3. Property taxes of $3,000,000 are levied by the city. In the past, uncollectible taxes have averaged 2% of the gross levy. 4. A $1,000,000 term bond issue for construction of a school is authorized...

3. Property taxes of $3,000,000 are levied by the city. In the past, uncollectible taxes have averaged 2% of the gross levy.

4. A $1,000,000 term bond issue for construction of a school is authorized and sold at 99. Bond issue costs were $5,000.

5. Contracts approved by a city official are signed for the construction of the school at an estimated cost of $1,000,000.