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COUNTY OF HAWAII
<br /> Notes to the Basic Financial Statements
<br /> June 30,2006
<br /> Bonds Authorized and Unissued
<br /> The County Council has authorized the issuance of$47 million in general obligation bonds to
<br /> finance specified capital improvement projects. At June 30,2006,$17 million were not yet
<br /> issued. Of the$17 million not yet issued,$10 million was issued in January 2007.
<br /> Subsequent Events
<br /> On January 30,2007,the County issued$85,000,000 in general obligation bonds(2007 Series
<br /> A),$20,820,000 in general obligation refunding bonds(2007 Series B)and$16,540,000 in
<br /> general obligation refunding bonds(2007 Series C). The interest rates on the 2007 Series A
<br /> range from 4.0%to 5.0%and are due through 2027. The interest rates on the 2007 Series B
<br /> range from 3.75%to 5.0%,are due through 2018 and were used to refund the 1999 Series A
<br /> bonds. The interest rates on the 2007 Series C range from 4.0%to 5.0%,are due through
<br /> 2021 and were used to refund the 2001 Series A bonds. The bonds were authorized in
<br /> December 2006,not including the$10 million previously authorized and unissued.
<br /> State Revolving Fund Loans
<br /> The County has obtained loans to assist in financing mandated wastewater projects from the
<br /> State Water Pollution Control Revolving Fund(SRF). The purpose of this revolving fund is
<br /> to provide low-interest,long-term loans and other financial assistance to the four counties in
<br /> the state to finance construction of wastewater projects. The County has fifteen projects
<br /> approved for funding with these loans. The schedule below shows the County's SRF
<br /> transactions for the fiscal year ended June 30,2006:
<br /> Loans Approved Loan Balance Loan Balance Due within
<br /> Authoziz Arnoant June 30,2005 Additions Retirements June 30.2006 one year
<br /> Hilo WWTP $12,724,311 $5,922,745 S - $ 677,961 $5,244,784 S 694,910
<br /> Waiakea Mill 1,300,000 669,980 - 67,304 602,676 68,987
<br /> Waiakea Hslts 459,321 214,671 - 24,573 190,098 25,187
<br /> Waiakea Hslts 11 5,024,266 3,960,901 - 237,836 3,723,065 244,084
<br /> Ainako A&B 2,239,174 1,194,685 - 115,067 1,079,618 117,450
<br /> Kalwiwaole 1,499,944 926,734 - 76,362 850,372 78,686
<br /> Kalanianaole RH 5,000,Otb 1,504,078 25,167 73,549 1,455,696 63,337
<br /> Alii Drive A&B 3,210,243 1,707,035 - 169,207 1,537,828 173,943
<br /> AM DriveC&D 3,780,000 2,222,888 - 191,810 2,031,078 195,781
<br /> Alii Drive 8&F 2,112,654 1,397,050 - 108,686 1,288,364 111,993
<br /> Waiaha Bay 3,697,893 2,237,020 - 186,182 2,050,838 191,394
<br /> Kealakehe 1,300,071 668,760 - 67,182 601,578 68,861
<br /> HolualoaSay 3,080,000 2,052,860 - 151,751 1,901,109 156,368
<br /> PaukaaCCS 2,143,448 1,659,261 - 101,142 1,558,119 103,564
<br /> Pahoehoe 2.8!7.760 _2.421,836. 123,717 2.298.119 126,967
<br /> 550.38= 428.76= VJ= 42 U 4�21.M1
<br /> The loans bear interest at 2.06%to 3.02%,exclusive of a 1.00%loan fee,and require
<br /> payments through fiscal year 2025. Debt service to maturity for disbursements to date on
<br /> these projects are as follows:
<br /> -68-
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