HomeMy WebLinkAboutCOM 0154.001 1996-1998 o
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Stephen K. Yaawahiro \ Harry A, Takahashi
Mayor ~ Oi rector
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DEPARTMENT OF FINANCE
25 Aupuni Straac, Rooa iIB Hilo, Hevali 08720-4252
[8081 981-8234 Faz [8081 981-8248
February 25, 1997
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The Honorable James Y. Arakaki, Chairperson C7 -n
and Members of the County Council O 00 rn ~
County of Hawaii w ("11
25 Aupuni Street ~7 cNn ~7
Hilo, HI 96720 O ~ -z':
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Dear Chairman Arakaki and Council Members: ~ '
COUNTY OF HAWAII, HAWAII ~ Iv
PUBLIC IMPROVEMENTS BOND ~
1997 SERIES A, $4,000,000
Pursuant to County Council Ordinance No. 96-78, I have proceeded
with the issuance and sale to the United States of America,
Department of Agriculture ("USDA") of a Public Improvement Bond,
1997 Series A, of the County in the maximum principal amount of
$4,000,000 (the "Bond"), and wish to submit the following report on
the sale and issuance thereof:
1. The Bond was delivered to USDA on February 25, 1997. The Bond
evidences the obligation of the County to repay the principal
amount of the loan, together with interest thereon at the rate
of 4 7/8$ per annum, made and to be made from time to time by
USDA for the financing of the cost of the acquisition of the
former J. C. Penney's facility at the Kaiko'o Mall and related
property for the purpose of reconstructing, enlarging and
improving such facility for use as offices by the County (the
"Loan"). The maximum amount of the Loan is $4,000,000. The
County has drawn the entire $4,000,000.
2. The Bond matures in 20 years in substantially equal annual
installments of principal and interest. The principal amount of
the Bond is the same as the principal amount of the Loan made by
USDA. In no event will the principal amount of the Bond (or the
Loan) exceed $4,000,000. The details of the Bond are described
in Schedule A.
Very truly yours,
Harz~y A. Takahashi
Director of Finance Coln>n. Dio. ~~~'I.D ~
attmt. F91e 2(0. IFNf~~i',NO
Int. FEB 2 5 1997
SCHEDULE A
County of Hawaii, Hawaii, Public Improvement Bonds, 1997 Series A, is issued
as a single bond (the "Bond") in fully registered form without coupons, is registered to the
United States of America, Department of Agriculture ("USDA"), and is in the principal amount
equal to the aggregate amount of loan advances (each, a "Loan Advance") not to exceed
$4,000,000 made by USDA as recorded in the "Record of Advances" contained in the Bond and
received by the County of Hawaii (the "Aggregate Loan Amount"). The Bond is dated as of the
Date of Issue as set forth in the Bond, is numbered R-97A-1, bear interest with respect to each
Loan Advance from the date of such Loan Advance at the rate of four and seven-eighths per
centum (4-7/8%) per annum payable semiannually each February 1 and August 1, commencing
August 1, 1997, and mature on February 1 in each of the years in the principal installment
amount equal to the principal amount set forth in the table below divided by the Aggregate Loan
Amount.
Maturity Date Maturity Date
(February Il Amount (February 11 Am n
1998 $122,000 2008 $197,500
1999 $128,500 2009 $207,000
2000 $135,000 2010 $217,000
2001 $141,500 2011 $227,500
2002 $148,500 2012 $238,500
2003 $155,500 2013 $250,500
2004 $163,000 2014 $262,500
2005 $171,000 2015 $275,500
2006 $179,500 2016 $288,500
' 2007 $188,000 2017 $303,000
The principal installments of the Bond maturing on and after February 1, 2003
or any portion of such installments are subject to redemption prior to the stated maturity thereof
by the County of Hawaii on and after February 1, 2002, in inverse order of maturity, at a
redemption price of 100% of the principal installment amount to be redeemed plus accrued
interest to the redemption date.
159377.2 017401 CLD