On December 1, 2018, a city issued $20 million in BANs and $6 million in RANs. By April 15, 2019, the date the city issued its financial statements for the fiscal year ending December 31, 2018, the city had neither converted the BANs into long-term bonds nor entered into a refinancing agreement to do so. However, the city repaid the RANs on February 28, 2019. The amount the city should report as an obligation of its general fund in its December 31, 2018, financial statements is

a. $0

b. $6 million

c. $20 million

d. $26 million