Summary: Westfield-Washington Public Library, Indiana; General Obligation

S&P Global Ratings assigned its 'A' rating and stable outlook to Westfield-Washington Public Library, Ind.'s approximately $16.725 million series 2021 general obligation (GO) bonds and affirmed its 'A' rating, with a stable outlook, on the library's existing GO debt. Ad valorem property tax revenue, subject to the state circuit breaker, secures the GO bonds; the circuit-breaker places caps on the tax burden for individual properties based on the class of property. However, the district must fund debt service first with revenue losses from the circuit breaker first applied to nondebt-service levies. Factoring in these protections and the library's financial stability, flexibility, and fungibility of resources, we rate this limited-tax pledge at the same level as an unlimited-tax pledge. Officials will

...S&P Global Ratings assigned its 'A' rating and stable outlook to Westfield-Washington Public Library, Ind.'s approximately $16.725 million series 2021 general obligation (GO) bonds and affirmed its 'A' rating, with a stable outlook, on the library's existing GO debt. Ad valorem property tax revenue, subject to the state circuit breaker, secures the GO bonds; the circuit-breaker places caps on the tax burden for individual properties based on the class of property. However, the district must fund debt service first with revenue losses from the circuit breaker first applied to nondebt-service levies. Factoring in these protections and the library's financial stability, flexibility, and fungibility of resources, we rate this limited-tax pledge at the same level as an unlimited-tax pledge. Officials will use series 2021 bond proceeds to fund the construction and furnishing of a new library building. The library will remain the only branch....

Summary