Areas of Expertise
City Securities is Indiana’s leader in public finance. There are tremendous advantages for public officials retaining City Securities Corporation. We know how to finance capital improvements for Indiana’s schools and communities. We have obtained competitive pricing for both issuers and investors for revenue bonds, general obligation bonds, and lease purchase bonds. Because of our vast experience with virtually all types of public projects, we already know who the best investors are likely to be for a particular project. Our distribution network for securities, both on a retail and institutional scale, is a proven strength. Our Public Finance Department’s areas of expertise include, but are not limited to, the following types of issuers:
Public Schools - Our firm's involvement in the underwriting of tax-backed school bond issues dates back decades. In 1949, City Securities underwrote the first public school bond issue after World War II in order to start educating Indiana students from the baby boom. Since then we have stayed at the forefront of education finance in Indiana, providing leadership in financing the construction of hundreds of high schools, middle schools, and elementary schools. Our investment bankers have years of experience in financing:
· school construction projects
· school energy management projects
· existing projects (refinancing)
· financial advisory, technology and equipment projects
State Universities - City Securities has financed construction projects for classroom buildings, athletic facilities, dormitories, and other projects for Indiana's state supported institutions of higher education. Finding the combinations of revenues, covenants, and essential projects has led to several kinds of bond issues. Public and private partnerships with the state universities have improved job prospects for Hoosiers. The future will continue to show that City Securities has been a strong partner of our state universities as they have financed needed public projects.
State Agencies - In 1954, City Securities was a co-manager for the first bond issue from the state of Indiana since 1851 when canals were in vogue. The $280 million bond issue financed the construction of the Indiana Toll Road, helping connect Chicago with the east coast. It took another twenty-five years for Indiana to decide to try again, but since 1980 City Securities has been a manager or co-manager of projects that have been financed by the state through all of its various agencies. These projects have constructed state office buildings, roads, prisons, provided home mortgages and student loans, funded local utility improvements, and expanded jobs. And, even improved the Indiana Toll Road once again.
City Securities has sold bonds on behalf of the following state agencies and conduit organizations since 1995:
· Indiana Bond Bank (multiple issues for numerous purposes)
· Indiana Educational Facilities Authority. (multiple issues for several issuers)
· Indiana Development Finance Authority (multiple issues)
· Indiana Recreational Development Commission
· Indiana State Office Building Commission (several issues for various purposes)
· Indiana Transportation Finance Authority (Highway Revenue Bonds)
· Indiana Health Facilities Authority (multiple issues for various providers)
· Indiana Housing Finance Authority (multiple issues)
· Indiana Municipal Power Agency
· Indiana Finance Authority (*)
(*) In order to provide economic efficiencies and management synergies and enable the state of Indiana to communicate as one voice with the various participants in the financial markets, the Indiana Development Finance Authority, the State Office Building Commission, the Indiana Transportation Finance Authority, the Recreational Development Commission, the State Revolving Fund Programs and the Indiana Brownfields Program were consolidated into a new and separate entity called the Indiana Finance Authority ("IFA") on May 15, 2005.
Civil Government Construction - Traditionally, municipal finance paid for improvements to municipal utilities, roads and public facilities such as town halls, airports and county jails. City Securities has been involved in this type of financing since 1924. Recently, we have led the state in financing these projects and in developing innovative ways to make such projects more efficient. Please call us for advice regarding the financing of extensions to your water or sewer utility, ways to pay to fix the potholes in your community, and the most efficient way to build new fire stations and office annexes. Various types of traditional projects include: sewage works revenue bonds, waterworks revenue bonds, electric utility transmission and distribution lines, road construction and repair, and government buildings such as jails, courthouses, office buildings, police and fire stations.
Economic Development - Our General Assembly has authorized local units of government to attract industry by paying for improvements and infrastructure projects. The use of economic development bonds for economic development, job creation, and job retention has helped to ensure that Indiana's economy, dependent upon factories and durable goods manufacturing, will continue to grow. Each of these programs has been used to attract and retain jobs for Hoosiers, but they are also sophisticated tools and care should be exercised in using them. The public finance professionals at City Securities have extensive experience helping communities develop plans for job creation which use some or all of these tools.
Equipment Financing and Financial Advisory Services - Acquiring fire trucks may not be the most glamorous part of local government, but these acquisitions are critically important as local officials carry out their responsibilities. Considering the effects and likely revenue generation of a potential new tax source can be the difference between a project which is financed at attractive interest rates and a project which cannot be completed. The experts at City Securities will help refinance or restructure your existing obligations to help you achieve your community’s goals.
Hospitals - City Securities has helped local hospitals determine their future by financing necessary improvements. We have also advised or financed mergers and partnerships between regional hospitals and localities in which local emergency care has been assured. Our public finance professionals continue to finance hospital projects through local associations, local authorities and the state Indiana Health and Educational Facility Financing Authority.
Retirement Facilities and Nursing Homes - As the new century unfolds, Indiana 's population will continue to age. As the baby boomer generation approaches retirement age, medical advances will extend and improve the quality of their lives. This huge demographic shift will require construction of new facilities and the rehabilitation of existing ones in order to care for senior citizens. The choices of long-term care facilities among retirement homes, nursing homes and new options will continue to increase. City Securities will continue to finance those projects which have a solid foundation.
Private Colleges, Universities and 501(c)3 Organizations - Indiana is fortunate to have over thirty private colleges and universities with a diverse array of sizes, specialties and geographic locations. Each of these 501(c)3 organizations is permitted to borrow through a conduit organization -- either the Indiana Health and Educational Facility Financing Authority or city and county economic development commissions -- in order to obtain tax-exempt bond financing. City Securities Corporation has been a strong supporter of the state authority and one of our professionals has previously served on its board for a number of years.
Similar strategies may be used for other not-for-profit organizations, depending on their circumstances. We have been able to finance projects for private secondary schools, local charitable organizations, and similar 501(c)3 groups (such as the YMCA and the Indiana Basketball Hall of Fame in New Castle) when a solid financial plan is behind the project.