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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. The Indiana Health and Educational Facilities Finance Authority was also merged into the IFA, effective July 1, 2007.
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.
Our 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.
The IFA is managed by the Public Finance Director of the State of Indiana. The Public Finance Director has several direct reports who assist her in managing the responsibilities of the IFA. There are many other positions that are essential to the success of the underlying operations.
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