Page 309 - City of Watauga FY22 Adopted Budget

General Obligation Debt Service

Ordinances authorizing the issuance of tax notes, general, and contractual obligation
bonds to provide for the payment of bond principal and interest as they come due
established the General Obligation Debt Service Fund. This is also referred to as the
Interest and Sinking Fund. A property tax is levied and allocated annually to the
General Obligation Bond Debt Service Fund in amounts sufficient to service the debt
payments. The Economic Development Corporation (EDC) provides debt service
payments for EDC related projects through a transfer to this fund. This fund is also
used to provide for the payment of fiscal agent fees.

Where Does the Money Come From:

Ad Valorem Taxes
93.65%

Transfer from EDC
5.42%

Interest Income
0.17%

Penalty & Interest
Delinquent Taxes
0.34%
0.41%

Where Does the Money Go:

2016 CO 2019 CO
12% 2%
2020 TAX NOTES 2021 CO
3% 2018 CO
12%
16%
2020 CO
6%

2020 REF CO
4%

2007 CO
8%

2013 CO 2003 CO
6% 14%
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