Summary: Indiana Bond Bank; Note

S&P Global Ratings assigned its 'SP-1' short-term rating to Indiana Bond Bank's series 2017A advance funding program notes, reflecting our view of the mixed short-term credit quality of a pool of 28 participants, ranging from satisfactory to strong, and rating overcollateralization (9% of par) of the notes' par amount by a standby credit facility issued by the JPMorgan Chase Bank N.A. (A+/Stable/A-1). The bond bank will use the note proceeds to purchase warrants from a pool of 28 participants, including cities, townships, library districts, and school districts across the state. These warrants are being issued in anticipation of ad valorem property taxes or state tuition support payments (in the case of school corporations), and will be used to address cash

...S&P Global Ratings assigned its 'SP-1' short-term rating to Indiana Bond Bank's series 2017A advance funding program notes, reflecting our view of the mixed short-term credit quality of a pool of 28 participants, ranging from satisfactory to strong, and rating overcollateralization (9% of par) of the notes' par amount by a standby credit facility issued by the JPMorgan Chase Bank N.A. (A+/Stable/A-1). The bond bank will use the note proceeds to purchase warrants from a pool of 28 participants, including cities, townships, library districts, and school districts across the state. These warrants are being issued in anticipation of ad valorem property taxes or state tuition support payments (in the case of school corporations), and will be used to address cash flow needs in one or more of each participants' operating funds because of the mismatch between receipts of revenues and the required cash disbursements for operations. Each participant's warrant is secured by the ad valorem property...

Summary