See: FLOW OF FUNDS – Debt Service Fund.
A fund used to account for the accumulation of resources for, and payment of, general long-term debt principal and interest.
The debt service fund is used to budget and account for receipts and expenditures necessary to meet the annual debt obligations of the school corporation. Expenditures from this fund may be used to make bond and/or lease rental payments and state technology and construction loans. Interest on loans taken for the purpose of any other fund can be paid from the debt service fund. For taxation purposes this fund is only used when there is a need to retire debt. The tax rate must be sufficient to raise the amount necessary to meet the debt obligations during the year.
This fund provides for the retirement of the current year portion of the library's long term debt obligations and payment of any trustee fees associated with administration of the debt.
used to track the accumulation of resources for the payment of principal and interest related to long-term debt.
Moneys pledged and set aside to repay debt. May be held by the issuer or the trustee.
is the municipal fund that is established to pay debt service on general obligation debts issued under Wis Stats Ch. 67 and revenue bonds issued under Wis Stats Ch. 66. The purpose of the Debt Service Fund is to identify and segregate the money that is periodically set aside for the principal and interest payments on various debts.
A fund into which the issuer makes periodic deposits to assure the timely availability of sufficient moneys for the payment of debt service requirements. Typically, the amounts of the revenues to be deposited into the debt service fund and the timing of such deposits are structured to ensure a proper matching between debt service fund deposits and debt service payments becoming due. For many issues, the debt service fund may contain a separate “principal account” and “interest account” in which moneys for such respective purposes are held. In addition, the debt service fund for many variable rate securities may contain a “letter of credit account” or “reimbursement account” in which moneys are held to reimburse the issuer of a liquidity facility for draws made to pay amounts owing on the securities. See: DEBT SERVICE SCHEDULE.
A fund established for the payment of interest and principal on all debt other than payable exclusively from special assessments.
This is the fund were money is placed and invested to pay the principle and interest on debt, usually bonds. Sometimes the lenders, the legislators, or the managers demand that a the debt service fund be established so it is clear that money is being put away and invested to pay future debt.
Fund whose PRINCIPAL or INTEREST is set aside and accumulated to retire DEBT.