10527     ENTRY NO. 27 [DEPOSIT IS TRANSFERRED TO THE CONDEMNATION DEPOSITS FUND]
(Revised 5/87)

Nature of Transaction:

Money is transferred to the Condemnation Deposits Fund as a deposit in condemnation proceedings for acquisition of real property. (This entry is made as a transaction of the month indicated by the date of the Controller's Transfer.)

Journal Entry for General Ledger Accounts:
Debit:
2730 Deposits in Condemnation Proceedings
9000 Appropriation Expenditures
Credit:
1140 Cash in State Treasury
5390 Other Reserves

Source:
Document:
Controller's Transfer
Register:
Controller's Transfer Register (if volume justifies).

Explanation:
Agencies engaged in condemnation proceedings are required by the court to deposit a sum of money in the Condemnation Deposit Fund. The amount is determined by the court. Such deposits are retained in the Condemnation Deposit Fund until the court orders payment to the grantor. In some instances the court may order an advance payment. However, usually the entire deposit remains in the Condemnation Deposits Fund until final settlement is determined by the court.