f fund unds i in n la late J Jul uly: arise and remains flexible with open Applications Due: 5/22/2020 (Friday) communication. Schedule is Subject to Cash Flow Statements Due: 5/29/2020 (Friday) Change Participant Resolution/Ordinance Adopted: 6/29/2020-7/10/2020 Closing/Funds Distributed: 7/31/2020 (Thursday) 4/1/2020 8 ADVANCE FUNDING PROGRAM – 2020 MIDYEAR
Participation Survey www.inbondbank.com/advance-funding-program 4/1/2020 9 ADVANCE FUNDING PROGRAM – 2020 MIDYEAR
Application Overview Credit Application Cashflows Unit of Government Information The Indiana Bond Bank will provide a cashflow Excel template to capture Dates Funds Needed historical and projected revenues and Debt Profile expenditures. Operating Profile Please refer to participant schedule for cashflow submission deadlines Economic Profile ADVANCE FUNDING PROGRAM – 2020 MIDYEAR 4/1/2020 10
Questions and Answers General FAQ’s 11 4/1/2020 ADVANCE FUNDING PROGRAM – 2020 MIDYEAR
Deep Dive - Application Take a Look at an Application 12
Deep Dive – Cash Flows Take a Look at the Cash Flow Template 13
Thank you for joining us! What questions might we Our team is standing by… answer? 14 4/1/2020 ADVANCE FUNDING PROGRAM – 2020 MIDYEAR
What to do Next? Complete the Participation Survey ! Questions? Please send all questions regarding the 2020 Midyear Advance Funding program to midyear@inbondbank.com ADVANCE FUNDING PROGRAM – 2020 MIDYEAR 4/1/2020 15
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