$5$ Special assessments levy, capital projects fund.

In $2018,$ the town of Bayview authorized the construction of two concrete roadways. The public works department estimates the project cost at $$400,000,$ $$20,000$ of which is transferred from the general fund to the capital projects fund. The balance will be paid for through the levy of a special assessment on benefiting property owners. On January $1,2018,$ $$380,000,4-$year, $10\%$ special assessment bonds were issued at face value to finance the property owners$$ portion. Payments of $ $47,500$ plus interest are made each June $30$ and December $31.$ The bonds were issued. The town guarantees payment of the debt.

Purchase orders totaling $$80,000$ are issued, and a contract is signed for the estimated $$320,000$ additional cost of the project. The purchase order was approved by a town official. The contract was approved by formal action of the town council, which is the highest level of authority within the town. Invoices for all purchase orders total $$74,000.$ The actual contract cost is $$375,000.$ Liabilities for these amounts are entered. Except for $$30,000$ withheld on the contract until final approval, all liabilities related to the completed construction are paid. Bay$-$view does not use budgetary accounts for these projects. Prepare entries in the capital projects fund for these events.