Debt Service

The amount of Principal and Interest required to be paid on an Issue of Bonds. Debt Service on any payment date is composed of Accrued Interest on the Bonds and any Principal due on that payment date.

See Also

Sinking Fund

A fund to which the issuer or the conduit borrower periodically makes payments or in which revenues from a project are periodically deposited for purposes of paying the debt service on a bond issue. 

Accrued Interest

The dollar amount of Interest due on a Bond, computed at that Bond’s Interest Rate, from the last Interest Payment Date to the date of calculation.

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Millage or Mill

The percentage of value of property that is used in calculating taxes.