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I-69 Bonds Downgraded to “Junk” Status by Joshua Claybourn

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I-69 Bonds Downgraded to “Junk” Status by Joshua Claybourn

Citing construction delays and slow payments to subcontractors, Fitch Ratings has downgraded the bonds issued to finance the construction of Interstate 69 between Bloomington and Martinsville. An Aug. 5th report from the bond ratings service expresses doubt that the section of I-69 will be complete by its deadline in June 2017. Fitch lowered its rating from a BBB- to a BB, which technically means it is in “junk bond” status. According to Fitch’s rating scale, the move drops the bonds into the “speculative” category, with “an elevated vulnerability to default risk” for investors who hold those bonds.

This marks the second time Fitch has downgraded the bonds. In April, the ratings agency dropped the bonds from a BBB rating to a BBB-. The Indiana Finance Authority (IFA) issued the bonds in 2014 in the amount of $243.8 million. Proceeds from the sale of those bonds are helping finance the construction of Section 5 of I-69, which involves upgrading 21 miles of State Road 37 to interstate standards. The IFA selected I-69 Development Partners LLC as the developer of Section 5, and the company in turn hired Isolux Corsan as the construction contractor. In its statement, Fitch also noted that Isolux’s parent company, Spain-based Isolux Corsan SA, has had its own problems with deteriorating credit quality. Isolux Corsan SA is in the midst of a financial restructuring plan.

 

EDITOR FOOTNOTE: Joshua Claybourn is Counsel in Jackson Kelly’s Evansville office. He advises clients in matters of business and corporate law, governmental services, and public finance.
A native of Evansville, Mr. Claybourn is a graduate of the Indiana University Kelley School of Business and the Indiana University McKinney School of Law. He was recognized by Indiana Lawyer in its first statewide award as an “Up and Coming” lawyer. He is actively involved in the community and helps lead and support several civic and non‑profit organizations.

Learn more here.

READERS FORUM SEPTEMBER 21,2016

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WHATS ON YOUR MIND TODAY?

Todays READERS POLL question is: Do you agree with Dan McGinn, Mayor Winnecke and City Council that they should reduce the Homestead Property Tax Credit from 8 percent to 6 percent for 2017?

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Senate Watch: Sabato, WaPo Models Shift Forecasts Toward GOP

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Senate Watch: Sabato, WaPo Models Shift Forecasts Toward GOP

 by Guy Benson for TOWNHALL
Senate Watch: Sabato, WaPo Models Shift Forecasts Toward GOP

If you read this post, and the various analysesand updates that preceded it, these changesfrom political prognosticator Larry Sabato and the Washington Post won’t come as a surprise. The anti-Hillary movement in the presidential race — even as Trump faces a tall task — has been a boon to Senate Republicans’ fortunes. If Hillary wins, Democrats need to net four seats to regain the majority. If Trump wins, they’d need five. Either one is achievable, but the GOP has its own (widening) path to victory, too:

