Laserfiche WebLink
COUNTY OF HAWAII <br /> Notes to the Basic Financial Statements <br /> June 30,2005 <br /> installments of$7,826 including interest and are collateralized by substantially all of the <br /> project's property and equipment. Although the stated annual rate of interest on the notes is <br /> 9%,such rate is reduced to 7%for as long as the Project has a U.S.Department of Housing <br /> and Urban Development Section 8 Housing Assistance Payment contract in effect for all or <br /> part of the units within the Project. <br /> The following is a summary of enterprise fund notes payable transactions for the fiscal year <br /> ended June 30,2005: <br /> Balance at June 30,2004 $1,065,417 <br /> Deductions (24,132) <br /> Balance at June 30,2005 1,041,285 <br /> Less current portion (21,899 <br /> Note payable,net of <br /> current portion 1 1 6 <br /> The following is a summary of the annual maturities for the enterprise fund notes payable: <br /> Business-type Activities <br /> Fiscal year ending June 30: Principal Interest <br /> 2006 $ 21,899 $ 72,013 <br /> 2007 23,279 70,633 <br /> 2008 24,962 68,950 <br /> 2009 26,767 67,145 <br /> 2010 28,702 65,210 <br /> 2011-2015 177,797 291,763 <br /> 2016-2020 252,050 217,510 <br /> 2021—2025 357,312 112,248 <br /> 2026-2030 128.517 7.172 <br /> Total 1.041.285 44 <br /> Special Assessment Bonds <br /> The County has outstanding special assessment bonds for one improvement district. In 1991, <br /> the County issued$14 million of special assessment bonds for Improvement DistrictNo. 17, <br /> Kaloko Subdivision,to finance a roadway and water system. In 2001,the County refunded <br /> the remaining bonds outstanding of$6,370,000. The bonds mature annually through 2011 <br /> and bear interest at 7.375%. <br /> Total special assessment bonds payable were$5,070,000 at June 30,2005. These are not <br /> general obligation bonds and the County is not obligated in any manner for the repayment of <br /> these bonds. The bonds are secured!by a first lien on the land benefited by the improvements, <br /> and are to be repaid from the annual assessments levied against the owners of the land. The <br /> County acts as an agent for the property owners within the improvement districts to collect <br /> assessments receivable,forward payments to bond-paying agents at appropriate dates and,if <br /> - 70- <br />