|
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, 2017
<br />NOTE E - LONG-TERM OBLIGATIONS (Continued)
<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
<br />County, in part, for the purpose of improving the public water system.
<br />The following is a summary of changes in long-term debt during the fiscal year ended
<br />June 30, 2017:
<br />Amount
<br />Beginning balance $ 57,804,507
<br />Additions 11,978,695
<br />Retirements (4,508,562)
<br />Forgiveness (1,656,257)
<br />Ending balance $ 63,618,383
<br />At June 30, 2017, future principal and interest payments for long-term debt are scheduled as
<br />follows:
<br />Year Ending June 30, Principal
<br />2018
<br />$ 3,964,472
<br />2019
<br />4,744,774
<br />2020
<br />4,920,787
<br />2021
<br />5,028,479
<br />2022
<br />5,142,560
<br />2023-2027
<br />21,971,330
<br />2028-2032
<br />11,790,844
<br />2033-2037
<br />5,443,816
<br />2038-2042
<br />603,508
<br />2043
<br />7,813
<br />Interest
<br />$ 1,983,860
<br />1,836,847
<br />1,667,775
<br />1,475,968
<br />1,276,872
<br />3,921,372
<br />1,072,178
<br />248,471
<br />13,010
<br />322
<br />Total
<br />$ 5,948,332
<br />6,581,621
<br />6,588,562
<br />6,504,447
<br />6,419,432
<br />25,892,702
<br />12,863,022
<br />5,692,287
<br />616,518
<br />8,135
<br />$ 63,618,383 $ 13,496,675 $ 77,115,058
<br />In February 2016, the County issued general obligation refunding bonds which consisted of
<br />$26,995,000 of 2016 Series B, $44,835,000 of 2016 Series C bonds, $28,860,000 of 2016
<br />Series D bonds and $25,415,000 of 2016 Series E bonds. The proceeds of the issuance
<br />were used to defease and advance refund the County's 2006 Series A, 2007 Series A, 2008
<br />Series A and 2010 Series A bonds which had interest rates ranging from 4.00% to 6.00%.
<br />The County's proportionate share of the net proceeds from all refunding bonds was
<br />$128,919,923 (including a premium of $23,176,079 and after payment of $509,906 in
<br />underwriting fees and other issuance costs) were used to purchase U.S. government
<br />24
<br />
|