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County of Hawaii
<br /> Department of Water Supply
<br /> (A component unit of the County of Hawaii, State of Hawaii)
<br /> NOTES TO FINANCIAL STATEMENTS
<br /> June 30, 2021
<br /> NOTE E - LONG-TERM OBLIGATIONS (Continued)
<br /> The following is a summary of changes in long-term debt during the fiscal year ended
<br /> June 30, 2021:
<br /> Balance Balance Due Within
<br /> July 1,2020 Additions Decreases June 30,2021 One Year
<br /> State Revolving Fund Loans $ 42,909,525 $ 71206,603 $ (31118,177) $ 46,997,951 $ 31417,443
<br /> Public Improvement Bonds 221198,633 -- (31367,390) 18,831,243 21797,087
<br /> Total $ 65,108,158 $ 71206,603 $ (61485,567) $ 65,829,194 $ 61214,530
<br /> At June 30, 2021, future principal and interest payments for long-term debt are scheduled as
<br /> follows:
<br /> Public
<br /> Year Ending State Revolving Fund Loans Improvement Bonds Total
<br /> June 30, Principal Interest Principal Interest Principal Interest
<br /> 2022 $ 3,417,443 $ 726,119 $ 2,797,087 $ 751,032 $ 6,214,530 $ 1,477,151
<br /> 2023 2,933,881 659,020 2,267,275 624,456 5,201,156 1,283,476
<br /> 2024 2,968,161 607,556 2,384,921 508,185 5,353,082 1,115,741
<br /> 2025 3,002,936 555,540 2,496,322 393,728 5,499,258 949,268
<br /> 2026 3,038,178 503,001 2,603,980 288,195 5,642,158 791,196
<br /> 2027-2031 14,615,768 1,769,103 6,205,000 370,421 20,820,768 2,139,524
<br /> 2032-2036 12,280,555 752,069 27,539 13,631 12,308,094 765,700
<br /> 2037-2041 4,741,029 119,132 33,708 7,462 4774737 126,594
<br /> 2042-2046 -- -- 15,411 958 15,411 958
<br /> $ 46,997,951 $ 5,691,540 $ 18,831,243 $ 2,958,068 $ 65,829,194 $ 8,649,608
<br /> In November 2020, the County issued $15,005,000 in refunding bonds as the 2020 Series
<br /> C&D general obligation bond issue. The refunding bonds have a true interest cost of 0.86%
<br /> and were issued to refund $17,615,000 of the total callable bonds outstanding of the 2010
<br /> Series B general obligation bond issue. The bonds refunded bore interest at a rate of 5.0%.
<br /> The Department has a 25% proportionate share of the 2010 Series B and 2020 Series C&D
<br /> general obligation bond issues. The par amount of $3,751,250 plus a premium of $719,895
<br /> minus $23,094 in underwriting fees, insurance, and other issuance costs resulted in the
<br /> Department's share of net proceeds of$4,448,051.
<br /> The Department's total debt service requirements decreased by $585,931 as a result of the
<br /> refunding, and the net economic gain (difference between the present values on the old and
<br /> new debt) after taking into account all allocable costs of issuance of the bonds was $511,467.
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