P 20-11 Capital projects fund journai entries and balance sheet [AICPA adapted] In a special election held on May 1, 2014, the voters of the City of Cerone approved a $10,000,000 issue of 6 percent general obligation bonds maturing in 20 years. The proceeds of this sale will be used to help finance the construction of a new civic center. The total cost of the project was esti- mated at $15,000,000. The remaining $5,000,000 will be financed by a state grant, which has been awarded. A capital projects fund was established to account for this project and was designated the civic center construction fund. The formal project authorization was appropriately recorded in a memorandum entry. The following transactions occurred during the fiscal year beginning July 1, 2014, and ending June 30, 2015