The City of Fargo issued general obligation bonds to finance construction of a new fire station. The bonds were issued at a discount. Which of the following is true?I. The amount expended for the improvement must be decreased. II. The general fund must make up the difference to the face value of the bonds. III. A debt service fund must make up the difference to the face value of the bonds.
A. Either I or II
B. I only
C. Either I or III
D. Either II or III
Answer: A
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