Summary: Brownsburg Redevelopment Commission, Indiana Brownsburg; General Obligation; General Obligation Equivalent Security

S&P Global Ratings assigned its 'AA+' rating to the Brownsburg Redevelopment Commission, Ind.'s series 2018 redevelopment district bonds, issued on behalf of the town of Brownsburg, Ind. At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating on the town's previously issued debt. The outlook is stable. The 2018 bonds are secured first by a subordinate pledge of tax increment revenue from the Wynne Farm Allocation Area and if needed by a third-lien pledge of tax increment revenue from the North Beltway Allocation Area. If tax increment revenue is insufficient to pay debt service, the bonds are also secured by a pledge of a special benefits tax pledge. The special benefits tax is an ad valorem property tax

...S&P Global Ratings assigned its '##+' rating to the Brownsburg Redevelopment Commission, Ind.'s series 2018 redevelopment district bonds, issued on behalf of the town of Brownsburg, Ind. 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 2018 bonds are secured first by a subordinate pledge of tax increment revenue from the Wynne Farm Allocation Area and if needed by a third-lien pledge of tax increment revenue from the North Beltway Allocation Area. If tax increment revenue is insufficient to pay debt service, the bonds are also secured by a pledge of a special benefits tax pledge. The special benefits tax is an ad valorem property tax levied on all taxable property within the Brownsburg Redevelopment District. The redevelopment district is coterminous with the town. We rate these 2018 bonds and other special benefit tax bonds with tax increment revenue pledged based on the special benefits tax pledge...

Summary