HomeMy WebLinkAboutCOM 1214.000 2006-2008 a,. _ _ _
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Harry Kim William T. Takaba
Mayor : # Director
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M• Nancy E. Crawford
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Deputy Director
Coun of Hawaii
DEPARTMENT OF FINANCE
25 Aupuni Street, Room 118 • Hilo, Hawaii 96720-4252 ,
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(808) 961-8234 • (808) 961-8248
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April 28, 2008
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The Honorable Pete Hoffmann, Chairman ~~,~w.
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and Members of the Council
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25 Au u n i Street _k. {
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Hilo, Hawaii 96720
Dear Chairman Hoffmann and Council Members:
COUNTY OF HAWAI'
PUBLIC IMPROVEMENT BONDS
2008 SERIES A
(ANDRADE CAMP)
Pursuant to Ordinance No.07-149, I have proceeded on behalf of the County of Hawaii
(the "County") with the issuance and sale to the United States of America, U.S. Department of
Agriculture, acting through the Rural Utilities Service ("USDA"), of the County's Public
Improvement Bond, 2008 Series A (Andrade Camp) in the principal amount of $147,000 (the
"Bond"), and wish to submit the following report on the sale and issuance thereof:
1. The Bond was delivered to USDA on April 28, 2008. The Bond evidences the
obligation of the County to repay the principal amount of a loan (the "Loan"), together with interest
thereon at the rate of 4.125% per annum, made by USDA in the amount of $147,000 to finance a
portion of the cost of a public waterline improvement project, referred to as the Andrade Camp
Waterline Improvements, in Pepe'ekeo, County of Hawaii. The principal amount of the Bond is
equal to the principal amount of the Loan.
2. Interest only on the Bond will be payable through April 1, 2010. Thereafter, the
Bond will be payable in substantially equal annual installments of principal and interest until final
maturity. The details of the Bond are described in Schedule A.
Very truly yours,
William T. Ta aba
Director of Finance
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Ref. To: FG
Ref. Dade
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SCHEDULE A
Terms used and not otherwise defined in this Schedule A shall have the meanings set
forth in the foregoing letter of the Director of Finance to the County Council.
1. The Bond is designated as the County's "Public Improvement Bond, 2008 Series
A (Andrade Camp)," is issued as a single bond in fully registered form without coupons, is
registered to USDA, and is in the same principal amount as the maximum aggregate amount of
advances of the Loan by USDA to the County.
2. The Bond is dated as of the date of delivery as set forth in the Bond, is numbered
R-2008A-1, bears interest from the date of funding of the Loan at the rate of 4.125% per annum,
payable semiannually each April 1 and October 1, commencing October 1, 2008, and matures as
to principal on April 1 in each of the years and in the respective principal installment amounts
set forth in the table below.
Maturity Date Maturity Date
A ril 1 Amount Aril 1 Amount
2011 $2,170.25 2028 $4,314.64
2012 $2,259.77 2029 $4,492.62
2013 $2,352.99 2030 $4,677.94
2014 $2,450.05 2031 $4,870.91
2015 $2,551.11 2032 $5,071.83
2016 $2,656.35 2033 $5,281.05
2017 $2,765.92 2034 $5,498.89
2018 $2,880.02 2035 $5,725.72
2019 $2,998.82 203b $5,961.91
2020 $3,122.52 2037 $6,207.83
2021 $3,251.32 2038 $6,463.91
2022 - $3,385.44 2039 $6,730.54
2023 $3,525.09 2040 $7,008.18
2024 $3,670.50 2041 $7,297.27
2025 $3,821.91 2042 $7,598.28
2026 $3,979.56 2043 $7,813.15
2027 $4,143.72
The foregoing principal installments shall be subject to adjustment, as provided in the
Bond, in the event that the aggregate amount of Loan advances represented by the Bond is
less than $147,000.
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3. The principal of the Bond shall be subject to redemption as a whole or in part at
any time prior to maturity, at the option of the County, at a redemption price equal to 100% of
the principal amount to be redeemed, plus accrued interest to the redemption date. If less than
the entire principal amount of the Bond is to be redeemed, the redemption price (exclusive of
accrued interest) shall be applied to installments of principal of such Bond in inverse order of the
maturity dates specified for such installments.
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