...S&P Global Ratings assigned its '##+' program rating and 'A+' underlying rating for credit program and stable outlook to Warsaw Community Schools, Ind.'s roughly $3 million series 2020 general obligation (GO) bonds and affirmed its '##+' program rating and 'A+' underlying rating, with a stable outlook, on the district's existing limited-tax GO debt. The district's GO pledge, payable from ad valorem property taxes levied on all taxable property within its borders, secures the series 2020 GO bonds and existing GO bonds. The district also has existing first-mortgage bonds. Lease-rental payments paid directly to an independent trustee pursuant to a trust indenture between the school building corporation and trustee and a lease between the school district and school building corporation secure the first-mortgage bonds. Rent is payable from ad valorem taxes levied against all taxable property within the district's boundaries, and rental payments are not subject to annual appropriation under Indiana...
