City of Monroe opters 7 8 Capital Project Funds&Debt Service Funds 5-C. Part 1. Capital Projects Fund Transactions The voters of the City of Monroe issuance amount of $4,000,000r approved the issuance of tax-supported bonds in the face to be bond proceeds, a $1,340,000 was Required a. Open a general journal for the City Jail Annex Construction Fund. Record the following retained, andonstruction and equipping of a new City Jail. Architects were retained, and construct ion was to proceeds, a $1,340e completed by outside contractors. In addition to the grant was expected from the state government. transactions and post to the general ledger. Control accounts aren ot necessary (1) On J anuary 1, 2017, the total face amount of bonds bearing an interest rate of 8 Principal amounts of $200,000 each percent was sold at a $200,000 premium. will come due annually over a he erstpyent dates are July 1 and January 1. The first interest payment will July 1, 2017. Th Fund for the future payment of principal on the bonds. e premium was transferred to the City Jail Debt Service (2) The receivable from the state government was recorded. (3) Legal and engineering fees early in the project were paid in the amount of (5) Preliminary plans were approved, and the architects were paid $50,000 (20 (6) The complete plans and specifications were received from the architects and $121,000. This amount had not been encumbered. (4) Architects were engaged at a fee of $250,000. percent of the fee). approved. A liability in the amount of $150,000 to the architects was approved and paid. (7) Bids were received and opened in public session. After considerable discussion in City Council, the low bid from Hardhat Construction Company in the amount of S4,500,000 was accepted, and a contract was signed. (8) The contractor required partial payment of $1,350,000. Payment was approved and vouchered with the exception of a 5 percent retainage. (9) Cash in the full amount of the grant was received from the state government. (10) Furniture and equipment for the annex were ordered at a total cost of $459,500. (11) Payment was made to the contractor for the amount payable (see 8 above). (12) The contractor completed construction and requested payment of the balance due on the contract. After inspection of the work, the amount, including the past retainage, was approved for payment and then paid. (13)The furniture and equipment were received at a total actual installed cost of $459,300. Invoices were approved for payment. (14) The remainder of the architects' fees was approved for payment. (15) The City Jail Constrnuction Fund paid all outstanding accounts payables (S 509,300) on December 31, 2017. (16) The remaining cash was transferred to the City Jail Debt Service Fund