Summary: Brownsburg Town (Hendricks County), Indiana; General Obligation; General Obligation Equivalent Security

S&P Global Ratings assigned its 'AA+' rating to Brownsburg Town (Hendricks County), Ind.'s series 2016 general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its 'AA+' long-term ratings on the town's previously rated debt. The outlook on all ratings is stable. The series 2016 and 2015 bonds are secured by an ad valorem property tax pledge on all taxable property within the territorial limits of the town. The town's aggregate property tax levy is subject to the circuit-breaker limitations, yet all debt service levies are levied to their full extent, with any circuit-breaker losses first distributed across nondebt service levies. Management will use bond proceeds to pay the costs of sanitary system improvements. Previously rated obligations were

...S&P Global Ratings assigned its '##+' rating to Brownsburg Town (Hendricks County), Ind.'s series 2016 general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its '##+' long-term ratings on the town's previously rated debt. The outlook on all ratings is stable. The series 2016 and 2015 bonds are secured by an ad valorem property tax pledge on all taxable property within the territorial limits of the town. The town's aggregate property tax levy is subject to the circuit-breaker limitations, yet all debt service levies are levied to their full extent, with any circuit-breaker losses first distributed across nondebt service levies. Management will use bond proceeds to pay the costs of sanitary system improvements. Previously rated obligations were issued as leases ultimately secured by an ad valorem property tax pledge on all taxable property within the territorial limits of the town. Lease payments are not subject to annual appropriation but there is abatement risk. Mitigating...

Summary