Dungannon Township's Council Approved the Modification of the Town Hall $\begin{array}{llll}&&&\text {Other}\\&&&\text {Financing}\\&\text { Liability } &\text { Revenues } &\text { Sources }\end{array}$

Short Answer

Dungannon Township's council approved the modification of the town hall entrance to comply with the Americans with Disabilities Act. The township issued $50,000 of bond anticipation notes at face amount and placed the proceeds in a Capital Projects Fund. Although Dungannon completed all of the necessary legal steps to refinance the notes, the township was unable to consummate the refinancing. In the Capital Projects Fund, the $50,000 note issuance should be reported as Other
$\begin{array}{llll}&&&\text {Other}\\&&&\text {Financing}\\&\text { Liability } &\text { Revenues } &\text { Sources }\end{array}$
A) $\begin{array}{llll} & \text { Yes }&&& & \text { No } &&& \text { No } \\\end{array}$
B) $\begin{array}{llll}& \text { No } &&&& \text { Yes } &&& \text { No } \\\end{array}$
C) $\begin{array}{llll}& \text { No } &&&& \text { No } &&& \text { Yes } \\\end{array}$
D) $\begin{array}{llll}& \text { No } &&&& \text { No } &&& \text { No }\end{array}$