c. Property owners were assessed $750,000, to be paid in five equal annual installments, to finance construction of a storm sewer system and repaving of the affected roadways. To have cash when needed...

c. Property owners were assessed $750,000, to be paid in five equal annual installments, to finance construction of a storm sewer system and repaving of the affected roadways. To have cash when needed to pay for the construction, $600,000 of 5%, 5-year bonds were issued at face value by the Storm Sewer Proprietary Fund.