Indianapolis Local Public Improvement bank to sell $127 million notes

By Sheri Kasprzak

New York, Nov. 18 - The Indianapolis Local Public Improvement Bond Bank is expected to price $127 million in bond bank notes, according to a preliminary official statement.

The notes are due June 1, 2009.

The sale includes $67.2 million in series 2008C bonds, $52.8 million in series 2008D bonds and $7 million in series 2008E bonds.

City Securities is the lead manager for the negotiated offering with Merrill Lynch & Co. and Loop Capital Markets as the co-managers.

Proceeds will be used to purchase warrants of certain qualified entities in Marion County, Ind., ahead of the collection of ad valorem taxes.

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