...S&P Global Ratings assigned its '##' long-term rating to the Brownsburg Redevelopment Authority, Ind.'s approximately $7.49 million taxable lease-rental refunding bonds of 2021 (Ronald Reagan Project). The outlook is stable. The bonds are secured by lease rentals paid by the Redevelopment Commission directly to the trustee. The lease is payable from certain tax-increment revenues as well as a special benefits tax (an ad valorem property tax) levied against the entire Brownsburg Redevelopment District, which is coterminous with the town. The tax pledge is subject to state circuit-breaker tax caps, which cap the property tax burden for taxpayers based on a percentage of the real estate parcels' gross assessed value (AV). The levy of taxes is mandatory and lease payments are not subject to appropriation. The leased asset is a road and if it becomes unusable, the lease requires it to be replaced by a different asset of the same value. This mitigates abatement risk, in our view, and there is...
