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USDA Rural Development & Indiana Bond Bank Celebrate Financing Partnership that Spans Seven Years

Name
Jessica Mancel
Phone
City
Indianapolis
Release Date
Nov 24, 2021

Over $215 Million has been Invested in Essential Rural Water Infrastructure

INDIANAPOLIS, Ind., November 24, 2021 – Today, the U.S. Department of Agriculture Rural Development (USDA) and the Indiana Bond Bank (IBB) are celebrating that they have invested a combined $215 million in loans in rural Indiana communities since 2014. The announcement follows a collaborative effort to highlight seven years of infrastructure funding, the impact of past investments and identify additional communities that may benefit through USDA’s Water and Waste Disposal Loan and Grant Program.

 “We are thrilled to have the Indiana Bond Bank by our side to help us achieve our mission of building and improving water and wastewater systems in Indiana. These communities now have safe, reliable and modern infrastructure to support their residents and businesses,” said Curtis Johnson, Acting Indiana Rural Development State Director.  “This partnership is vital for furthering rural economic prosperity and protecting the environment for generations to come.”

“Our partnership with Rural Development is another example of IBB’s commitment to innovation for Hoosier local governments,” said Mark Wuellner, Indiana Bond Bank Executive Director. “We’re proud to have invested over $215 million in over 50 communities, from Albany to Wolcott, Batesville to West Terre Haute and look forward to investing the next $215 million.”

Indiana communities are fortunate to have this unique partnership available to them as there are only a few states in the nation that take advantage of utilizing Bond Banks. The benefits for communities to work with USDA & IBB on their water and wastewater projects results in a turnkey operation that includes document and information sharing, quicker combined closing dates and one consistent interest rate. All of these items contribute to easing the burden on the community and making the process more streamlined and efficient when working with multiple partners.   

Columbia City received a $10.8 million loan through USDA with interim financing with IBB to correct sewer issues that occur during extreme wet weather events. Before the project was completed, the sewer would overflow and untreated discharge would run into local rivers and streams. The City worked with the Indiana Department of Environmental Management to correct the problem.

"In Columbia City's experience, the USDA and IBB partnership represents public sector collaboration at its finest,” said Columbia City Mayor Ryan Daniel. “IBB’s Interim Loan Program provided an efficient, quick and affordable process to finance upgrades to an undersized sewer system. The teams at USDA and IBB communicated with us every step of the way and truly care about outcomes in Hoosier communities."

The IBB was established as a self-supporting quasi-government entity by the Legislature in 1984. Their vision for Indiana is one of thriving local institutions, communities and Hoosiers. They foster community vitality by delivering targeted financial solutions to local challenges, through tools such as pooled financings, funding of cash flow deficits, infrastructure financing, essential equipment purchase and insuring against fuel price volatility. Additional information can be found at www.inbondbank.com.

Under the Biden-Harris Administration, Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural, Tribal and high-poverty areas.

Information on programs available through USDA Rural Development is available by visiting www.rd.usda.gov/in or calling 317-290-3100. If you’d like to subscribe to USDA Rural Development updates, visit our GovDelivery subscriber page.

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