...S&P Global Ratings assigned its 'A+' long-term rating to the city of Goshen, Ind.'s approximately $3.2 million series 2021 general obligation (GO) bonds. The outlook is stable. Bond proceeds will be used for various renovation and improvement projects for existing city facilities. The series 2021 GO bonds are secured by a pledge of the city's ad valorem property taxes. The ad valorem property tax that secures the series 2021 bonds 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 (AV). This can, and often does, reduce the total tax levy. The levy to cover debt service, however, is statutorily protected, allowing the city to distribute circuit-breaker losses first across nondebt service funds that receive property taxes. We base the rating at the same level as our view of the city's general creditworthiness, reflecting our view that there are no significant limitations on...
