CHICAGO — Indianapolis’ new mayor has hired a municipal finance veteran, who covered the city and the state as a rating agency credit analyst, to be the new director of the Indianapolis Local Public Improvement Bond Bank.
Appointed yesterday by Mayor Greg Ballard, Kevin Taylor will move back to his hometown from New York, where he has worked in the municipal finance industry for the last 18 years.
Taylor spent eight years as a credit analyst at Standard & Poor’s, where he covered Indianapolis and the state of Indiana. Most recently, he spent six years at AIG Global Investment Group, where he was a manager of the insurer’s municipal bond portfolio. And prior to that he worked at the trading desk at Prudential Securities for three years.
“I really want to use this time here to reevaluate the work of the bond bank and get it refocused on its original intent — the financing and economic development of the city,” said Taylor, who is 44. “I want the bond bank to be an innovative and efficient and effective tool for capital financing.”
Taylor said he followed Indianapolis’ recent mayor elections, when newcomer Ballard shocked political observers with his defeat of incumbent Bart Peterson. Taylor had previously worked with several members of Ballard’s transition team.
“This is a new administration for the city, and I’m very excited about this appointment,” he said. “There’s a lot going on that we’re going to be working on that’s very positive.”
Taylor said one of his top priorities will be reviewing a stalled $450 million pension obligation bond issue to fund the city’s pre-1977 underfunded police and fire pension plans. Taylor said he would make a decision within the next six months whether to move ahead with the sale. “We don’t want this liability to linger any longer,” he said.
Taylor takes over the position from Barbara Lawrence, who had been director of the local bond bank since 2005.