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William P. Kenoi ;. ^„\�=l Nancy E. Crawford <br /> Mayor �i�%s Director <br /> :neer Deanna S. Sako <br /> + o er, Deputy Director <br /> County of Hawaii <br /> Finance Department <br /> 25 Aupuni Street,Room 2103 • Hilo,Hawaii 96720 <br /> (808)961-8234 • Fax(808)961-8569 <br /> February 19, 2013 <br /> The Honorable J Yoshimoto <br /> And Members of the Council . . <br /> County of Hawai`i <br /> 25 Aupuni Street <br /> Hilo, HI 96720 <br /> Dear Chairman Yoshimoto and Members of the Council: <br /> RE: COUNTY OF HAWAII, HAWAII <br /> GENERAL OBLIGATION BONDS <br /> 2013 SERIES A, B, AND C TOTALING $98,825,000 <br /> Pursuant to the authority granted by County Council Ordinance Nos. 04-59, as amended, 07-120, <br /> as amended, 08-106, as amended, 08-148, as amended, 09-153, as amended, 11-40, 12-77, 12- <br /> 150, 12-163, and 13-6, I have proceeded with the sale and issuance of$98,825,000 County of <br /> Hawai`i, Hawai`i, General Obligation Bonds, 2013 Series A, B, and C (hereafter referred to as <br /> the "Bonds") and wish to submit the following report. <br /> 1. A Bond Purchase Agreement was entered into on January 30, 2013 with Merrill Lynch, <br /> Pierce, Fenner & Smith Incorporated (the "underwriter") for the sale of the Bonds. The Bond <br /> Purchase Agreement obligated the underwriter to make a bona fide offering of the Bonds to <br /> the public. The Bonds were sold with the Bonds amortizing on a level annual debt service <br /> basis, with the first principal amount maturing in September 1, 2013 and the last principal <br /> amount maturing in 2032. The combined all-in true interest cost of the Bonds was computed <br /> to be 2.58%. <br /> 2. The Series A bonds were used to refinance eleven state revolving fund loans, two USDA <br /> loans made to an improvement district, and two FHA loans made to finance the Kulaimano <br /> Elderly Housing Project. These refinancings totaled $10.5 million and resulted in a net <br /> present value savings of$1.5 million. Bond anticipation notes in the amount of$33 million <br /> were also paid off. The remaining bond proceeds totaling $27.5 million will be used to <br /> finance new capital improvement projects. <br /> Comm. No. / ( 7 <br /> Ref. To: F��=[, <br /> Ref. Date 1 9 2913 <br /> Hawaii County is an Equal Opportunity Provider and Employer <br />