Scenario: On Election Day, the citizens of a small village voted affirmatively on the following proposition: “To authorize the sale of $3,000,000 in bonds to construct a new firehouse.” The village manager then told the finance commissioner: “Put the entire proceeds from the bond sale into the General Fund. That way, we can hire more firefighters with any proceeds from the bond sale that were not used to build the firehouse.” What are the village manager’s instructions to the finance commissioner?
Scenario: On Election Day, the citizens of a small village voted affirmatively on the following proposition: “To authorize the sale of $3,000,000 in bonds to construct a new firehouse.” The village manager then told the finance commissioner: “Put the entire proceeds from the bond sale into the General Fund. That way, we can hire more firefighters with any proceeds from the bond sale that were not used to build the firehouse.” What are the village manager’s instructions to the finance commissioner?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Scenario: On Election Day, the citizens of a small village voted affirmatively on the following proposition: “To authorize the sale of $3,000,000 in bonds to construct a new firehouse.” The village manager then told the finance commissioner: “Put the entire proceeds from the bond sale into the General Fund. That way, we can hire more firefighters with any proceeds from the bond sale that were not used to build the firehouse.”
What are the village manager’s instructions to the finance commissioner?
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