Indiana State Treasurer Richard Mourdock, Chairman of the Indiana Bond Bank (IBB), has announced $93 million in financing.
It will go to 46 local government entities -- 29 school corporations, including the EVSC to the tune of over $8.5 million, 8 library boards, 6 cities/towns, 2 townships, and 1 fire protection district -- at the interest rate of 0.85% through the IBB's 2013 Advance Funding Program (AFP).
"I am extremely pleased the Indiana Bond Bank is providing vital financial assistance at the great rate of 0.85% to Indiana's local governments," stated Treasurer Mourdock.
The AFP allows all local government entities an opportunity to pool their tax anticipation warrants together so they can reduce expenses and secure a lower rate of interest on their short-term debt.
Local government entities can use the proceeds from the short-term notes to meet their financial obligations prior to their semi-annual distribution of property tax monies.
"While there are program limits on the amounts that can be financed through the AFP, we encourage every entity of local government to participate because it is an excellent way to save taxpayer dollars," explained Lisa Cottingham, Executive Director of the Indiana Bond Bank.
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