School districts and other government entities issue bonds to finance major expenses such as building additions and renovations, equipment upgrades, constructing 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 taxpayers an easy-to-understand source for the district's debt obligations.
Debt information summary
2020-21 tax rate
|Maintenance & Operations||$0.9513|
|Interest & Sinking||$0.3050|
|Total Combined Tax Rate||$1.2563|
Current credit ratings
Historical bond election information
|Authorization Year||Issued||Unissued||Total Authorization Amount|
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
Total tax-supported debt outstanding debt obligations at June 30, 2020: $507,640,000.
Tax-supported debt per capita is $1,641.67.
The district does not have revenue-supported debt, lease purchase obligations or lease revenue obligations.