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COM 0027.001 2012-2014
Pitt_'L._i Ill C1.Z ( � M M. 2"7 Dan A. Cole P.O. Box 630 Keaau, HI 96749 Hawaii County Council 9 January 2013 RE: Testimony in Comment to Bill 10 that Authorizes the Issuance of General Obligation Refunding Bonds of the County of Hawaii. I call the Council's attention to the Hawaii County Board of Ethics Petition No. 2012-08. It would be prudent of the County Council to delay action on Bill 10 until such time as the Hawaii County Ethics Board had completed it actions on Petition 2012-08 as it is anticipated that the Ethics Board will refer evidence contained and or exposed in the proceedings to the County Council for criminal violations of the Hawaii County Charter if it is determined that Mayor has sold tens of millions of dollars in unauthorized and illegal Hawaii County Bond Anticipation Notes. Dan A. Cole Attached: Seventy-Eight, (78), page testimony filed with the Hawaii County Ethics Board on 8 January 2013 Comm. No -7‘ Ref. To: Alit Ref. Date ` 2013 RECEIVED JAN A. Cole :A P.O. Box 630 AN 0 $ 2013 Keaau, HI 96749 OFFICE OF THE CORPORATION COUP , COUNTY OF HAWAII .a HAWAII COUNTY BOARD OF ETHICS January 9, 2013 RE: STATEMENTS FROM THE PUBLIC ON AGENDA ITEMS (6.) Unfinished Business (b.) Petition No. 2012-08. ; 18 U.S.C. §4 Misprision of felony notification. The attached Seventy-Seven, (77),pages contain an indirect confession provided by and through the Hawaii County Corporation Council as to knowledge of the actual commission of a felony cognizable by a court of the United States to a conspiracy to commit acts and/or actions by organized Public Corruption in violations of the federal RICO Act to include but not limited to racketeering activities and fraud against the United States in the filing of fraudulent IRS Form 8038-G Information Return for Tax-Exempt Government Obligations resulting from violations of United States Code, 18 U.S. C. §1344 Bank Fraud. It must be construed from the attached government records and publically available information that the Mayor of the County of Hawaii, in conspiracy with other government officials and financial institutions, did conspire to use the good name and reputation of the County of Hawaii in a money laundering scheme potentially worth$3 Billion Dollars. The Mayor of the County of Hawaii, William"Billy" Kenoi in conspiracy sold numerous unauthorized or fraudulent Hawaii County Bond Anticipation Notes of various Series of issues from the period of Sept 28, 2009 through Sept 2,2012 with a known value of at least$29 Million Dollars where the issue of these County Obligations had no benefit to the people of Hawaii while at the same time incurring substantial monetary losses to the people for the benefit of nongovernment persons or institutions. It is apparent from the documentation attached hereto, in addition to local knowledge and information gained through the media or other public sources,Mayor Kenoi and those he conspired with may have used without authorization CIA Covert assets derived from the Bank of Hawaii's Escrow Division operations during the period that Bank of Hawaii Vice President Madelyn Dunham headed the Escrow Division to conduct or aid in a Money Laundering Operation thereby being protected from exposure in so far as any Law Enforcement actions taken against Mayor Kenoi or any conspirators would expose the direct link and heritage of President Barack Obama to a well identified family history of CIA covert operations. Dan A. Cole © 0 pal df„, Petition No. County of Hawaii _ 2nd Floor, Hilo, Hawaii 96720 --�_, � 333 Kilauea Avenue, RECEIVED Tel. No. (808) 961-8251 OCT 2 4 2012 PETITION OFFICE OF THE CORPORATION COUNSEL COUNTY OF HAWAII Your name: Dan A. Cole Date: October 24, 2012 lg. -1 le ° f �dtMailing address: P.O. Box 630, Keaau, HI 96749 Phone: 966-9229 ,�t ,.��/ Email address: cole_hawaii @yahoo.com } 1,141 (attach additional pages if necessary) 1. State the nature of your interest, including reason(s)for the submission of this Petition: To expose organized Public Corruption in Hawaii County Government and to expose the"old boy network"and the "unmentionables"that influence,control,and/or extort Hawaii County government employees and officers as identified by a Hilo"top criminal defense attorney"in the attached Saturday,Oct 20,2012 Tribune-Herald article. 2. Provide the specific section of the Code of Ethics in question (the Code of Ethics is Chapter 2, Article 15, of the Hawaii County Code): Section 2-83 Fair Treatment,(b)No officer or employee shall use or attempt to use the officer's or employee's official position to secure or grant unwarranted privileges,exemptions,advantages,contracts,or treatment,for oneself or others; 3. Provide a complete statement of the facts: • Hawaii County Mayor William Kenoi,in conspiracy with others,illegally obtained and used$10 million dollars of the people's money for the sole advantage of Bank of Hawaii,First Hawaiian Bank,and/or a RICO Enterprise of the "old boy network"and/or"unmentionables. 