2007 CAFR Part 4 - Laserfiche WebLink

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COUNTY OF HAWAII Notes to the Basic Financial Statements June 30,2007 $995,854 at June 30,2007. The notes,which mature in September 2029,are repayable in monthly installments of$7,826 including interest and are collateralized by substantially all of the project's property and equipment. Although the stated annual rate of interest on the notes is 9%, such rate is reduced to 7%for as long as the Project has a U.S.Department of Housing 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 30,2007: Balance at June 30,2006 $1,019,386 Deductions 23 532 Balance at June 30,2007 995,854 Less current portion (24,994) Note payable,net of current portion $ 970.860 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 2008 $ 24,994 $ 68,918 2009 26,801 67,111 2010 28,738 65,174 2011 30,816 63,096 2012 33,043 60,869 2013-2017 204,694 264,866 2018-2022 290,179 179,381 2023—2027 356,589 59,124 Total $995,854 $$� 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 District No. 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$3,870,000 at June 30,2007. 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 -69-