View image on Twitter

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FOOTNOTE:  Sabato’s Crystal Ball moves four Senate race ratings—all in the direction of Republicans.
 Republicans are now favored to hold the Senate in@washingtonpost 2016 Senate race ratings http://wapo.st/2cOZ1ir  via@aaronblake
Photo published for Republicans are now favored to hold the Senate in our inaugural 2016 Senate race ratings
Republicans Are Now Favored To Hold The Senate In Our Inaugural 2016 Senate Race Ratings
Election years are fluid, so it would be foolish to bank on that map staying exactly the same for the next month-and-a-half.  But let’s say Arizona, Missouri, North Carolina, Ohio and Florida all stay shaded red, while Colorado, Wisconsin and Illinois (where a new poll shows a fairly close contest) remain blue-ish.  That leaves pure toss-ups of Indiana, Pennsylvania, Nevada and New Hampshire.  Democrats would need to hold Harry Reid’s seat, then win two of the other three races to achieve a 50-50 upper chamber split. That’s doable, but hardly a lock. You know things aren’t going their way when Reid and company return to their perennial whining about money in politics — opprobrium that doesn’t apply to certain people’s money, of course. Even after Jeb Bush and friends  spent $130 million to win four delegates and a (funny!)  also-ran cameo at the
Emmys, this predictable and unevenly-applied attack persists:
The shift marks a dramatic reversal for Senate Democrats, who have gone from hoping for an anti-Trump-fueled electoral wave to insisting that their darkening poll numbers, dragged down by Clinton’s unpopularity, aren’t accurate. Senate Democrats also say a big fundraising haul for Republicans is to blame. “The big Republican donors that give dark money, the Koch brothers and all the rest of them, they’re panicky about Donald Trump, so they’re all in with Mitch McConnell and Republican senators,” Senator Claire McCaskill of Missouri said in an interview last week, referring to the Senate majority leader. “We don’t have as many of those types that have real huge money and can give lots of money. The ones that we have are also panicked about Donald Trump and they’re giving to Hillary Clinton.”
They just don’t have as many deep-pocketed interests spending lavishly to promote their candidates and agenda items, you see. Unless you include labor unions’ mega donations, alongside generous help from the Soros/Steyer/Bloomberg set. Democrats routinely out-raise and out-spend Republicans, both in victorious and losing cycles. It’s almost as if money isn’t the determinative factor they love to pretend it is. They wouldn’t want to lose their precious pretext for trying to repeal first amendment protections in pursuit of their partisan interests, after all.  I’ll leave you with new anti-Democrat attack ads from three of those four jump-ball races, plus another broadside against “phony Patrick Murphy” in Florida:

COA Reverses Judgment Against State Farm, Finds Trial Court Erred In Excluding Evidence

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COA Reverses Judgment Against State Farm, Finds Trial Court Erred In Excluding Evidence

by Olivia Covington for indianaLawer

The Indiana Court of Appeals reversed a judgment Tuesday against State Farm Mutual Automobile Insurance Co. after finding that a trial court erred in excluding evidence that could have proven the insurance company did not play a role in an accident that led to the plaintiff suffering from severe migraine headaches.

State Farm appealed in the case of State Farm Mutual Automobile Insurance Company v. Sean Woodgett, 18A02-1505-CT-292, after the Delaware Circuit Court entered judgment in favor of Sean Woodgett for $85,000 against State Farm and Timmie Storms, whose vehicle struck Woodgett’s van from behind in September 2011, forcing the van to roll into the back of another vehicle. Woodgett had uninsured/underinsured motorist coverage at the time of the accident.

Woodgett was taken to the hospital and treated for neck pain and headaches. After undergoing physical therapy, Woodgett reported in February 2012 that his headaches were slight and came infrequently, but later began visiting a neurologist in 2013 for very severe headaches three to four times a week. The neurologist, Dr. Wuff, eventually diagnosed Woodgett with migraines.

Woodgett filed for damages against Storms and State Farm in 2013 and moved in the 2015 trial that State Farm be precluded from presenting evidence related to another accident Woodgett was involved in during the fall of 2012.

Counsel for State Farm alleged that Woodgett’s increasing headaches, which he first reported in January 2013, were related to the second accident in 2012. But the Delaware Circuit Court ruled that there was no medical evidence that directly spoke to the issues of the injury Woodgett suffered after the second accident and, thus, granted Woodgett’s motion, prompting State Farm’s appeal after the court entered judgment in favor of Woodgett.

In its reversal, the Court of Appeals wrote that a logical nexus existed between the second accident and the subsequent migraine headaches. That nexus was sufficient enough to show that the second accident was the possible cause of the migraines and, thus, that the trial court abused its discretion in excluding evidence of the second accident, the Court of Appeals wrote.

Further, the court wrote that the trial court’s error was inconsistent with substantial justice.

“This exclusion went to the heart of the matter that the jury was asked to decide – the extent to which Woodgett’s accident with Storms caused the headaches experienced by Woodgett and, in particular, the severe migraine headaches,” the Court of Appeals wrote.

The Court of Appeals remanded the case for further proceedings.

Catch the Latest Edition of “The Indiana State Police Road Show”

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Indiana - Catch the latest edition of the “Indiana State Police Road Show” radio program every Monday morning at your convenience.

