Indiana Finance Authority
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In order to provide economic efficiencies and management synergies and enable the State of Indiana ("State") 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. Visit the IFA website [1].
As the successor entity to these formerly separate debt-issuing entities, the IFA is authorized to issue revenue bonds payable from lease rentals under lease agreements with various state agencies and to finance or refinance the cost of acquiring, building and equipping structures for state use including state office buildings, garages, highways, bridges, airport facilities, correctional facilities, state hospitals and recreational facilities related to State parks. The IFA also manages the Wastewater and Drinking Water State Revolving Fund Loan Programs and the Indiana Brownfields Program.
The IFA's mission is to oversee State-related debt issuance and provide efficient and effective financing solutions to facilitate state, local government and business investment in Indiana.
The members of the IFA meet monthly; there are five statutory members. The members are the Director of the Office of Management and Budget, the Treasurer of the State, and three other members appointed by the Governor. No more than two of the Governor's appointees may be members of the same political party, and they all must be residents of the State.
Ryan C. Kitchell was named Public Finance Director by Governor Mitch Daniels immediately upon his election in 2004. In the 2005 General Assembly, the Public Finance Director was given statutory oversight of all state debt issuance and is the chief executive of the IFA, leading a staff of 50 and reporting to the IFA Board.