4. Provide a statement of your position or contention: See attached sections of the Hawaii County Board of Ethics minutes for the July 11,and August 8,2012 meeting,in addition to all written and spoken statements and filings made by Dan A.Cole to the Board of Ethics since November 2010 5. If this petition is regarding yourself, please indicate whether you are requesting an: 1g open hearing ❑ closed hearing • 1r Sri ei Y signature NOTE: Any petition that does not substantially comply with the foregoing requirements may be rejected In addition, the Board may,for good cause, reject any petition. Hawaii County Code Section 2-86. Hawaii County is an Equal Opportunity Provider and Employer. ©0 . Print Page 1 of 5 Subject Request Council Resoulation for Legislative Audit of Hawaii County Account#0048-002544 From Dan Cole(colehawaii@yahoo.com) L_I To: gilagan@co.hawaiihius; = - Boo: Govemor.Abercrombie@hawaii gov:tripcityusa@iuno.com;jyoshimoto@co.hawaii.hi us;jric@optonline net hhcook- iauer@westhawaiitoday.com; Date: Thursday,January 3.2013 1:31 PM , Aloha Council Member Ilagan, In a quest to expose Public Corruption and RICO activity within the Hawaii County government I am making this Formal Request for a Legislative Audit of the Hawaii County Finance Department and the Office of the Mayor, County of Hawaii.This request is made by and through the people's authority of governmental oversight granted to the people of the Sovereign State of Hawaii by and through its Constitution where all Public officials have entered into a contract with the people by and through their Sworn and Oath to support and defend the Constitutions of the United States and the State of Hawaii. My research has identified highly questionable County of Hawaii Time Deposit Account transactions, identified as County of Hawaii- Bank of Hawaii,Account# 0048-002544, and County of Hawaii-First Hawaiian Bank Account #20010201. Reviewing Hawaii County Records I purchased from the County of Hawaii as provided to me by the Office of the Corporation Counsel under the Hawaii Uniform Information Practices Act, UIPA, the following irregularities and/or discrepancies were identified and indicate numerous civil and criminal violations of County, State, and Federal statutes. Please Note the following: On 07/30/10 the County of Hawaii issued New Time Deposit Account Instructions to Bank of Hawaii to place $13,400,000.00 into a Time Deposit Account for a Term of 12 days, with a Maturity date of 11-Aug-10 at an Interest Rate of 0.11% into Sub Account BAN Series "A". On 07/30/10 the County of Hawaii issued New Time Deposit Account Instructions to Bank of Hawaii to place $5,600,000.00 into a Time Deposit Account for a Term of 12 days, with a Maturity date of 11-Aug-10 at an Interest Rate of 0.11% into a Sub Account BAN Series "B". The question is posed as to what were the previous Time Deposit Account Instructions as related to BAN "A"and BAN "B" On June 3, 2010 the County of Hawaii sold to the HAWAIIAN TAX FREE TRUST, managed by Bank of Hawaii, a FOUR MILLION DOLLAR County of Hawaii Bond Anticipation Note Series "A", with an interest rate of 1.18%, with a Maturity date of August 11, 2010, identified by CUSIP NUMBER: 41969CAD8, held in custody for I-ITFT at JP Morgan Chase (JPM): % New York Window, 4 New York Plaza, 11th floor, New York, NY 10004 COPY ,.mt rage On February 9, 2012 the County of Hawaii sold to the HAWAIIAN TAX FREE TRUST, managed by Bank of Hawaii, a TEN MILLION DOLLAR County of Hawaii Bond Anticipation Note Series "A", with an interest rate of 1.10%, with a Maturity date of August 11, 2010, identified by CUSIP NUMBER: 41969CAC0, held in custody for HTFT at JP Morgan Chase (JPM): c/o New York Window, 55 Water St, 3rd. Fir, Plaza Level, New York, NY 10041 On February 9, 2010 the County of Hawaii sold to the HAWAIIAN TAX FREE TRUST, managed by Bank of Hawaii, a Maturing Note No. R-1 for FIVE MILLION DOLLAR County of Hawaii Bond Anticipation Note Series "A", with an interest rate of 1.10%, with a current Maturity Date of February 25, 2010 and a New Maturity date of August 11, 2010, identified by CUSIP NUMBER: 41969CAB2. On September 28, 2009 the County of Hawaii sent a NOTICE OF OFFER to the Bank of Hawaii for the sale of a County of Hawaii Bond Anticipation Note Series "A" with a Principle Amount of $5,000,000 with a Maturity Date: February 25, 2010. On October 9, 2009 the County of Hawaii sold to the HAWAIIAN TAX FREE TRUST, managed by Bank of Hawaii, a FIVE MILLION DOLLAR County of Hawaii Bond Anticipation .Note Series "A", with an interest rate of 1.25%, with a Maturity date of February 25, 2010, identified by CUISP NUMBER: 41969CAA4, held in custody for HTFT at JP Morgan Chase (PM): c/o New York Window, 55 Water St, 3rd. Fir, Plaza Level, New York, NY 10041 On September 28, 2009, IN WITNESS WHEREOF, Hawaii County Director of Finance, Nancy Crawford, issued a Certificate of the Director of Finance of the County of Hawaii, A.K.A. the Master Issuance Certificate. Does it not appear that the purpose of the issuance of the aforementioned Bond Anticipation Notes