This week’s show features retired Indiana State Police F/Sgt. and now current Posey County Sheriff, Greg Oeth. Sheriff Oeth discusses his participation in the Indiana Bicentennial Torch Relay and how he was selected for this honor.

Download the program from the Network Indiana public websites at www.networkindiana.com.  Look for the state police logo on the main page and follow the download instructions. The ISP Road Show can also be viewed via YouTube.

Go to https://www.youtube.com/channel/UCu5Bg1KjBd7H1GxgkuV3YJA or visit the Indiana State Police website at http://www.in.gov/isp/   and click on the YouTube link. This 15 minute talk show concentrates on public safety and informational topics with state wide interest.

The radio program was titled “Signal-10” in the early sixties when it was first started by two troopers in northern Indiana. The name was later changed to the “Indiana State Police Road Show” and is the longest continuously aired state police public service program in Indiana.

Radio stations across Indiana and the nation are invited to download and air for FREE this public service program sponsored by the Indiana State Police Alliance and Cops for Kids, a subsidiary of the Indiana State Police Alliance.

Governor Pence Asks HUD for Relocation Plan for East Chicago

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Sends Letter to HUD Secretary Following Phone Call

Indianapolis – Following a phone call with U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro this morning, Governor Mike Pence followed up with a letter to the Secretary asking for a specific plan regarding relocation of Hoosiers in East Chicago.

In the letter, the Governor wrote:

“Given that HUD is the lead agency overseeing the relocation effort, I am inquiring about your plan to address the following issues, which seem to be the greatest vulnerabilities we face in this process:

  • Will HUD be able to fund the relocation and moving expenses for all residents, not just the most vulnerable?
  • Will HUD work directly with residents who are unable to afford housing outside the West Calumet Housing Complex?
  • It has come to our attention that there is a lack of affordable housing options for those currently living in 3, 4 or 5 bedroom units. What is HUD’s plan to help these large families?
  • What is your plan to work with local partners to find a suitable solution for families that face a sizable differential between subsidized housing and market rates?”

The letter in full can be found attached.

AG Zoeller, Rx Task Force to raise awareness of statewide programs, upcoming events during National Opioid and Heroin Awareness Week

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7th Annual Prescription Drug Abuse & Heroin Symposium is Oct. 13,14

INDIANAPOLIS, Ind. – This week, September 19-23, is National Opioid and Heroin Awareness Week, aimed at educating the public about the dangers of abusing opioids and prescription drugs, and providing Hoosiers with preventative methods to help those in higher risk communities.

Indiana Attorney General Greg Zoeller urges Hoosiers to raise awareness of prescription misuse in light of Indiana’s opioid epidemic. Recently, the Indiana Prescription Drug Abuse Prevention Task Force and the Office of the Indiana Attorney General partnered with the Indianapolis Colts to educate middle and high school students on the risks of abusing prescription drugs. AG Zoeller is the co-chair and founder of the Indiana Prescription Drug Abuse Prevention Task Force.

“The epidemic of prescription drug abuse and the resulting problems of opioid addiction and overdoses is a man-made problem caused by overprescribing. At this year’s Drug Abuse Symposium, we will address how Hoosier communities across the state have equipped first-responders and have successfully helped combat overdose deaths,” said Zoeller.

The seventh-annual Indiana Prescription Drug Abuse Symposium takes place on Oct. 13, 14. The two-day symposium will focus on new challenges in the fight against Rx drug abuse due to the high number of unprecedented overdoses this year triggered by intravenous abuse of diverted medications.

This year’s symposium, titled “Rebuilding the Hoosier Heartland” will offer sessions on arming communities with strategies for curtailing abuse and providing treatment. In addition, this year’s keynote will be the author of the book, Dreamland. Sam Quinones is a journalist, storyteller, former LA Times reporter, and author of three acclaimed books of narrative nonfiction.

Registration and ticket information for the symposium is available here.

For more information about policies advocated by the Task Force, click here.

Visit www.BitterPill.IN.gov for more information about the Indiana Prescription Drug Abuse Prevention Task Force and resources for the public.

Note: Media will be invited to attend the symposium at no cost. Contact Monica Hernandez at monica.hernandez@atg.in.gov or 317-234-2257 for information about receiving a press pass.  

