147.On 9/1/2014 Birmingham County sold bonds at par value in the amount of $12,000,000 to finance construction of a new library. On 10/10/2014 Hills County entered into a contract with a private...

147.On 9/1/2014 Birmingham County sold bonds at par value in the amount of $12,000,000 to finance construction of a new library. On 10/10/2014 Hills County entered into a contract with a private contractor to build a new library building in the amount of $11,000,000. On 12/1/2014, when the contract was half finished, the contractor submitted a bill for $5,500,000. The bill was paid on 12/15/2014 less Hills' standard 5% retention to assure any construction deficiencies are corrected. Hills County operates on a Dec. 31 fiscal year.

148.On January 1, 2014, the Town of Walton issued $ 5,000,000 of 4% tax supported bonds. The bonds are dated January 1, 2014 with interest payment dates of June 30 and December 31. The first of 10 annual principal payments is due on December 31, 2014. The bonds were sold at a $48,000 premium that was transferred to the Debt Service Fund from the capital projects fund to be used to fund the first payment. Cash sufficient to cover interest and principal payments for the year less the premium is transferred from the General Fund on June 1st.