The City of Carmel, Indiana (“City”) Local Public Improvement Bond Bank (“Bond Bank”) was created in accordance with Indiana law under Indiana Code § 5-1.4, which establishes an individual bond bank for each city of second class stature within the State of Indiana. The Common Council of the City of Carmel, Indiana (the "City") adopted an ordinance declaring the City as a city of second class stature pursuant to Indiana Code §36-4-1-1.1 on January 4, 2016. The Bond Bank is a body corporate and politic and an instrumentality of the City, but separate from the City in its corporate capacity and not an agency of the City, established with the purpose of buying and selling securities of qualified entities. To accomplish its purpose, the Bond Bank may issue bonds or notes. The Bond Bank also has general powers which include the power to enter into, make and perform contracts of every lawful kind to accomplish its purpose. The State pledges to and agrees with the holders of any bonds or notes issued by the Bond Bank that the State will not limit or alter the rights vested in the Bond Bank to fulfill the terms of any agreement made with the holders of its bonds or notes, or in any way impair the rights or remedies of the holders of such obligations until the bonds or notes are fully repaid. The Bond Bank has no taxing power.
Qualified entities are defined in Indiana Code § 5-1.4 to include, but are not limited to, a city, a county, a special taxing district located wholly within a county or any authority created under Indiana Code § 36 that leases land or facilities to any of the foregoing qualified entities. The Qualified Entities are each a qualified entity as defined in Indiana Code § 5-1.4. The Bond Bank is authorized to purchase securities offered by a qualified entity, with any such securities required, upon their delivery to the Bond Bank, to be accompanied by all documentation required by the Board of Directors and by Indiana Code § 5-1.4-8-2(b). Every qualified entity is authorized and empowered to contract with the Bond Bank with respect to the purchase of its securities, and the contracts will contain the terms and conditions of the purchase and may be in any form agreed to by the Bond Bank and the qualified entity.
The Bond Bank is governed by a five-member Board of Directors, each appointed by the Mayor of the City. The Mayor also appoints an Executive Director. The Board elects a Chair and Vice-Chair. Each of the five Directors serves for a term of three years, until a successor is appointed and qualified, and is eligible for reappointment.
Board of Directors
- James Eibel
- Jarvis Jointer
- John Schuler
- Anna Stout
- Frank Abercrombie
- Christine Pauley - Executive Director
Clerk Treasurer, City of Carmel
- Bruce Donaldson, Barnes & Thornburg - Legal Counsel