Series "A" was to open Time Deposit Accounts with the Bank of Hawaii paying 1/10th the interest paid to borrow $19M? Why is there no record of any Series "B" Bond Anticipation Notes indicated by the BAN "B" entry in the New Account Instructions given to Bank of Hawaii? Please refer to Section 201. Authority for Issuance;Purpose of Issue. (a)The issuance of the Notes has been duly authorized, or will by duly authorized at the time of issuance ... , Hawaii Revised Statutes, HRS 47-16 Bond Anticipation Notes, and Hawaii Asset Protection Trust Law, Act 182 signed into law on June 28, 2010 On February 24, 2011 the County of Hawaii sent a NOTICE OF OFFER to the Bank of Hawaii for the sale of a County of Hawaii Bond Anticipation Note Series "A" with a Principle Amount of $10,000,000, Date of Issue March2, 2011, Maturity Date of September 2, 2011, Acceptance Date of February 28, 2011. On February 28, 2011 the Bank of Hawaii a PURCHASE CONFIRMATION for a County of Hawaii General Obligation Bond Anticipation Notes SERIES "A" for a Principal Amount of$10,000,000, • httnJ/us_ma2.mail.vahoo.com/neo/1aunch 1/1/2011 ant Page 3 of 5 for a Date of Issue of March 2, 2011 and a Maturity Date of September 2, 2011. On February 28, 2011 the Bank of Hawaii sent to the County of Hawaii an INTEREST RATE CONFIRMATION for an interest on a County of Hawaii Bond Anticipation Note Series "A" of 1.22%. Schedule I, of the issuance of the March 2, 2011 Bond Anticipation Note Series "A" identifies that the Registered Holder is Bank of Hawaii, at Registered Address: 130 Merchant Street, 12th Floor; Honolulu, HI 96813 where the Physical Note is held in custody for BOH at Bank of New York Mellon (BNY): The Bank of New York Mellon; One Wall Street-Third Floor Window A; New York, NY 10286 On March 2, 2011, (03/02/2011), the County of Hawaii opened a $10,000,000 Certificate of Deposit with First Hawaiian Bank, Account Number: 20010201, with a Maturity date of September 2, 2011, (09/02/2011), for a term of 184 Days at an Initial Interest Rate of 0.125%. On March 2, 2011 the County of Hawaii sold to the BANK OF HAWAII a TEN MILLION DOLLAR County of Hawaii Bond Anticipation Note Series "B" NO. R-1, with an Interest Rate: 1.22%, issue DATE: March 2, 2011, Maturity Date: September 2, 2011 identified by CUSIP NUMBER: 41969CAE6 Does it not appear that the purpose of the issuance of the March2, 2011 Series "A" of Series "B" was to open a Time Deposit Account with First Hawaiian Bank paying 1/10th the interest paid to borrow the the $10M? Why is there no County Record of the actual March 2, 2011 Bond Antipation Note Series "A" containing a CUISP Number? Why is there no County Record of a Series "B" Bond Anticipation NOTICE OF OFFER, PURCHASE CONFIRMATION, or INTEREST RATE CONFIRMATION documentation as required by the Master Issuance Certificate? On March 2, 2011, Director of Finance, County of Hawaii, Nancy Crawford signed a TAX CERTIFICATE OF COUNTY OF HAWAII Pertaining to COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIPATION NOTES SERIES B. Please refer to: Section 10. Government Bonds. .., The County will not loan more than the lesser of $5,000,000 or 5% of the proceeds of the Series B Notes to one or more nongovernmental persons Section 11. No Hedge Bonds. ... not less than 85% of the spendable proceeds of the Series B Notes issued a New Notes will be used to carry out the government purposes of the Series B Notes... Section 13. Certin Additional Assurances and Expectations Recardinq Use of Series B Notes Proceeds. Except as otherwise provided herein, none of the proceeds of the Series B Notes will be used: 1 I�I�t11 .mt Page 4 of 5 (c) to make a loan to any person or other governmental unit, (f) to accrue investment contracts or similar instruments unless the requirements of Section 1.14 8-5 of the Treasury Regulations are satisfied;or (g) to reimburse the County for expenditures made prior to the date hereof Section 14. Disposition of Financed Property;Purchase of Issue. The County does not intend to sell or otherwise dispose of the property or any portion thereof financed or refinanced by the Series B Notes during the term of the issue... The County does not intend to purchase, directly or indirectly, any portion of the issue in a transaction or series of transactions that would reduce the yield on the Series B notes. Section 16. Internal Revenue Service Information Return. ... the County will file with the Internal Revenue Service setting forth the required information relating to the Series B Notes. The information reported on that Information Return will be true, correct, and complete to the best of the knowledge and belief of the undersigned. Section 19. Reliance. The certification and representations made in this Certificate are intended to be relied upon as certifications described in Section 1.148-2(b)of the Treasury Regulations NOTE: Hawaii Revised Statutes, HRS 47-16 Bond Anticipation Notes states, Whenever the governing body of the county shall have authorized the issuance of bonds under this chapter, general obligation