BIL 065 Draft 01 2020-2022 - Laserfiche WebLink

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i i i i amount of Remaining Facilities Costs to be prepaid (the `Remaining Facilities Amount"). Step 7. Multiply the Bond Redemption Amount computed pursuant to Step 4 by the applicable redemption premium, if any, on the Outstanding Bonds to be redeemed (the "Redemption Premium"). I Step 8: Compute the amount needed to pay interest on the Bond Redemption Amount starting with the first Bond interest payment date after which the prepayment has been received until the earliest redemption date for the Outstanding Bonds, which, depending on the Bond offering document, may be as early as the next interest payment date. Step 9: Compute the amount of interest the County reasonably expects to derive from reinvestment of the Bond Redemption Amount plus the Redemption Premium from the first Bond interest payment date after which the prepayment has been received until the redemption date for the Outstanding Bonds. Step 10: Take the amount computed pursuant to Step 8 and subtract the amount computed pursuant to Step 9 (the "Defeasance Requirement"). Step 11: Determine the costs to compute the prepayment amount, the costs to invest the prepayment proceeds, the costs to redeem Bonds, the costs to record any notices to evidence the prepayment and the redemption, and any other administrative costs associated with the prepayment (the "Administrative Fees and Expenses"). Step 12: If and to the extent so provided in the Indenture pursuant to which the Outstanding Bonds to be redeemed were issued, a reserve fund credit shall be calculated as a reduction in the applicable reserve fund for the Outstanding Bonds to be redeemed pursuant to the prepayment (the "Reserve Fund Credit"). No Reserve Fund Credit shall be granted if reserve funds are below 100% of the reserve requirement on the calculation date. Step 13: The Special Tax prepayment is equal to the sum of the amounts computed pursuant to Steps 4, 6, 7, 10, and 11, less the amount computed pursuant to Step 12 (the "Prepayment Amount"). Step 14: From the Prepayment Amount, the amounts computed pursuant to Steps 4, 7, 10, and 12 shall be deposited into the appropriate fund as established under the Indenture and used to retire Outstanding Bonds or make debt service payments. The amount computed Hawai'i County CFI)No.1-2021 17 June 23,2021