Definitions for "Debt Service Fund"
See:  FLOW OF FUNDS – Debt Service Fund.
A fund used to account for the accumulation of resources for, and payment of, general long-term debt principal and interest.
The debt service fund is used to budget and account for receipts and expenditures necessary to meet the annual debt obligations of the school corporation. Expenditures from this fund may be used to make bond and/or lease rental payments and state technology and construction loans. Interest on loans taken for the purpose of any other fund can be paid from the debt service fund. For taxation purposes this fund is only used when there is a need to retire debt. The tax rate must be sufficient to raise the amount necessary to meet the debt obligations during the year.