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Harry Kim
<br />Mayor
<br />County of Hawaii
<br />Finance Department
<br />Deanna S. Sako
<br />Director
<br />Steven A. Hunt
<br />Deputy Director
<br />25 Aupuni Street, Room 2103 • Hilo, Hawaii 96720
<br />(808) 961-8234 • Fax (808) 961-8569
<br />Z=
<br />November 13, 2020 .�
<br />Aaron Chung, Council Chair and°
<br />Members of the Hawaii County Council.
<br />Hawaii County Council
<br />25 Aupuni Street
<br />Hilo, HI 96720
<br />Dear Chairman Chung and Members of the Council:
<br />RE: COUNTY OF HAWAII, HAWAII
<br />GENERAL OBLIGATION BONDS
<br />2020 SERIES A. B, C, AND D TOTALING $77,135,000
<br />Pursuant to the authority granted by County Council Ordinance Nos. 04-59, as amended, 07-120,
<br />as amended, 08-106, as amended, 08-148, as amended, 11-40, as amended, 12-77, 12-150, 12-
<br />1639 13-23, 14-115 15-18, 15-68, 15-1215 16-66, 18-06, 18-51, 18-60, 20-27 and 20-68, I have
<br />proceeded with the sale and issuance of $77,135,000 County of Hawaii, Hawaii, General
<br />Obligation Bonds, 2020 Series A, B, C, and D (hereafter referred to as the "Bonds") and wish to
<br />submit the following report.
<br />1. A Bond Purchase Agreement was entered into on October 15, 2020 with BofA Securities, Inc.
<br />(the "underwriter") for the sale of the Bonds. The Bond Purchase Agreement obligated the
<br />underwriter to make a bonafide offering of the Bonds to the public. The Bonds were sold
<br />with the Bonds amortizing on a level annual debt service basis, with the first principal amount
<br />maturing on March 1, 2021 and the last principal amount maturing in 2040. The combined
<br />all -in true interest cost of the Bonds was computed to be 2.19%.
<br />2. The $59,815,000 Series A bonds were issued to generate new money proceeds that were used
<br />to retire _$30 million in bond anticipation notes and to finance various capital improvement
<br />projects. The all -in true interest cost (TIC) for Series A (tax exempt, new money series) was
<br />2.32%.
<br />3. The $2,315 million Series B taxable bonds will be used to finance various capital
<br />improvement projects. Series C and Series D bonds were used to refund $17.615 million of
<br />the 2010 Series B bonds. The refunding of these bonds resulted in a net present value savings
<br />of $2.0 million or 11.6% of the par amount.
<br />Comm. No. 2,5
<br />Ref. To:' "C„
<br />INE o to .C n 2020 .
<br />'Hawai'i County is an Equal Opportunity Provider and Employer
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