bone anticipation notes of the county... (1)Each note, together with all renewals and extensions thereof, or refundings thereof by other notes issued under this section, shall mature within five years from the date of the origin/note; On March 2, 2011, The County of Hawaii, by signature of the Director of Finance Nancy E. Crawford, filed with the Department of the Treasury Internal Revenue Service, Form 8038-G Information Return for Tax-Exempt Government Obligations, stating in Part II Type of Issue, 18 Other. Described as general governmental purpose capital projects. Under Part III (a) Final maturity date of March 2, 2011 or for a period of Thirty,(30), years in apparent violation of HRS 47-16(1) Does it not appear that IRS Form 8038-G may have been knowing and knowingly filed fraudulently? In view of the aforementioned and identified government documents and records, and the language contained therein and thereon, a County Council Resolution requesting the Office of b1-Frc•//iie rr n ) rrio l crihnn nnm/naes/lm7*,..1. i Y7)nni _illit Page 5 of 5 the Legislative Auditor to audit the Hawaii County Finance Department and the Office of the Hawaii County Mayor in reference to the aforementioned accounts and transactions is obviously justified and in the interest of the people of the County of Hawaii and is so Requested under the Constitution of the Sovereign State of Hawaii where it is the responsible and obligation of the people in oversight of their government. Aloha, (signed) . .. ,:ar Dan A. ole Dated: 3 January 2013, Keaau, Hawaii httn_//us.mg2.maii.vahoo.com/neo/launch 1/3/2013 BOARD OF ETHICS County of Hawaii • = 333 Kilauea Avenue, 2"d Floor, Hilo, Hawaii 96720 Tel. No. (808) 961-8251 December 20,2012(via email) Honorable William P. Kenoi Mayor,County of Hawai`i 25 Aupuni Street Hilo, Hawaii 96720 Re. Board of Ethics Petition No. 2012-08 Dear Mayor Kenoi: A petition has been filed with the Board of Ethics alleging that you and/or your office issued a$10 million bond which benefited others,with no benefit to the County or its population. The specifics of the transaction occurred in 2011,when you signed a new bond issuance in March,with formal approval by the County Council in May. The ethics question is very specific with regards to who received benefit from the transaction. It was alleged that the bond was issued to Bank of Hawai`i. It is alleged the proceeds of the bond were used to purchase a CD at First Hawaiian Bank. The interest received on the short term CD investment was much lower than the interest paid on the bond. With the maturity of the CD being the same as the bond,there is a perception by the petitioner that the only beneficiaries to the transaction were the banks. The perception is that more bond interest was paid to the banks than was received by the County on the CD investment. It is perceived the only benefit of the transaction was to give income to the banks without benefit to the County. The question to you and/or your office is simple: What benefit did the County receive from the issuance of the short term bond? Please have this question answered in writing or in person at our next Board of Ethics meeting on January 9,2013. If you have any questions or need any clarification,please contact me through the Office of the Corporation Counsel. Thank you. Sincerely, • Bernard Balsis Vice Chair,Bo d of Ethics BB:mef cc: Mr. Dan A. Cole(via email) Board of Ethics members Hawaii County is an Equal Opportunity Provider and Employer cote nawan- Y anon! Mau Page 1 of 2 Search Mail Search Web . Hi.Dar INBOX CONT.. CALE.. Fw:... RE:... Your... UIPA... UIPA... attac... Boar... RE:... RE:... UIPA... Reco... I Compose Delete Move Spam Actions nbox Records requested Conversations From ,AShida,Lincoln Crafts Te cote_hawaii @yahoo.com CC Rodillas,:Martha Sent Spam 12 Attachments 7.6MB Save All to Computer Trash(6) :.PDF .POF .POF .PDF -.PDF .PDF .POF __- .PDF .PDF :.PDF...-- .F FOLDERS-- Note 2004 bond 2004 - 2006 bond 2006 .2007 bond 2007 2008 bond 2008 2010 bond 2010 it Dan docs.pdf ord.pdf OS.POF. ord.pdf OS.PDF ord.pdf OS.POF ord.pdf OS.PDF ord.pdf .OS.PDF - -s. _'APPDCATIONS Dear Mr.Cole, Enclosed are the records pursuant to your UIPA request. Please advise whether you would also like these documents mailed to you. The balance owed the County is$5. Please make payment via cash or personal check. Thank you. Lincoln S.T.Ashida Corporation Counsel County of Hawaii Hilo Lagoon Centre 101 Aupuni Street Suite 325 Hilo,Hawaii 96720 Tel.