HomeMy WebLinkAboutCOM 0883.001 1996-1998
,Vol
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l~-^ " •y` iii
Stephen K. Yamashiro Harry A. Takahashi
Mayor Director
S. K. Schulte
~'i~ Deputy
~ Of M~
County of Hawaii
DEPARTMENT OF FINANCE n
25 Aupuni Street, Room 118 • Hilo, Hawaii 96720-4252 (808) 961-8234 • (808) 961-8248
June 4, 1998
The Honorable James Y. Arakaki, Chairman
and Members of the County Council
County of Hawaii
25 Aupuni Street
Hilo, HI 96720
COUNTY OF HAWAII
HAWAII PUBLIC IMPROVEMENT BOND
1998 SERIES A, $775,600
Pursuant to County Council Ordinance No. 97-143, 1 have proceeded with the issuance and sale
of the United States Department of Agriculture ("USDA") of a Public Improvement Bond, 1998
Series A, of the County in the maximum principal amount of $775,600 (the "Bond"), and wish to
submit the following report on the sale and issuance thereof.
1. The Bond was delivered to USDA on June 4, 1998. The Bond evidences the
obligation of the County to repay the principal amount of the loan, together with interest
thereon at the rate of 4-1/2% per annum, made and to be made from time to time by
USDA for the financing of the cost of improvements to the Ookala water system, the
Paauilo water system, and the Paauhau water system (the "Loan"). The maximum
amount of the Loan is $775,600. The County has drawn $142,000.
2. The Bond matures in 35 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 $775,600. The details of the Bond are described in Schedule A.
Very truly yours,
~I
Harry Qakatia" sht
Director of Finance
attmt
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Ref. 'foe F G
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SCHEDULE A
County of Hawaii, Hawaii, Public Improvement Bonds, 1998 Series A, is issued as a single bond
(the "Bond") in fully registered form without coupons, is registered to the United States
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 $775,600 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-98A-1, bear interest with respect to each Loan Advance from the date
of such Loan Advance at the rate of four and one-half per centum (4-1/2%) per annum payable
semiannually each May 1 and November 1, commencing November 1, 1998, and mature on
May 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
Ma 1 Amount Ma 1 Amount
1999 $ 9,500 2017 $ 21,000
2000 9,900 2018 22,000
2001 10,400 2019 23,000
2002 10,900 2020 24,000
2003 11,300 2021 25,100
2004 11,900 2022 26,200
2005 12,400 2023 27,400
2006 13,000 2024 28,600
2007 13,500 2025 29,900
2008 14,100 2026 31,200
2009 14,800 2027 32,600
2010 15,400 2028 34,100
2011 16,100 2029 35,600
2012 16,900 2030 37,300
2013 17,600 2031 38,900
2014 18,400 2032 40,700
2015 19,300 2033 42,500
2016 20,100
The principal installments of the Bond maturing on and after May 1, 2004 or any portion of such
installments are subject to redemption prior to the stated maturity thereof by the County of
Hawaii on and after June 1, 2003, 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.