On March 2, 2005, Finch City issued ten-year general obligation bonds at face amount, with interest payable March 1 and September 1. The proceeds were to be used to finance the construction of a civic center over the period April 1, 2005, to March 31, 2006. During the fiscal year ended June 30, 2005, no resources had been provided to the debt service fund for the payment of principal and interest.
On June 30, 2005, Finch’s debt service fund should include interest payable on the general obligation bonds for
- 0 months.
- Three months.
- Four months.
- Six months.