(808)961-8304,x118 FAX(808)961-8622 Email: Lashida@co.hawaii.hi.us Website: www.co.hawaii.hi.uslcc/home.htm This message is intended only for the use of the individual or entity to which it is addressed and may contain information that is privileged,confidential and exempt from disclosure under applicable law. If you have received this communication in error, please notify us immediately by email or telephone,and return the original message. Thank you! Hawaii County is an Equal Opportunity Provider and Employer From:Ashida,Lincoln Sent:Tuesday,January 11,2011 9:49 PM To:cole hawaiifatvahoo.com Cc:Rodillas,Martha Subject:UIPA Notice Dear Mr.Cole, Please see enclosed UIPA Notice. Please remit payment to our office in the amount of$30 so we may begin processing your request. Thank you. This document was digitally signed using CoSign digital signature system.In order to trust and verify all electronic records signed by Corporation Counsel employees, please download the public root certificate at httpJico.hawan.hi.us/verifier/•You will need to do this download only once. Lincoln S.T.Ashida Corporation Counsel County of Hawai'i Hilo Lagoon Centre 101 Aupuni Street Suite 325 • Hilo,Hawaii 96720 Tel.(808)961-8304,x118 FAX(808)961-8622 Email: Lashida @co.hawaii.hi.us Website: www.co.hawaii.hi.us/cc/home.htm This message is intended only for the use of the individual or entity to which it is addressed and may contain information that is privileged,confidential and exempt from disclosure under applicable law. If you have received this communication in error, please notify usimmediately by email or telephone.andtum the original message. Thank you! http://us.mg2.mail.yahoo.com/neo/launch 1/3/2013 808 0350043 BOW Buss Banking /115 08-41. .2a71. 08-02-2010 1 11 Date: 07/30110 To: Bank of Hawaii-Attn:Amy Honda(Fax:935-9043) From: Michael Okumoto,(808-933-6240)County of Hawaii Re: County of Hawaii-New Time Deposit Account Instructions Per this authorization, please debit County of Hawaii.account# 0048-002544 in the amount of: $ 44,772,359.27 and apply as follows: Effective Interest Sub Account Date Amount Term Maturity Rate Title 1) 30-Jul-10 $7,357,590.06 185 days, 31-Jan-11 0.17% 2010 Series A 2) 30-Jul-10 $9,585,705.73 185 days 31-Jan-11,_ 0.17% 2010 Series A OWS 3) 30-Jul-10 $7,721,631.05 185 days 31-Jan-11 0.17% 2010 Series B 4) 30-Jul-10 $1,107,432.43 185 days 31-Jan-11 0.17% 2010 Series B DWS 5) 30-Jul-10 $13,400,000.00 12 days 11-Aug-10 0.11% SAN Series A _ 30Jul-10_ $5,600,000.00- 12 days _ 11-Aug-10 . 0.11%_ BAN Series B $44,772,359.27 Additional Instructions: Interest payment upon maturity of the Time Deposit(s)should be set-up automatically to credit County of l;-tawaii account 0048-002544 unless otherwise instructed by customer. Upon maturity of the Time Deposit Account(s)listed above, all principal is to be credited to County of Hawaii account 0048-002544 unless otherwise instructed by customer. Michael Okumoto First Hawaiian Bank Date: 08/25/10 County of Hawaii Transaction No. 1008250004 Director of Finance Customer No. R702 ATTN: Mr. Michael Okumoto Tax ID No. General Fund 25 Aupuni Street Ste. 1102 Hilo, HI 96720-0000 II:: WE CONFIRM THE FOLLOWING TRANSACTION: Securities sold under repurchase agreement to be returned on 08/25/11 for 365 Days at 0. 1 000 Collateral: Market Value: 6, 777, 695 .27 FNMA 2008-61 Class CA 7, 197, 785. 63 5. 00000 08/25/2022 06/01/08 Interest if held to maturity: 10, 166.54 Principal: 6, 777, 695 .27 6, 787, 861.81 Authorized by: --- PL-9------- L' First Hawaiian Bank •P.O. Box 1959 'Honolulu •HI 96805 •fhb.com COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIPATION NOTES, SERIES A NOTICE OF OFFER September 28,2009 Via E-Mail to steve.rodaers( boh.com,confirmed by first class mail To: Bank of Hawaii P.O.Box 3170 Honolulu, HI 96802 Attention: Steve Rodgers,Fixed Income Manager, Asset Management Group The County of Hawaii (the"County")hereby notifies you of its intention to issue a Note or Notes of the above series, and hereby offers the same to Bank of Hawaii (the "Participating Institution"), upon the terms set forth in the Certificate of the Director of Finance of the County, dated as of September 28, 2009, providing for the issuance and sale of such Notes(the"Master Issuance Certificate")and as further as set forth below: Principal Amount Date of Issue Maturity Date Acceptance Date $5,000,000 October 9,2009 February 25,2010 October 2,2009 Pursuant to the Master Issuance Certificate, the Note or Notes will bear interest,payable at maturity, at a rate which equal to the Municipal Market Data(MMD)Short Term Rate for tax-exempt obligations of the same or next closest maturity,as published by the Bond Buyer,plus a spread of 90 basis points, determined as of the Acceptance Date specified above based on the applicable MMD rate published as of the close of business on the immediately preceding Business Day(as defined in the Master Issuance Certificate). The foregoing offer is subject to acceptance by the Participating Institution, in whole but not in part except as provided below,on the Acceptance Date specified above. At the election of the Participating Institution, the County will either issue a single Note in the full Principal Amount specified above, or multiple Notes in denominations of not less than $100,000, as specified by the Participating Institution, and equal in the aggregate to the Principal Amount specified above. Notwithstanding the foregoing, the County reserves the right to offer the Note or Notes to other potential investors and either to issue and sell the entire Principal Amount to a single investor