True/False

6. When a bond issue is legally authorized it is usual practice to make either no entry or a memorandum entry in the capital projects fund general journal.

7. Construction contracts for governmental projects often provide that a stipulated percentage of each billing by the contractor will be retained by the governmental unit until the project is inspected and accepted upon completion.

8. Debt margin is the difference between the debt limit and the amount of outstanding debt subject to the limitation.

9. All long-term debt, including bonds, notes or warrants, and various other long-term obligations, intended to be repaid from tax levies or special assessments are accounted for in debt service funds.

10. Taxes for debt service are always levied by the general fund and transferred to a debt service fund.