Debt Service Fund

A Debt Service Fund is a organizational fund for debt service.

• • …
• Example(s):
  • a Government Debt Service Fund.
  • …
• Counter-Example(s):
  • a General Fund.
  • a Special Revenue Fund.
  • a Capital Projects Fund.
  • an Enterprise Fund.
  • a Special Assessments Fund.
  • an Enterprise Fund.
  • a Fiduciary Fund.
• See: Funds, Capital Asset, Improvement Project.

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References

2016

• (Wikipedia, 2016) ⇒ http://en.wikipedia.org/wiki/fund_accounting#State_and_local_government_funds Retrieved:2016-1-7.
  • Debt service funds are used to account for money that will be used to pay the interest and principal of long-term debts. Bonds used by a government to finance major construction projects, to be paid by tax levies over a period of years, require a debt service fund to account for their repayment. The debts of special assessment and proprietary funds are serviced within those funds, rather than by a separate debt service fund.

• (City Council of Barnstable, 2016b) ⇒ Town of Barnstable. (2016). “Town of Barnstable Adopted Operating Budget - 2017."
  • QUOTE: Debt service fund: Governmental fund type used to account for the accumulation or resources for, and the payment of, general long-term debt principal and interest. In Massachusetts, these are only allowed by special legislation.

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