...Standard & Poor's Ratings Services raised its rating on The Indianapolis Local Public Improvement Bond Bank, Ind.'s existing stormwater system senior-lien revenue bonds to '###' from '##+'. At the same time, we assigned our '###' rating to the bond bank's series 2015H refunding bonds. The outlook is stable. The upgrade is due to additional certainty related to how the city will fund the large $320 million stormwater capital plan. Effective July 1, 2015, a new stormwater rate structure was put into place which allows for automatic increases through 2019 and then until 2034 unless modified by council. From now on, the rate will be based on a monthly rate of $1.10 per 1,000 square feet of impervious surface area. Management has indicated that, together with planned bond issues, the revenues generated through the new rate structure will be sufficient to fund the entire $320 million capital plan through 2034. Initially, 60% of the annual funding will initially arise from bonds, but eventually...
