$$ The budget for the library

$$ The payment and receipt of funds from the general fund

$$ The issuance of the bonds

$$ Assume that the premium remained in the capital projects fund.

$$ Identify all of the funds required for these entries.

$$ Discuss how the bond premium could be disposed.

In general terms, compare and contrast how expenditures are controlled in the general fund and in debt service funds. Explain why differences would occur.