2007 CAFR Part 4 - Laserfiche WebLink

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COUNTY OF HAWAII Notes to the Basic Financial Statements June 30, 2007 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 required,administer foreclosure proceedings. Accordingly,these bonds are not reflected on the County's government-wide statement of net assets. The following is a summary of special assessment bond transactions for Improvement District No. 17,Kaloko Subdivision,for the fiscal year ended June 30,2007: Balance at June 30,2006 $4,490,000 Deductions (620,000 Balance at June 30,2007 3.870.000 The following is a summary of the annual maturities for the special assessment bonds: Year ending June 30: Principal Interest 2008 $ 670,000 $260,706 2009 715,000 209,634 2010 770,000 154,875 2011 825,000 96,059 2012 890,000 32,820 Total 3.870.00 7 4 4 The County has issued general obligation bonds on behalf of Improvement District No. 18 for water improvements(see Note 4). The Improvement District is responsible for the payment of the debt service on these bonds,but the County remains liable because they are general obligations of the County. The bonds mature annually through 2039 and bear interest at 3.0% to 4.75%. Total general obligation bonds payable included in the government-wide statement of net assets were$3,804,937 at June 30,2007. 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 required, administer foreclosure proceedings. -70-