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Residents of a neighborhood financed the installation of sidewalks through a note payable. The note was to be repaid through a special assessment tax on

Residents of a neighborhood financed the installation of sidewalks through a note payable. The note was to be repaid through a special assessment tax on their properties. When is it appropriate to account for special assessment activities in an agency fund? In which fund should the special assessment tax receipts be reported if they do not meet the criteria for an agency fund?

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