10. The village council decided to build a village hall, at an estimated cost of $500,000, to replace space occupied in rented facilities. The village does not record project authorizations. It was...

10. The village council decided to build a village hall, at an estimated cost of $500,000, to replace space occupied in rented facilities. The village does not record project authorizations. It was decided that general obligation bonds bearing interest at 6% would be issued.

On June 30, 2019, the bonds were issued at their face value of $500,000, payable in 20 years. No contracts have been signed for this project, and no expenditures have been made.