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The Honorable J Yoshimoto <br /> And Members of the Council <br /> Page 2 <br /> February 19, 2013 <br /> 3. Series B and Series C bonds were used to refund $23.6 million of the 2003 Series A bonds <br /> and $19.8 million of the 2004 Series A bonds, respectively. The refunding of the 2003 Series <br /> A bonds resulted in a net present value savings of$4 million. The net present value savings <br /> of the 2004 Series A refunding was $3 million. <br /> 4. The Bonds received a rating of"Aa2" from Moody's Investors Service, and "AA-" from both <br /> Standard & Poor's Ratings Services and Fitch Ratings. <br /> 5. Brian Hirai from the law firm of McCorriston Miller Mukai & MacKinnon LLP served as <br /> bond counsel. Gary Kitahata was hired as a financial advisor. U.S. Bank National <br /> Association was selected to serve as registrar, paying agent, and escrow agent for the Bonds. <br /> A full book-entry system was established for the Bonds. <br /> 6. The Bonds were purchased and delivered on February 12, 2013. <br /> Please do not hesitate to call me should you have any questions. <br /> Sincerely, <br /> 4447 1444/(7(741 <br /> Nancy E. Crawford <br /> Director of Finance <br /> APPROVED: <br /> • <br /> William P. Kenoi <br /> Mayor <br /> Hawaii County is an Equal Opportunity Provider and Employer <br />