Page 309 - CityofWataugaAdoptedBudgetFY25
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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:
Where Does the Money Go:
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