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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, 2020 and 2019
<br />NOTE E - LONG-TERM OBLIGATIONS (Continued)
<br />Balance brought forward
<br />Public improvement bonds ($9,585,706 issued), 2010 Series A, payable to
<br />the County, interest at 4% to 5%, paid off in 2020
<br />Total public improvement bonds
<br />State Revolving Fund loans ($67,364,022 loaned) payable to the State
<br />of Hawaii, interest up to 1.37%, due in semiannual
<br />installments through 2038
<br />Total long-term debt
<br />Add: Unamortized premium
<br />Less: Current portion
<br />Noncurrent portion
<br />2020 2019
<br />$ 22,198,633 $ 24,284,159
<br />22,198,633
<br />d9 ana r) 9.r)
<br />65,108,158
<br />1,325,535
<br />66,433,693
<br />(5,828,067)
<br />$ 60,605,626
<br />485,000
<br />24,769,159
<br />44,326,655
<br />69,095,814
<br />1,526,866
<br />70,622,680
<br />(5,613,168)
<br />$ 65,009,512
<br />The public improvement bonds consist of long-term obligations to the County that reflect the
<br />Department's proportionate share of general obligation bonds that were issued by the County,
<br />in part, for the purpose of improving the public water system. The County's general obligation
<br />bonds are an absolute and unconditional general obligation of the County for which its full
<br />faith and credit are pledged. The principal and interest payments on the bonds are a first
<br />charge on the general fund of the County.
<br />The Department's State Revolving Fund Loans are direct borrowings of the Department for
<br />which its full faith and credit are pledged. The State Revolving Fund Loans are secured by the
<br />gross revenues of the Department.
<br />The following is a summary of changes in long-term debt during the fiscal years ended
<br />June 30, 2020 and 2019:
<br />Balance Balance Due Within
<br />July 1, 2019 Additions Decreases June 30, 2020 One Year
<br />State Revolving Fund Loans
<br />$ 44,326,655 $
<br />1,663,806 $ (3,080,936) $
<br />42,909,525
<br />Public improvement refunding bonds
<br />24,769,159
<br />(2,570,526)
<br />22,198,633
<br />Total
<br />$ 69,095,814 $
<br />1,663,806 $ (5,651,462) $
<br />65,108,158
<br />27
<br />$ 3,118,177
<br />2,709,890
<br />$ 5,828,067
<br />
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