226100-226140 - Bonds & Interest Payable

This account group includes the principal and interest charges related to state debt payable at least one year or more subsequent to the balance sheet date.

Bonds Payable - Non-Current

This detail account subgroup is used to record the principal payment related to bond indebtedness which will be payable at least one year or more subsequent to the balance sheet date.

• 226100 Revenue Bonds Payable (old title: Coupon Bonds Payable)
• This account is used to record the principal payment related to revenue bond indebtedness which will be payable at least one year or more subsequent to the balance sheet date. (Note:  Account was formerly titled Coupon Bonds Payable.  Effective for year end 6/30/03, account 226100 must only be used for revenue bonds payable as defined above.  See account 226101 for General Obligation Bonds payable.)
• 226101 General Obligation Bonds Payable
• 226102 Lease-purchase revenue bonds payable
• 226103 Grant Anticipation Revenue Bonds Payable

  To record the liability associated with the issuance of GARVEE bonds.

• 226104 Direct Placements
  This account is used to record the outstanding principal related to direct placement indebtedness that will be payable in more than one year subsequent to the balance sheet date.  Direct placements have terms negotiated directly with an investor and are not offered for public sale. Issuing a debt security directly to an investor, such as the sale of a new debt security issue to a limited number of buyers rather than to the general public is a direct placement.  Bonds payable that are not offered for public sale should be classified as direct placements.
• 226105 Certificates of Participation Payable
• 226106 Limited Obligation Bonds Payable

   

• 226110 Unamortized Discount on Bonds Payable
• This contra account includes the unamortized difference between the face value of bonds and their sales price. A discount results when the price paid is less than the bond face value.  (Note: Former account tile is Discounts/Premiums on Bonds Payable.  This account is longer being used for premium - use account 226120 for premium.)

   

• 226120 Unamortized Premium on Bonds Payable
• This contra account includes the unamortized difference between the face value of bonds and their sales price.  A premium results when the price paid is greater than the bond face value.  Use account 226110 for discount.  (Note:  Former account title was Underwriters Fees, but this account should now only be used as defined above.)

   

• 226130 Unamortized Charge-Refunding Bonds (No longer valid effective FY 2014 because of GASB 65)

  Please use either account 129702 Deferred loss on refunding or account 229203 Deferred gain on refunding as needed. For additional information on GASB 65 refer to the OSC GASB Resources page which may be accessed from the OSC home page at www.osc.nc.gov(link is external).

   

• 226140 Deep Discount Debt
• This account is used to record payment for deep discount debt which will be payable at least one year subsequent to the balance sheet date. Deep discount debt is issued with a stated interest rate significantly less than the effective interest rate. Interest is received when the bond matures.

Interest Payable – Non-Current    

• 226220 Accrued Interest Payable

  This account is used to record interest costs that have been incurred but are not due within the year.