or to allocate such Principal Amount (in minimum denominations of $100,000) among two or more investors in such manner as it deems appropriate. By its acceptance of the foregoing offer, the Participating Institution shall be deemed to have consented to and agreed to be bound by any such offer and allocation. • COUNTY OF HAWAII GEN OBLIGATION BOND ANTICIPATION NOTES, SERIES A PURCHASE CONFIRMATION October 2,2009 Via E-Mail to mokumoto@co.hawaii.hi.us,confirmed by first class mail To: County of Hawaii Treasury Division 101 Pauahi Street,Suite#5 Hilo,Hawaii 96720 Attention: Michael Okumoto,Treasurer Bank of Hawaii (the "Participating Institution") hereby acknowledges receipt from the County of Hawaii (the "County") of a Notice of Offer pursuant to which the County has offered to sell to the Participating Institution a Note or Notes of the above series upon the terms set forth in the Certificate of the Director of Finance of the County, dated as of September 28, 2009, providing for the issuance and sale of such Notes (the "Master Issuance Certificate")and as further as set forth below: Principal Amount Date of Issue Maturity Date $5,000,000 October 9,2009 February 25,2010 Pursuant to the Master Issuance Certificate, the Note or Notes will bear interest,payable at maturity, at a rate equal to the Municipal Market Data (MMD) Short Term Rate for tax-exempt obligations of the same or next closest maturity, as published by the Bond Buyer,plus a spread of 90 basis points, determined as of the Acceptance Date specified in the Notice of Offer based on the applicable MMD rate published as of the close of business on the immediately preceding Business Day (as defined in the Master Issuance Certificate). The Participating Institution hereby accepts the foregoing offer and agrees to purchase the above Note in the full Principal Amount specified above. The Participating Institution hereby instructs the County to register the Note as set forth in Schedule I attached hereto. Notwithstanding the foregoing, the County reserves the right to offer the Note or Notes to other potential investors and either to issue and sell the entire Principal Amount to a single investor or to allocate such Principal Amount (in minimum denominations of $100,000) among two or more investors in such manner as it deems appropriate. The As provided in.the Master Issuance Certificate, the Participating Institution will determine the interest rate on the Note purchased hereunder in accordance with the foregoing and confirm the same on the determination date by transmitting an Interest Rate Confirmation to the County via facsimile or e-mail, confirmed in writing via first class mail, in the form attached as Exhibit D to the Master Issuance Certificate. BANK OF HAWAII if1 By: 1 , Nam e•tep en Rodgers Title: Senior Vice President 3 COUNTY OF HAWAII GENERAL OBLIGATION.BOND ANTICIPATION NOTES, SERIES A INTEREST RATE CONFIRMATION October 2,2009 Via E-Mail to mokumotoQco.hawaii.hi.us,confirmed by first class mail To: County of Hawaii Treasury Division 101 Pauahi Street,Suite#5 Hilo,Hawaii 96720 Attention: Michael Okumoto,Treasurer Bank of Hawaii (the "Participating Institution") has agreed to purchase from the County of Hawaii (the"County") a Note of the above series, for delivery on October 9, 2009,upon the terms set forth in the Certificate of the Director of Finance of the County, dated as of September 28, 2009,providing for the issuance and sale of such Notes (the "Master Issuance Certificate"). Pursuant to the Master Issuance Certificate, the interest rate on the Note has been determined as of the date hereof as follows: Applicable MMD Short Term Rate: 0.35% Plus 90 BPS Interest Rate 1.25% BANK OF HAWAII V}t/t - Nam Nam Stephen Rodgers Title: Senior Vice President • • • • UNITED STATES OF AMERICA STATE OF HAWAII • COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIPATION NOTE, SERIES A NO. R-1 $5,000,000 INTEREST DATED MATURITY CUSIP RATE: DATE: DATE: NUMBER: 1.25% October 9,2009 February 25,2010 419S9CAA4 REGISTERED HOLDER: HAWAIIAN TAX FREE TRUST PRINCIPAL SUM: FNE MILLION DOLLARS THE COUNTY OF HAWAII, State of Hawaii (hereinafter called the "County"}, for value received, hereby promises to pay to the Registered Holder (named above), or registered assigns, on the above Maturity Date (unless this note shall be subject to prior redemption and shall have theretofore been duly called for prior redemption and payment of the redemption price duly made or provided for), the above Principal Sum together with interest at the above Interest Rate per annum. Such payment shall be made to the Registered Holder hereof in whose name this Note is registered upon the Note Register as of the close of business on the tenth(10th)day (whether or not a business day) preceding the Maturity Date. All amounts due hereunder shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. Payment of such amounts shall be made by check or draft mailed or by wire sent to the registered Holder of such Bond at such Holder's address or account as it appears on the Bond Register