ENDORSEMENTS

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 Indiana Reaches Record Highs for Labor Force, Employment

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INDIANAPOLIS (September 20, 2016) – Indiana set all-time highs in total labor force (3,379,290) and total number of employed (3,226,385) as the state’s seasonally-adjusted unemployment rate dipped to 4.5 percent in the month of August. The unemployment rate is a U.S. Bureau of Labor Statistics (BLS) indicator that reflects the number of unemployed people as a percentage of the labor force. Indiana’s labor force, a measure of Hoosiers employed or seeking employment, has increased 78,756 – with 77,113 finding employment – since the start of the year and by nearly 200,000 since January 2013.

“Indiana’s employment and labor force sit at record highs and its labor force participation rate outpaces the nation by nearly three percent, however, significant gains are still achievable to reach our workforce potential as a state,” said Steven J. Braun, Commissioner of the Indiana Department of Workforce Development (DWD). “As we move forward, it remains essential for DWD, WorkOne and community partners to continue all efforts to locate and train those who are not actively participating in Indiana’s workforce.”

Commissioner Braun also noted that private sector employment increased by 5,600 jobs in August and stands at 37,100 above the March 2000 peak, which is the 14th-consecutive month above that peak.

Charts

 

Employment by Sector

The highest levels of growth occurred in the Professional & Business Services (5,300), Leisure & Hospitality (3,500), All Other (1,600) and Financial Services (400)sectors. Gains were partially offset with losses in the Construction (-2,300), Manufacturing (-1,400), Trade, Transportation & Utilities (-1,300) and Private Education & Health Services (-200) sectors. Over the past three years, Indiana’s private sector has grown by 156,800 jobs.

Midwest Unemployment Rates

table

EDITOR’S NOTES:

Data are sourced from August Current Employment Statistics, Local Area Unemployment Statistics – U.S. Bureau of Labor Statistics

August employment data for Indiana Counties, Cities, and MSA’s will be available Wednesday, September 21, 2016 at 12 p.m. pending U.S. Bureau of Labor Statistics validation.

Ivy Tech Announces New Focus for Princeton Site

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Ivy Tech Community College’s Princeton site has a re-directed focus and a new name, it was announced by Chancellor Jonathan Weinzapfel, at a news conference today (Sept. 19).

Its new name, Ivy Tech Community College Princeton Career and Technology Center, will better reflect Ivy Tech’s commitment to serving the workforce development needs of Gibson and surrounding counties, Weinzapfel said.

In 2014, Ivy Tech asked for and received $600,000 in Tax Increment Funds from the County Redevelopment Commission and County Council. These funds are designed to be used for the purpose of subsidizing re-development, infrastructure and other community-improvement projects; and at Princeton, the funding was earmarked for two new classrooms and the equipment needed. Now, the site has a state-of-the-art environmentally friendly welding classroom and a mechatronics classroom – which directly benefit area industry.

Weinzapfel said that those classrooms have spurred a surge in both non-credit and credit classes at the site. “What we have seen at Princeton is a change in emphasis in classes being offered from nearly all for-credit classes like English and Psychology, to more of an emphasis on workforce development classes like welding and industrial maintenance,” he said. “Ivy Tech offers dual credit courses in all area high schools, which has created less of a need for this type of class at our site.”

Ivy Tech is also experiencing an exponential increase in non-credit courses through Ivy Tech Corporate College. Corporate College offers customized training for individuals, business, and industry. Companies such as Toyota Motor Manufacturing, Inc., Indianapolis Power & Light, Indiana Department of Education, Toyota Boshoku, and others are among the list of area industry benefiting from classes offered at the site and the additional classrooms added through TIF funds.

“The name change of our site will help to reinforce and reflect Ivy Tech’s desire to be responsive to the workforce and career development needs of the Gibson County area,” Weinzapfel said. And, through the Corporate College leadership of Bo Drake, area business and industry will see a very responsive Ivy Tech, with the new Center, he indicated. Kyla Krieg, manager of the site, will be arranging visits to determine the types of courses that are necessary to grow the skills of area employees and meet the employer’s needs. “This will provide us with more opportunities to sit down and have conversations with our local industries,” he said.

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