The Village of Burksville, which has a fiscal year July 1 to June 30, sold $2,000,000 in 5 percent tax-supported bonds at par to construct an addition to its police station. The bonds were dated and issued on July 1, 2016. Interest is payable semiannually on January 1 and July 1, and the first of 10 equal annual principal payments will be made on July 1, 2017. The Village used a capital projects fund to account for the project, and a debt service fund was created to make interest and principal payments