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Redevelopment Authority to Issue BAN
(posted Nov 26)
The Speedway Redevelopment Authority passed a resolution to issue a Bond
Anticipation Note (BAN) at its November 25th meeting. The action was necessary
to pay off the Redevelopment Commission's 2006 and 2007 BANs that are
due November 28.
Barnes and Thornburg attorney Jim Gutting said the BAN serves as a "temporary
stop gap" until future bonds can be issued in the spring of 2009 to
further finance the redevelopment project. In addition to retiring the
commission's debt, the BAN will also provide money for property acquisition,
right-of-way and other incidental costs.
No dollar amounts were mentioned during the five minute meeting.
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