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<br /> <br /> <br /> OVV Oi_ <br /> William P. Kenoi Nancy E. Crawford <br /> Mayor Director <br /> Deanna S. Sako <br /> •i'•., e;M~` Deputy rector <br /> hoi'M~ r~ <br /> 0 C <br /> 7, b <br /> County of Hawaii c :a <br /> F~ <br /> Finance Department m^ <br /> 25 Aupum Sheet, Room 118 • Hilo, Hawaii 96720 , <br /> (808) 961-8234 Fax (808) 961-8248 <br /> i .7 Fri <br /> 2 rv ri <br /> December 11, 2008 o <br /> The Honorable J Yoshimoto <br /> And Members of the Council <br /> County of Hawaii <br /> 333 Kilauea Avenue, Second Floor <br /> Hilo, HI 96720 <br /> Dear Chairman Yoshimoto and Members of the Council: <br /> RE: COUNTY OF HAWAII, HAWAII <br /> GENERAL OBLIGATION BONDS <br /> 2008 SERIES A, TOTALING $50,000,000 <br /> <br /> Pursuant to authority granted by County Council Ordinance Nos. 08-148, 08-106, 07-120, <br /> 04-154, and 04-59,1 have proceeded with the sale and issuance of $50,000,000 County of <br /> Hawaii, Hawaii, General Obligation Bonds, 2008 Series A (hereafter referred to as the <br /> "Bonds") and wish to submit the following report. <br /> <br /> 1. After analysis of the relative merits of selling the Bonds at a competitive or a negotiated <br /> sale, a Bond Purchase Agreement was entered into on November 25, 2008 with Merrill <br /> Lynch, Pierce, Fenner & Smith Incorporated (the "underwriter") for the sale of the <br /> Bonds. The Bond Purchase Agreement obligated the underwriter to make a bonafide <br /> offering of the Bonds to the public. The Bonds were sold with the Bonds amortizing on <br /> a level annual debt service basis, with the first principal amount maturing in 2010 and <br /> the last principal amount maturing in 2028. The true interest rate of the Bonds was <br /> computed to be 5.19%. <br /> <br /> 2. The Bonds received a rating of "A1" and "A+" by Moody's Investors Services and Fitch <br /> Ratings, respectively. Standard & Poor's Ratings Services upgraded the Bonds to "AA-". <br /> No bond insurance was purchased to enhance the rating. <br /> <br /> 3. Brian Hirai from the law firm of McCorriston, Mukai, Miller & MacKinnon LLP served <br /> as bond counsel. Gary Kitahata was hired as a financial advisor. <br /> <br /> 4. The Bonds were purchased and delivered on December 10, 2008. <br /> <br /> Comm: No. 4V <br /> Ref. To- 77M- <br /> Hawai'i County is an Equal Opportunity Provider and Employer Ref. Date U 88 ma <br /> <br /> 03 <br />