INDIANAPOLIS (April 2, 2020) –State Treasurer Kelly Mitchell and the Indiana Bond Bank are pleased to announce the 2020 Midyear Advance Funding Program for local units of government across the state.
The Midyear Program assists local units of government with cash flow needs due to a mismatch in timing between budgeted revenues and expenses. While the Indiana Bond Bank offers this program annually, it is scaling up the program to meet potential needs of Hoosier cities, townships, towns, counties, library corporations, school corporations and special taxing districts due to COVID-19.
“As a former Cass County Commissioner, I understand the financial demands our communities are facing,” said Treasurer Kelly Mitchell, chair of the Indiana Bond Bank Board. “We hope this program can assist local governments as they strive to continue providing the same level of excellence to their constituents during this uncertain time.”
The 2020 Midyear Program offers the time-tested benefits that have made it a go-to resource for Hoosier governmental units for over 30 years: hands-on customer service, experienced professional team, zero out-of-pocket costs and efficient market access through pooling.
In addition, the Indiana Bond Bank has added new features in response to COVID-19. Most significant is the creation of multiple funding rounds throughout the calendar. “One size does not fit all in this environment,” stated Mark Wuellner, Executive Director of the Indiana Bond Bank. “Each local unit is uniquely situated in how COVID-19 might affect them. The answers to if, when, or for how long a unit may need funds will differ. That’s why it was so critical to create multiple options to access the Midyear resource.”
Since its inception in 1989, the Advance Refunding Program has served over 250 units and has issued over $13.4 billion to Hoosier units of government.