...S&P Global Ratings assigned its '##+' long-term rating to the town of Brownsburg, Ind.'s series 2018 general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its '##+' long-term rating on the town's existing debt. The outlook is stable. The series 2018 GO bonds are secured by an ad valorem property tax pledge to be levied on all taxable property within the town. Management indicates that bond proceeds will be used for various construction and improvements to streets, roadways, and intersections, including road improvements, resurfacing, and drainage improvement projects. The ad valorem tax securing the series 2018 GO bonds and existing debt is subject to state circuit-breaker legislation, which caps the property tax burden for taxpayers based on a percentage of the real estate parcels' gross assessed value. This can, and often does, reduce the total tax levy. The levy to cover debt service, however, is statutorily protected, which allows the town to distribute circuit-breaker...
