...S&P Global Ratings assigned its '##+' rating to the Town of Brownsburg, Ind.'s series 2017 general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its '##+' long-term rating on the town's previously issued debt. The outlook is stable. The 2017 GO bonds are secured by ad valorem property taxes on all taxable property within the town. The levy of pledged ad valorem property taxes is subject to the state's circuit-breaker legislation, which places caps on the tax burden for individual properties based on the class of property. However, debt service is required to be funded first, with revenue losses from the circuit breaker first being applied to nondebt service levies. We believe the town possesses the financial stability and flexibility to sustain identical ratings on unlimited-tax and limited-tax GO bonds. Officials will use the bond proceeds to fund construction and infrastructure improvements to various streets, roadways, and intersections and certain city facility...
