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<br /> Ha Kim a',~tr of <br /> mr ~ ~~I,,,~ William Takaba <br /> Mayor ~ <br /> Director <br /> 'f <br /> Nancy E. Crawford <br /> °r'•: ~ •t~'s`~ DepuryDirector <br /> ,rt oi<•a~..a~ <br /> County of I~awaii <br /> Finance Department <br /> 25 Aupuni Street, Room 118 • Hilo, Hawaii 96720 <br /> August 6 ~ Z001 (808) 961-8234 Fax (808) 961-8248 <br /> The Honorable James Y. Arakaki, Chairman <br /> and Members of the Council <br /> County of Hawaii <br /> 25 Aupuni Street <br /> Hilo, Hawaii 96720 <br /> Dear Chairman Arakaki and Council Members: <br /> COUNTY OF HAWAII, HAWAII <br /> PUBLIC IMPROVEMENT BOND <br /> 2001 SERIES A, $1,800,000 <br /> Pursuant to County Council Ordinance No. 00-18, I have proceeded with the issuance and <br /> sale to the United States of America, acting through the Rural Housing Service, U.S. Department of <br /> Agriculture ("USDA") of a Public Improvement Bond, 2001 Series A, of the County in the maximum <br /> principal amount of $1,800,000 (the "Bond"), and wish to submit the following report on the sale and <br /> issuance thereof: <br /> 1. The Bond was delivered to USDA on August 6, 2001. The Bond evidences the <br /> obligation of the County to repay the principal amount of the loan, together with interest thereon at <br /> the rate of 4.875% per annum, made and to be made from time to time by USDA for the financing <br /> of a portion of the cost of constructing the East Hawaii Police Detention Facility (the "Loan"). The <br /> maximum amount of the Loan is $1,800,000. The County has drawn $75,000. <br /> 2. The Bond amortizes beginning in the second year and ending in the twentieth year <br /> in substantially equal annual installments of principal and interest. The principal amount of the <br /> Bond is the same as the principal amount of the Loan made by USDA. In no event, will the principal <br /> amount of the Bond (or the Loan) exceed $1,800,000. The details of the Bond are described in <br /> Schedule A. <br /> Very truly yours, <br /> William T. T c a <br /> Director of Finance <br /> Comm. No. _ <br /> File No. _ <br /> Kef. To: <br /> Ref.34~~~AUG 0 ~ _ 2001 <br /> <br />