The Debt Service Fund, also known as General Obligation Interest and Sinking Fund, was established to provide for the payment of bond principal and interest and for the payment of fiscal agent fees as they come due. Property tax rates and tax levy are required to be computed and levied to provide the money required to pay principal and interest as it comes due. Revenues are collected in the General Obligation Interest and Sinking Fund for the payment of general long-term debt, principal and interest. The General Obligation debt is financed by property taxes and interest earned on investments. Debt issuance finances the City's purchase of land, buildings, land improvements, and the construction and reconstruction of streets. Follow the link (PDF) for more detailed information regarding this fund.
Water and Sewer Revenue Bond Debt Service Fund
The Water and Sewer Revenue Bond Debt Service Fund is used to account for the revenue bonds whose principal and interest are payable from earnings of the City of Haslet's Water and Sewer Enterprise Fund. Follow link (PDF) for more detailed information regarding this fund.