Debt obligations

School districts and other government entities issue bonds to finance major expenses such as building additions and rennovations, equipment upgrades, contructing new buildings and more. A bond election approved by voters allows the district to issue bonds as needed to supply cash for these projects.

Similar to how homeowners use a mortgage to finance a house over time, the district uses the Debt Service/Interest & Sinking Fund to repay the bonded debt, both principal and interest, over time. The Debt Service/Interest & Sinking tax rate is set each year to generate tax revenue sufficient to repay debt payments for the year. The second part of a district's tax rate, the General Operating/Maintenance & Operations tax rate, is used to pay for the day-to-day operations of the District.

The following information is provided to allow Garland ISD tax payers an easy to understand source for the district's debt obligations. 

Debt information summary

2019-20 tax rate

Breakdown of tax rate. All amounts per $100 of taxable value.
Rate typeAmount 
Maintenance & Operations$0.97 
Interest & Sinking$0.42 
Total Combined Tax Rate$1.39  

Current credit ratings

AgencyRating
Moody'sAaa
FitchAA+

Historical bond election information

Bond authorization data as of 6/30/19
Authorization YearIssuedUnissuedTotal Authorization Amount
2014455,500,000-455,500,000
2002385,000,000-385,000,000
1996156,000,000-156,000,000
1992156,000,000-156,000,000

All bonds authorized to date have been for the purpose of constructing, renovating and equipping school facilities in addition to technology needs. For more information regarding 2014 Bond projects, visit the 2014 Bond page and the Bond Construction site.

Tax-supported debt obligations

A bar chart showing GISD Debt Obligations Principle and Interest

Total tax-supported debt outstanding debt obligations at June 30, 2019: $552,480,000.

Tax-supported debt per capita is $1,800.01.  

Principal and interest as of 6/30/19 (expandable chart and HTML)