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D is corrent. Per GASB Codification Section 1300, the objective of a capital projects fund is to account for the financial resources to be used for the acquisition or construction of major capital facilities. The inflow of bond proceeds should be accounted for in the year received, regardless of when the bond proceeds are expended. Therefore, the $5,000,000 of bond proceeds should be recorded in the capital projects fund in year 1, the year received.
A is incorrect. The inflow of bond proceeds should be accounted for in the year received, regardless of when the bond proceeds are expended. 
B is incorrect. The inflow of bond proceeds should be accounted for in the year received, regardless of when the bond proceeds are expended.  
B is incorrect. The inflow of bond proceeds should be accounted for in the year received, regardless of when the bond proceeds are expended.