S&P Global Ratings assigned its'AA-'long-term rating to Allen County Public Library , Indiana's $8 million series 2026 general obligation (GO) bonds. At the same time, we affirmed our'AA-'long-term rating on the library district's outstanding GO debt. The outlook is stable. The series 2026 bonds are a GO of the library payable from ad valorem property taxes to be levied on all taxable property within the district. The tax levy is mandatory and not subject to appropriation, although it is subject to state circuit-breaker limitations. We rate the debt at the same level as our view of the library's general creditworthiness because it has fungible resources to service debt. Bond proceeds will continue to fund phase one
