Indiana

Bond Bank On It

By Abdul Hakim-Shabazz

Marion County taxpayers will save more than a million dollars due to a reduction of fees over at the Indianapolis Public Bond Bank.

Bond Bank Executive Director Kevin Taylor says the agency has been charging excess fees to local governments for floating bonds and it was time to lower them.  The Bond Bank cannot levy taxes so it charges local governments fees to issue bonds and maintain them.

He expects taxpayers to save $1.2 million over the next two years.

When asked where the excess fees went, Taylor said previous administrations had used them to help fund other agencies.  However, he said it was time to end the practice and save the taxpayers money.

Since 1991, the Bond Bank has issued nearly $5.5 billion worth of bonds.

Full post as published by Indiana Barrister on September 18, 2008 (boomark / email).