The 'A-' rating on Jeffersonville Building Corp., Ind.'s 2006A-2006C bonds, supported by the city of Jeffersonville, is based on the city's absolute and unconditional obligation to levy an ad valorem property tax on all taxable property in the city, to make lease payments if tax increment financing revenues are insufficient. The rating also reflects: Access to the Louisville, Ky., MSA's deep and diverse economic base; and Solid financial position following the statewide property tax reassessment in 2003; and Moderate debt position. Below-average income levels and per capita market value levels limit the city's strengths. The bonds, although paid from tax increment revenues, are secured by lease rental payments to be made by Jeffersonville to the trustee. Lease rentals are payable
