A special tax was levied by Downtown City to retire and pay interest on general obligation bonds that were issued to finance the construction of a new city hall. Where are the receipts from the tax recorded?

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Business

Sage Schaefer

11 August, 13:12

A special tax was levied by Downtown City to retire and pay interest on general obligation bonds that were issued to finance the construction of a new city hall. Where are the receipts from the tax recorded?

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Beltran · Answer 1

Based on the question given, receipts from the tax should be recorded in the debt service funds.

Explanation:

A special tax was levied by Downtown City to retire and pay interest on general obligation bonds that were issued to finance the construction of a new city hall. Where are the receipts from the tax recorded - Receipts from the tax should be recorded in the debt service funds.