Marion County Stormwater Management District, IN – Fee Revenue Surveillance Report

Rating Summary

The long-term rating for the Marion County Stormwater Management District (the District) continues to reflect the large and diverse economic base of Marion County (the County) as well as the District’s broad user base on which stormwater user fees are levied, consistently sound financial performance resulting in strong debt service coverage and ample liquidity, modest capital and borrowing needs, and the limited scope of its operations. Credit risks are minimal.

The District’s Stormwater Revenue Bonds (the Bonds) are issued through the Indianapolis Local Public Improvement Bond Bank (the Bond Bank) and are payable the Net Revenues of the Stormwater System (the System). Net Revenues are defined in the Master Bond Resolution as Gross Revenues less Operation and Maintenance (O&M) Expenses. Gross Revenues include all revenues and income from the System, including user charges, such as the Stormwater User Fee (User Fee), but excluding revenue from ad valorem taxes. The…