What is one of the four types of serial bonds that has first payment delayed for more than one year?

The type of serial bond that is characterized by having its first payment delayed for more than one year is known as a deferred bond. In this context, "deferred" indicates that the repayment of principal or interest does not commence immediately but is postponed, typically for a specific period. This can be beneficial for issuers who may not have immediate revenues to cover payments, allowing them to generate income before the bond obligations start.

Understanding the nature of deferred bonds is essential in governmental accounting as it impacts cash flow management and financial planning. The other types mentioned, such as regular, annuity, and irregular bonds, do not specifically convey the feature of having payments begin after a significant delay. Regular bonds usually imply standard payment schedules, annuity bonds typically involve equal payment amounts over their life, and irregular bonds may represent non-standard or varied payment structures, but none denote the clear deferral of payments exceeding a year as the deferred bond does.