...Standard & Poor's Ratings Services assigned its '##+' rating to Brownsburg, Ind.'s the series 2015 general obligation (GO) bonds. At the same time, Standard & Poor's affirmed its '##+' long-term ratings on the town's previously rated debt. The outlook on all ratings is stable. Brownsburg intends to use bond proceeds to finance various improvements. The bonds are secured by ad valorem taxes to be levied against all taxable property within the town's boundaries, subject to Indiana's circuit-breaker legislation. The circuit breaker (which limits the tax liability of individual taxpayers to a statutorily defined portion of gross assessed value) can result in a reduction in the aggregate property tax levy of a taxing unit. Debt service, however, is a protected levy and any revenue losses due to the circuit breaker must be distributed, first, across nondebt service levies. The rating reflects our assessment of the following factors for the town, specifically its:...
