The City of Mountain View had the following transactions during
the year, none of which have been recorded yet. Some of the
transactions affect governmental activities.
- Mountain View issued $5 million worth of serial bonds at 102
plus accrued interest in the amount of $50,000. The premium and
accrued interest were recorded in the Debt Service Fund. Accrued
interest on bond sold must be used for interest payments.
- The city’s General Fund collected and transferred $750,000 in
tax collections to the Debt Service Fund. $600,000 of this amount
was used to retire outstanding serial bonds and the remainder was
used to make interest payments on outstanding serial bonds.