...S&P Global Ratings assigned its '##+' program rating and 'A+' underlying rating to North White School Corp., Ind.'s $2.5 million series 2019 general obligation (GO) bonds. The outlook is stable. The series 2019 GO bonds are secured by revenue from ad valorem property taxes to be levied on all taxable property within the district. Bond proceeds will be used to construct a solar field, which is expected to supply about 90% of the district's electricity needs and save the district about $225,000 in annual utility costs. The ad valorem property tax pledge 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 district to distribute circuit-breaker losses first across non-debt-service funds that receive property taxes. We rate the debt at the...
