Annual Debt Service [Education] Law and Legal Definition

Annual debt service is the amount of money required for the payment of interest and principal on a long-term debt on a total yearly basis. Annual debt service is defined as expenditures for the annual retirement of debt for capital outlay construction projects for educational facilities. The amount include the interest on the principal as well as the principal of the debt. [ O.C.G.A. § 20-2-260]