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Debt Obligations
The following information is provided to allow Garland ISD taxpayers an easy-to-understand source for the district's debt obligations.
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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.
Debt information summary
2023-24 tax rate
| Rate type | Amount |
|---|---|
| Maintenance & Operations | $0.6692 |
| Interest & Sinking | $0.3840 |
| Total Combined Tax Rate | $1.0532 |
Current credit ratings
| Agency | Rating |
|---|---|
| Moody's | Aaa |
| Fitch | AA+ |
Historical bond election information
On May 6, 2023, the Garland ISD community voted on the district’s $1.279 billion 2023 Bond.
| Authorization Year | Issued | Unissued | Total Authorization Amount |
|---|---|---|---|
| 2023 | 950,000,000 | 329,645,000 | 1,279,645,000 |
| 2014 | 455,500,000 | - | 455,500,000 |
| 2002 | 385,000,000 | - | 385,000,000 |
| 1996 | 156,000,000 | - | 156,000,000 |
| 1992 | 110,000,000 | - | 110,000,000 |
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 2023 Bond projects, visit the Bond 2023 page.
Tax-supported debt obligations
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Total tax-supported debt outstanding debt obligations at June 30, 2023: $345,570,000.
Tax-supported debt per capita is $1,101.32.
Principal and interest as of 6/30/23 - See text description of the graph
The district does not have revenue-supported debt, lease purchase obligations or lease revenue obligations.
Tax-supported debt per capita
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Figure 1: Tax-supported debt per capita for 2018-2023 - See text description of the graph.
Tax-supported debt
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Figure 1: Tax-supported Debt for 2018-2023 - See text description of the graph.
Additional information
Expand AllReports
Local Annual Debt Report (HB1378)
Debt information for previous years adopted budget
Issue by Issue listing of Debt as of June 30, 2023 (HTML)
Issue by Issue listing of Debt as of June 30, 2023 (Excel)
Tax-supported debt history (HTML)
Tax-supported debt history (Excel)
Contact us
Have questions? Use the links below to find contact information for district officials who can help.
Citizens may request to review or obtain public information (including mailing lists of student names) by contacting us with a detailed description of the requested information. There may be costs associated with the requests.