Which is NOT a requirement for the adoption of a bond?

The correct response highlights that the final approval of a capital project is not a requirement for the adoption of a bond. Generally, bond issuance can be tied to the planning and financial strategy for long-term project funding rather than the necessity of having secured final approval on every individual capital asset or project prior to bonding.

Typically, a capital budget must be in place to outline the planned expenditures on major capital assets. Furthermore, a temporary capital budget can be utilized to enable the financing of projects that are crucial even before the annual budget is finalized. Determining the need for bonds post-adoption of the annual budget might occur, but ideally, such needs should be evaluated beforehand to align financial strategies effectively.

Therefore, the focus should be on broader financial planning and the identification of funding needs rather than the specific approval of each individual capital project. This allows for flexibility in the execution of projects while ensuring funding sources, such as bonds, are appropriately utilized to meet financial requirements.