On April 1, 2011, deferred serial bonds in the amount of $1,500,000 were sold at $1,548,750, $18,750 of which was for interest (5%) accrued from the

On April 1, 2011, deferred serial bonds in the amount of $1,500,000 were sold at $1,548,750, $18,750 of which was for interest (5%) accrued from the date of the bonds (January 1, 2011) to the date of the sale. Cash in the amount of the premium and accrued interest was deposited directly in the Street Improvement Bond Debt Service Fund. Cash in the amount of $1,500,000 was recorded in the Street Improvement Fund, of which $600,000 was invested immediately in certificates of deposit maturing on September 30 and earning 4% per annum.