2006 CAFR Part 2 - Laserfiche WebLink

Home

COUNTY OF HAWAII Notes to the Basic Financial Statements June 30,2006 and Urban Development Section 8 Housing Assistance Payment contract in effect for all or part of the units within the Project. The following is a summary of enterprise fund notes payable transactions for the fiscal year ended June 30,2006: Balance at June 30,2005 $1,041,285 Deductions (21,899) Balance at June 30,2006 1,019,386 Less current portion 2( 3,532) Note payable,net of current portion The following is a summary of the annual maturities for the enterprise fund notes payable: Business-type Activities Fiscal year ending June 30: Principal Interest 2007 $ 23,532 $ 70,380 2008 24,994 68,918 2009 26,801 67,111 2010 28,738 65,174 2011 30,816 63,096 2012-2016 190,894 278,666 2017-2021 270,616 198,944 2022—2026 383,632 85,927 2027—2030 39.363 703 Total 1 8`6 82 Special Assessment Bonds The County has outstanding special assessment bonds for one improvement district. In 1991, the County issued$14 million of special assessment bonds for Improvement DistrictNo. 17, Kaloko Subdivision,to finance a roadway and water system. In 2001,the County refunded the remaining bonds outstanding of$6,370,000. The bonds mature annually through 2011 and bear interest at 7.375%. Total special assessment bonds payable were$4,490,000 at June 30,2006. These are not general obligation bonds and the County is not obligated in any manner for the repayment of these bonds. The bonds are secured by a first lien on the land benefited by the improvements, and are to be repaid from the annual assessments levied against the owners of the land. The County acts as an agent for the property owners within the improvement districts to collect assessments receivable,forward payments to bond-paying agents at appropriate dates and,if -70-