...Standard & Poor's Ratings Services assigned its '##+' rating to the series 2015A economic development lease rental bonds issued by Brownsburg Redevelopment Authority, Ind. for Brownsburg. At the same time, Standard & Poor's affirmed the '##+' long-term ratings on the town's previously rated debt. The outlook on all ratings is stable. Brownsburg intends to use series 2015A bond proceeds to finance various infrastructure improvements. The bonds are secured by ad valorem property taxes limited by circuit breaker (special benefits taxes), tax increment financing (TIF) revenues, and limited economic development income tax (EDIT; $400,000 a year). The bonds are ultimately secured by ad valorem property taxes limited by circuit breaker, so we rate the bonds as general obligation (GO) equivalent. Indiana leases are not subject to appropriation risk. They, however, are subject to abatement in the event of damage or destruction. Abatement is required if all or part of the financed project is unavailable...
