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. For proprietary funds, this is a noncurrent liability with the Bonds & similar debt caption on the ACFR 11P. For governmental funds, this is the caption Bonds and similar debt payable in General Long Term Debt, GASB 5200 in the ACFR 11G.