Examples of Debt Service Fund in a sentence
Revenues in the Debt Service Fund are based on property tax revenues, interest earnings and transfers from other funds.
Any unused monies can be used to fund similar projects as outlined by bond covenants and remaining excess funds will be transferred to the Debt Service Fund, provided that this complies with the bond covenant.
Reserves in the Debt Service Fund are designed to provide funding between the date of issuance of new debt and the time that property tax levies are adjusted to reflect the additional debt.
Reserved for debt service - An account that represents that portion of fund balance in the Debt Service Fund which is legally restricted and not available for spending for any other purpose than that for which it is restricted.
Revenues increased primarily due to local option sales tax increasing and expenditures decreased primarily due to a decrease in resurfacing asphalt project.• The Debt Service Fund ending fund balance increased approximately $270,000 over the prior year to approximately $3.2 million.