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PNGISD reports $13.57 million debt-service payment schedule funded by I&S tax collections
Port Neches-Groves Independent School District Board of Trustees · August 29, 2024
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Summary
Staff reported Debt Service payments of $13,568,274 to be paid from interest-and-sinking (I&S) tax collections, with payments scheduled twice yearly (Feb. principal+interest; Aug. interest).
During the Aug. 29 presentation, staff reported Debt Service (Fund 599) obligations of $13,568,274 to be met with I&S tax revenue. The packet specifies that debt payments are made twice per year: principal combined with interest in February and interest payments in August.
The debt-service amount was presented as part of the overall tax-rate discussion and was used to justify the I&S component of the combined $1.167488 tax rate.
