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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 Balance Due Within
<br />July 1, 2018 Additions Decreases June 30, 2019 One Year
<br />State Revolving Fund loans $
<br />45,359,733 $
<br />2,478,870 $ (3,511,948) $
<br />44,326,655 $
<br />3,042,642
<br />Public improvement refunding bonds
<br />27,435,593
<br />(2,666,434)
<br />24,769,159
<br />2,570,526
<br />Total $
<br />72,795,326 $
<br />2,478,870 $ (6,178,382) $
<br />69,095,814 $
<br />5,613,168
<br />At June 30, 2020, future principal and interest payments for long-term debt are scheduled as
<br />follows:
<br />$ 42,909,525 $ 5,051,909 $ 22,198,633 $ 4,391,337 $ 65,108,158 $ 9,443,246
<br />In July 2017, the County issued $139,895,000 in general obligation bonds which included
<br />$3,195,000 of 2017 Series C refunding general obligation bonds. The proceeds of the 2017
<br />Series C issuance were placed in an escrow fund used to defease and advance refund the
<br />County's 2007 Series C bonds. The Department has a 34.78% proportionate share of the
<br />2007 Series C general obligation bond. As a result of the refunding, total debt service
<br />payments were reduced by approximately $46,200 and resulted in an economic gain of
<br />approximately $48,200. During the fiscal year ended June 30, 2020, the bond matured. At
<br />June 30, 2019, defeased bonds totaled $584,304. Accordingly, the assets of the irrevocable
<br />trust and the liability of the defeased bonds are not included on the Department's financial
<br />statements.
<br />W
<br />Public Improvement
<br />Year Ending
<br />State Revolving Fund Loans
<br />Refunding Bonds
<br />Total
<br />June 30,
<br />Principal
<br />Interest
<br />Principal
<br />Interest
<br />Principal
<br />Interest
<br />2021
<br />$ 3,118,177
<br />$ 672,005
<br />$ 2,709,890
<br />$ 963,039
<br />$ 5,828,067 $
<br />1,635,044
<br />2022
<br />3,102,546
<br />602,864
<br />2,848,337
<br />824,355
<br />5,950,883
<br />1,427,219
<br />2023
<br />2,613,490
<br />541,258
<br />2,323,525
<br />694,487
<br />4,937,015
<br />1,235,745
<br />2024
<br />2,642,221
<br />495,343
<br />2,443,671
<br />574,107
<br />5,085,892
<br />1,069,450
<br />2025
<br />2,671,351
<br />448,972
<br />2,561,322
<br />454,693
<br />5,232,673
<br />903,665
<br />2026-2030
<br />13,073,069
<br />1,566,134
<br />9,230,358
<br />855,241
<br />22,303,427
<br />2,421,375
<br />2031 -2035
<br />11,134,072
<br />640,383
<br />26,448
<br />14,722
<br />11,160,520
<br />655,105
<br />2036-2040
<br />4,554,599
<br />84,950
<br />32,372
<br />8,798
<br />4,586,971
<br />93,748
<br />2041 -2045
<br />22,710
<br />1,895
<br />22,710
<br />1,895
<br />$ 42,909,525 $ 5,051,909 $ 22,198,633 $ 4,391,337 $ 65,108,158 $ 9,443,246
<br />In July 2017, the County issued $139,895,000 in general obligation bonds which included
<br />$3,195,000 of 2017 Series C refunding general obligation bonds. The proceeds of the 2017
<br />Series C issuance were placed in an escrow fund used to defease and advance refund the
<br />County's 2007 Series C bonds. The Department has a 34.78% proportionate share of the
<br />2007 Series C general obligation bond. As a result of the refunding, total debt service
<br />payments were reduced by approximately $46,200 and resulted in an economic gain of
<br />approximately $48,200. During the fiscal year ended June 30, 2020, the bond matured. At
<br />June 30, 2019, defeased bonds totaled $584,304. Accordingly, the assets of the irrevocable
<br />trust and the liability of the defeased bonds are not included on the Department's financial
<br />statements.
<br />W
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