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INDIANAPOLIS LOCAL PUBLIC IMPROVEMENT BOND BANK SERIES 1992D 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 INDIANAPOLIS LOCAL PUBLIC IMPROVEMENT BOND BANK SERIES 1992D 'AA'
 BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, Nov. 6 /PRNewswire/ -- The Indianapolis Local Public Improvement Bond Bank Series 1992 D bonds are rated "AA" by Fitch. The bond bank will offer $290 million bonds through negotiation with Lazard Freres & Co. the week of Nov. 9.
 The Indianapolis Local Public Improvement Bond Bank is offering bonds backed initially by revenues flowing from a tax increment financing district that comprises a large portion of downtown Indianapolis, and ultimately, by virtue of being sold by the bond bank, a moral obligation pledge of the city. The moral obligation commitment has been reaffirmed by the city-county council in anticipation of this bond sale, and therefore the credit strengths of these bonds are based on those of the city.
 Indianapolis has a longstanding history of solid financial management, with good balances being maintained annually. The 1993 budget, the first prepared by the new administration, appears to follow this trend, as do mid-year budget actions taken to maintain balance during the current year. The economic base continues to perform well with unemployment rates remaining lower than the state and nation. Although development has slowed in certain areas, major new projects, such as the United Airlines facility, will add further strength to the economic base. The credit trend is stable.
 -0- 11/6/92
 /CONTACT: Colleen Woodell of Fitch, 212-908-0507/ CO: Indianapolis Local Public Improvement Bond Bank ST: Indiana IN: FIN SU: RTG


GK -- NY049 -- 8243 11/06/92 14:36 EST
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Date:Nov 6, 1992
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