NEW ISSUE RATINGS: Moody’s: “Aaa” Book-Entry-Only S&P: “AAA” Fitch: “AAA” (See “RATINGS” herein) In the opinion of Ice Miller, Indianapolis, Indiana (“Bond Counsel”), under existing laws, regulations, judicial decisions and rulings, interest on the Series 2004I Bonds (hereinafter defined) is excludable from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended and in effect on the date of issuance of the Series 2004I Bonds (the “Code”), except for interest on any Series 2004I Bond for any period during which such Series 2004I Bond is owned by a person who is a “substantial user” of the Airport System (hereafter defined) or a “related person” as defined in Section 147(a) of the Code. Such exclusion is conditioned on continuing compliance with the Tax Covenants (hereinafter defined). The interest on the Series 2004I Bonds is a specific preference item for purposes of the federal individual and corporate alternative minimum taxes. In the opinion of Bond Counsel under existing laws, regulations, judicial decisions and rulings, interest on the Series 2004I Bonds is exempt from income taxation in the State of Indiana. See “TAX MATTERS” and APPENDIX C — “FORM OF APPROVING BOND COUNSEL OPINION” herein. $221,680,000 THE INDIANAPOLIS LOCAL PUBLIC IMPROVEMENT BOND BANK BONDS SERIES 2004I (AMT) (Indianapolis Airport Authority Project) Dated: Date of Delivery Due: January 1, as shown on the inside cover The Indianapolis Local Public Improvement Bond Bank Bonds, Series 2004I (Indianapolis Airport Authority Project) (the “Series 2004I Bonds”), will be dated the date of delivery and will bear interest from that date to their respective maturity dates in the amounts and at the rates set forth on the inside cover hereof. The Series 2004I Bonds are issuable only as fully registered bonds and, when issued, will be registered in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York (“DTC”). Purchases of beneficial interests in the Series 2004I Bonds will be made in book-entry-only form, in denominations of $5,000 or any integral multiple thereof. Purchasers of beneficial interests in the Series 2004I Bonds (the “Beneficial Owners”) will not receive physical delivery of certificates representing their interests in the Series 2004I Bonds. Interest on the Series 2004I Bonds is payable on January 1 and July 1 of each year, commencing January 1, 2005. Interest, together with the principal and redemption premium, if any, of the Series 2004I Bonds, will be paid directly to DTC by J.P. Morgan Trust Company, National Association, in Indianapolis, Indiana, as paying agent under the Indenture, as defined and described herein, so long as DTC or its nominee is the registered owner of the Series 2004I Bonds. The final disbursement of such payments to the Beneficial Owners of the Series 2004I Bonds will be the responsibility of DTC, the DTC Participants and the Indirect Participants, all as defined and more fully described in APPENDIX G — “BOOK-ENTRY-ONLY SYSTEM.” The scheduled payment of principal of and interest on the Series 2004I Bonds when due will be guaranteed under an insurance policy to be issued concurrently with the delivery of the Series 2004I Bonds by MBIA Insurance Corporation. See APPENDIX H for the form of the policy and see “BOND INSURANCE” herein. The Series 2004I Bonds are being issued by The Indianapolis Local Public Improvement Bond Bank (the “Bond Bank”) for the principal purposes of providing funds to: (i) purchase the Indianapolis Airport Authority Airport Revenue Bonds, Series 2004A (the “2004 Authority Bonds”) to be issued by the Indianapolis Airport Authority (the “Authority”); (ii) pay the costs of issuance of the Series 2004I Bonds and the 2004 Authority Bonds; and (iii) pay for certain program expenses of the Bond Bank. The proceeds of the 2004 Authority Bonds are expected to be used by the Authority to: (a) pay a portion of the costs of the Authority’s 2001-2010 Capital Improvement Program for the Airport System (as defined herein), including capitalized interest; and (b) fund a deposit to the Authority’s 2004 Account of the Revenue Bond Reserve Fund. See “AUTHORITY PLAN OF FINANCING.” The Series 2004I Bonds are subject to optional and mandatory sinking fund redemption prior to maturity as described herein under the captions “THE SERIES 2004I BONDS—Mandatory Sinking Fund Redemption” and “—Optional Redemption.” The Series 2004I Bonds are limited obligations of the Bond Bank payable solely out of the revenues and funds of the Bond Bank pledged therefor under the Indenture, as more fully described herein, including payments received on the 2004 Authority Bonds. The 2004 Authority Bonds are special obligations of the Authority and are