or otherwise as agreed upon by the County and such Holder. Upon the making of such payment,the Registered Holder shall be required to surrender the Bond for cancellation at the office of the Director of Finance of the County,in Hilo,Hawaii, as Paying Agent. This Note is one of the County's General Obligation Bond Anticipation Notes authorized and issued pursuant to and in full compliance with the Constitution and laws of the State of Hawaii, including Part I of Chapter 47,Hawaii Revised Statutes, as amended,the Charter of the County,proceedings of the County duly taken thereunder, and the Certificate of the Director of Finance of the County providing for the issuance and sale of the Notes and fixing the form and details thereof(the "Master Issuance Certificate"). This Note is subject in all respects to the provisions of the Master Issuance Certificate(a copy of which is on file at the office of the Director of Finance of the County)and all certificates supplemental thereto,to which reference is made for provisions regarding the rights of the Holders,the nature and extent of the security and provisions for payment of the Notes, of the rights, duties and immunities of the County and its Director of Finance,as Registrar and Paying Agent. By acceptance hereof,the Holder of this Note assents and agrees to all such provisions. This Note is a general obligation of the County, and the interest and principal payments hereof are a first charge on the general fund of such County. The full faith and credit of the County are irrevocably pledged to the punctual payment of the principal of and interest on this Note according to its terms. This Note may be transferred, in whole but not in part, upon the Note Register by the Registered Holder hereof, in person or by his attorney duly authorized in writing, at the aforementioned office of the Director of Finance of the County, as Registrar, but only in the manner, subject to the limitations and upon payment of the charges, if any, provided in the proceedings authorizing this Note, and upon the surrender hereof to the Registrar for cancellation, together with a written instrument of transfer satisfactory in form to the Registrar and duly executed by the Registered Holder or the Registered Holder's duly authorized attorney, which may be the form endorsed hereon. Upon such transfer a new Note,of the same aggregate • principal amount, issue, interest rate and maturity as the Note surrendered, will be issued to the transferee in exchange herefor. The County and its Director of Finance or such Director's designee,as Paying Agent and Registrar, may treat the person in whose name this Note is registered on the Note Register kept pursuant to the proceedings authorizing this Note as the absolute owner of this Note for all purposes, including payment, and neither the County nor its Director of Finance, as Paying Agent and Registrar,shall be affected by any notice to the contrary. It is hereby certified,recited and declared that all conditions, acts and things essential to the validity of this Note and the series of which it is a part exist,have happened and have been done; that every requirement of law affecting the issuance thereof has been duly complied with; and that the amount of this Note and the series of which it forms a part,together with all other indebtedness of the County of Hawaii, is not in excess of any constitutional or statutory limitation on indebtedness. . .. _ . . IN WITNESS WHEREOF, THE COUNTY OF HAWAII, STATE OF HAWAII, has caused this Note to be signed by the manual signature of its Director of Finance, to bear the facsimile signature of its Mayor, to be impressed with its seal or to bear a facsimile of its seal, and this Note to be dated as of the date stated above. ; • J E) J ` Mayor,County of Hawaii ,i•'4 :''T i (, � . •• Director ,f Finance, ., , ty of Hawaii 2 Schedule I Registered Holder Registered Address Principal Amount Hawaiian Tax Free Trust (HTFT) HTFT:380 Madison Avenue,Suite 55,000,000.00 2300,NY,NY 10017 HTFT Investment Advisor:The Asset AMG: 130 Merchant Street,Suite 370, Management Group of Bank of Honolulu,HI 96813 Hawaii(AMG) Physical note held in custody for JPM:do New York Window HTFT at JP Morgan Chase(JPM) 55 Water St,3rd Fir,Plaza Level New York,NY 10041 • • • 4 COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIPATION NOTES, SERIES A NOTICE OF OFFER February 9,2010 Via E-Mail to steve.rodaernalboh.com,confirmed by first class mail To: Bank of Hawaii P.O.Box 3170 Honolulu,HI 96802 Attention: Steve Rodgers,Fixed Income Manager, Asset Management Group The County of Hawaii (the"County")hereby notifies you of its intention to issue a Note or Notes of the above series, and hereby offers the same to Bank of Hawaii (the "Participating Institution"), upon the terms set forth in the Certificate of the Director of Finance of the County, dated as of September 28,2009, providing for the issuance and • sale of such Notes(the"Master Issuance Certificate")and as further as set forth below: • Principal Amount Date of Issue Maturity Date