A capital projects fund issued $5,000,000, 4 percent bonds

A capital projects fund issued $5,000,000, 4 percent bonds for $5,050,000 to finance improvements of a park Premiums received are to be used to service the debt issue The Parks and Recreation Special Revenue Fund transferred $250,000 for use in construction A construction contract was awarded in the amount of $5,200,000 A bill was received from the contractor for $2,600,000