FUNDS WITH PROCEEDS FROM SALE OF BONDS - 13420

(Renumbered from 14400)

The accounting treatment for funds with a major source of revenue from the sale of bonds varies according to the provisions of the bond act authorizing the issuance of the bonds and by practical application of generally accepted accounting principles, where they are not in conflict with any provisions of the bond act.

The State Controller's Office maintains specific bond funds based on the provisions of the bond act. All bond funds are automatically established with subfunds.