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Para. 6-a-2] On April 1, 2020, the premium and accrued interest on bonds sold were...

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Accounting

Para. 6-a-2] On April 1, 2020, the premium and accrued interest on bonds sold were received by the Street Improvement Bond Debt Service Fund. (See Transaction 5-a-3 in the Street Improvement Fund.)

Transaction 5-a-3 [Para. 5-a-3] On April 1, 2020, 2.5% deferred serial bonds with a face value of $2,000,000 were sold for a total amount of $2,032,500, of which $12,500 was for accrued interest from the January 1, 2020 date of the bonds and $20,000 was a premium on the bonds sold. Cash in the amount of the accrued interest and premium was deposited directly in the Street Improvement Bond Debt Service. Fund. Cash in the amount of $2,000,000 was deposited and recorded in the Street Improvement Fund

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