A little more than a year ago, Carmel Mayor Jim Brainard created the Local Public Improvement Bond Bank to help manage the city’s debt. Now the bond bank has undergone its first audit and has a clean report of its financial statements.
The bond bank serves as a conduit for issuing bonds to help the city secure lower interest rates. Carmel Clerk Treasurer Christine Pauley serves as its executive director.
“I was very pleased that the City of Carmel Local Improvement Bond Bank received a clean audit of its financial statements,” said Anna Stout, president of the CBB board of directors. “The board members strive to serve the community through the issuance of municipal bonds in order to enhance the city’s ongoing growth and development, resulting in cost savings to the citizens of Carmel.”
The audit was conducted by Katz Sapper Miller, LLP and the audit report findings on the financial statements showed an unmodified or clean opinion.
Pauley said she thanks the CBB board members for their due diligence and support of the three issuances totaling nearly $350 million in bond sales.