HomeMy WebLinkAboutCOM 0292.000 2000-2002
Ha Kim a',~tr of
mr ~ ~~I,,,~ William Takaba
Mayor ~
Director
'f
Nancy E. Crawford
°r'•: ~ •t~'s`~ DepuryDirector
,rt oi<•a~..a~
County of I~awaii
Finance Department
25 Aupuni Street, Room 118 • Hilo, Hawaii 96720
August 6 ~ Z001 (808) 961-8234 Fax (808) 961-8248
The Honorable James Y. Arakaki, Chairman
and Members of the Council
County of Hawaii
25 Aupuni Street
Hilo, Hawaii 96720
Dear Chairman Arakaki and Council Members:
COUNTY OF HAWAII, HAWAII
PUBLIC IMPROVEMENT BOND
2001 SERIES A, $1,800,000
Pursuant to County Council Ordinance No. 00-18, I have proceeded with the issuance and
sale to the United States of America, acting through the Rural Housing Service, U.S. Department of
Agriculture ("USDA") of a Public Improvement Bond, 2001 Series A, of the County in the maximum
principal amount of $1,800,000 (the "Bond"), and wish to submit the following report on the sale and
issuance thereof:
1. The Bond was delivered to USDA on August 6, 2001. The Bond evidences the
obligation of the County to repay the principal amount of the loan, together with interest thereon at
the rate of 4.875% per annum, made and to be made from time to time by USDA for the financing
of a portion of the cost of constructing the East Hawaii Police Detention Facility (the "Loan"). The
maximum amount of the Loan is $1,800,000. The County has drawn $75,000.
2. The Bond amortizes beginning in the second year and ending in the twentieth year
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 $1,800,000. The details of the Bond are described in
Schedule A.
Very truly yours,
William T. T c a
Director of Finance
Comm. No. _
File No. _
Kef. To:
Ref.34~~~AUG 0 ~ _ 2001
SCHEDULE A
County of Hawaii, Hawaii, Public Improvement Bonds, 2001 Series A, is issued as a single
bond (the "Bond") in fully registered form without coupons, is registered to the United States of America,
acting through the Rural Housing Service, U.S. 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 $1,800,000
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-2001A-1, bear interest with respect to each Loan Advance from the date of such Loan
Advance at the rate of four and seven-eighth per centum (4-7/8%) per annum payable semiannually each
February 1 and August 1, commencing February 1, 2002, and mature on August 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
~Au~ust 1) Amount (Au usgu t 11 Amount
2003 $ 59,700 2013 $ 96,100
2004 62,600 2014 100,700
2005 65,600 2015 105,700
2006 68,800 2016 110,800
2007 72,200 2017 116,200
2008 75,700 2018 121,900
2009 79,400 2019 127,800
2010 83,300 2020 134,000
2011 87,300 2021 140,600
2012 91,600
The principal installments of the Bond maturing on and after August 1, 2007 or any portion
of such installments are subject to redemption prior to the stated maturity thereof by the County of Hawaii
on and after August 1, 2006, 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.
349892.3 022374 CERT