payable solely from and secured exclusively by a lien upon certain revenues of the Airport System administered by the Authority. The Series 2004I Bonds do not constitute a debt, liability, general obligation or loan of the credit of the State of Indiana (the “State”) or any political subdivision thereof, including the City of Indianapolis, Indiana (the “City”), Marion County, Indiana (the “County”), the Bond Bank and the Authority, under the constitution and laws of the State or a pledge of the faith, credit and taxing power of the State or any political subdivision thereof, including the City, the County, the Bond Bank and the Authority. The sources of payment of, and security for, the Series 2004I Bonds are more fully described herein. The Bond Bank has no taxing power. See “SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2004I BONDS.” A detailed maturity schedule for the Series 2004I Bonds is set forth on the inside cover of this Official Statement. This cover page contains information for quick reference only and is not a summary of this issue. Investors must read the entire Official Statement, including the appendices hereto, to obtain information essential to making an informed investment decision, paying particular attention to the matters discussed under “BONDHOLDER RISKS.” The Series 2004I Bonds are offered when, as and if issued by the Bond Bank and received by the Underwriters and subject to prior sale, withdrawal or modification of the offer without notice, and to the approval of legality by Ice Miller, Indianapolis, Indiana, Bond Counsel. Ice Miller also serves as bond counsel to the Authority. Certain legal matters will be passed on for the Bond Bank by the Corporation Counsel for the City, for the Authority by its special counsel, Robert A. Duncan, and for the Underwriters by their counsel, Baker & Daniels, Indianapolis, Indiana. It is expected that the Series 2004I Bonds will be available for delivery through the facilities of DTC in New York, New York, on or about November 16, 2004. Lehman Brothers City Securities Corporation Siebert Brandford Shank & Co., L.L.C. A.G. Edwards & Sons, Inc. Fifth Third Securities, Inc. JPMorgan KeyBank Capital Markets NatCity Investments, Inc. SBK-Brooks Investment Corp. October 29, 2004 MATURITY SCHEDULE The Series 2004I Bonds shall mature on January 1 in the year and in the principal amounts, and shall bear interest at the rates per annum, all as set forth below: Principal Interest Year Amount Rate Yield CUSIP 2006 $2,945,000 4.000% 2.310% 45528SEZ5 2007 3,060,000 5.000% 2.480% 45528SFA9 2008 3,215,000 5.000% 2.770% 45528SFB7 2009 3,375,000 5.000% 3.080% 45528SFC5 2010 3,545,000 5.250% 3.360% 45528SFD3 2011 3,730,000 5.250% 3.560% 45528SFE1 2012 3,925,000 5.250% 3.710% 45528SFF8 2013 4,135,000 5.250% 3.840% 45528SFG6 2014 4,350,000 5.250% 3.950% 45528SFH4 2015 4,580,000 5.250% 4.050% 45528SFJ0 2016 4,820,000 5.250% 4.130% * 45528SFK7 2017 5,325,000 5.250% 4.190% * 45528SFL5 2018 5,610,000 5.250% 4.270% * 45528SFM3 2019 5,895,000 5.250% 4.340% * 45528SFN1 2020 6,210,000 5.000% 4.450% * 45528SFP6 2021 6,520,000 5.000% 4.520% * 45528SFQ4 2022 6,845,000 5.000% 4.590% * 45528SFR2 2023 7,190,000 5.000% 4.650% * 45528SFS0 2024 11,075,000 5.000% 4.720% * 45528SFT8 $16,665,000 4.850% Term Bonds due January 1, 2026, to yield 4.850% CUSIP 45528SFU5 $18,335,000 4.950% Term Bonds due January 1, 2028, to yield 4.950% CUSIP 45528SFV3 $41,970,000 4.750% Term Bonds due January 1, 2031, to yield 4.980% CUSIP 45528SFW1 $48,360,000 5.000% Term Bonds due January 1, 2034, to yield 5.020% CUSIP 45528SFX9 *Priced to par call on January 1, 2015. No dealer, broker, salesperson or other person has been authorized by the Bond Bank, the Authority or the Underwriters to give any information or to make any representations other than those contained in this Official Statement in connection with the offering of the Series 2004I Bonds, and if given or made, such information or representations must not be relied upon as having been authorized by any of the foregoing. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Series 2004I Bonds by any person, in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information set forth herein has been obtained from sources which are believed to be reliable. The Underwriters have provided the following sentence for inclusion in this Official Statement. The Underwriters have reviewed the information in this Official Statement in accordance with, and as part of, their responsibilities to investors under the federal securities law as applied to the facts and circumstances of this transaction, but the Underwriters do not guarantee the accuracy or completeness of such information.