...S&P Global Ratings assigned its '##' long-term rating to Brownsburg, Ind.'s $3 million general obligation (GO) bonds, series 2020. At the same time, we affirmed our '##' rating on existing debt issued by or on behalf of the town. The outlook is stable. The series 2020 bonds and all existing rated debt are secured by ad valorem property taxes, 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). We rate the bonds at the same level as our view of the town's general creditworthiness, reflecting our view that all resources will be used to service the debt and there are no significant limitations on the fungibility of resources. Certain existing debt are backed by leases, not subject to annual appropriation. Additionally, several series of existing ad valorem tax-backed debt are also secured by tax-increment revenues, but in each case, the ratings reflect the ad valorem pledge,...