Acceptance Date $10,000,000.00 February 25,2010 August 11,2010 February18,2010 Pursuant to the Master Issuance Certificate,the Note or Notes will bear interest,payable at maturity,at a rate which equal to the Municipal Market Data(MMD)Short Term Rate for tax-exempt obligations of the same or next closest maturity,as published by the Bond Buyer, plus a spread of 90 basis points, determined as of the Acceptance Date specified above based on the applicable MMD rate published as of the close of business on the immediately preceding Business Day(as defined in the Master Issuance Certificate).. The foregoing offer is subject to acceptance by the Participating Institution, in whole but not in part except as provided below,on the Acceptance Date specified above. At the election of the Participating Institution,the County will either issue a single Note in the full Principal Amount specified above, or multiple Notes in denominations of not less than $100,000, as specified by the Participating Institution, and equal in the aggregate to the Principal Amount specified above. Notwithstanding the foregoing, the County reserves the right to offer the Note or Notes to other potential investors and either to issue and sell the entire Principal Amount to a single investor or to allocate such Principal Amount (in minimum denominations of $100,000) among two or more investors in such manner as it deems appropriate. By its acceptance of the foregoing offer,the Participating Institution shall be deemed to have consented to and agreed to be bound by any such offer and allocation. • COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIPATION NOTES, SERIES A PURCHASE CONFIRMATION February 18,2010 Via E-Mail to mokumoto(a,co.hawaii.hi.us,confirmed by first class mail To: County of Hawaii Treasury Division 101 Panahi Street,Suite#5 Hilo,Hawaii 96720 Attention: Michael Okumoto,Treasurer Bank of Hawaii (the "Participating Institution") hereby acknowledges receipt from the County of Hawaii (the "County") of a Notice of Offer pursuant to which the County has offered to sell to the Participating Institution a Note or Notes of the above series upon the terms set forth in the Certificate of the Director of Finance of the County, dated as of September 28, 2009, providing for the issuance and sale of such Notes (the "Master Issuance Certificate")and as further as set forth below: Principal Amount Date of Issue Maturity Date $10,000,000 February 25,2010 August 11,2010 Pursuant to the Master Issuance Certificate,the Note or Notes will bear interest, payable at maturity, at a rate equal to the Municipal Market Data (MMD) Short Term Rate for tax-exempt obligations of the same or next closest maturity, as published by the Bond Buyer, plus a spread of 90 basis points, determined as of the Acceptance Date specified in the Notice of Offer based on the applicable MMD rate published as of the close of business on the immediately preceding Business Day(as defined in the Master Issuance Certificate). The Participating Institution hereby accepts the foregoing offer and agrees to purchase the above Note in the full Principal Amount specified above. The Participating Institution hereby instructs the County to register the Note as set forth in Schedule I attached hereto. Notwithstanding the foregoing, the County reserves the right to offer the Note or Notes to other potential investors and either to issue and sell the entire Principal Amount to a single investor or to allocate such Principal Amount(in minimum denominations of $100,000) among two or more investors in such manner as it deems appropriate. The s As provided in the Master Issuance Certificate, the Participating Institution will determine the interest rate on the Note purchased hereunder in accordance with the foregoing and confirm the same on the determination date by transmitting an Interest Rate Confirmation to the County via facsimile or e-mail, confirmed in writing via first class mail,in the form attached as Exhibit D to the Master Issuance Certificate. BANK OF HAWAII By: /gild 4AA /J N. !'i1*hen Rodgers Title: Portfolio Manager, Senior Vice President • 3 COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIPATION NOTES, SERIES A INTEREST RATE CONFIRMATION February 23,2010 Via E-Mail to mokumotoico.hawaii.hi.us,confirmed by first class mail To: County of Hawaii Treasury Division 101 Pauahi Street,Suite#5 Hilo,Hawaii 96720 • Attention: Michael Okumoto,Treasurer Bank of Hawaii (the "Participating Institution") has agreed to purchase from the County of Hawaii (the "County") a Note (or Notes) of the above series, for delivery on February 25, 2010, upon the terms set forth in the Certificate of the Director of Finance of the County, dated as of September 28, 2009, providing for the issuance and sale of such Notes (the "Master Issuance Certificate"). Pursuant to the Master Issuance Certificate, the interest rate on the Note(s) has been determined as of the date hereof as follows: Applicable MID Short Term Rate 0.20% Plus 90 BPS 0.90% Interest Rate 1.10% BANK OF HAWAII ,/ . By: .at/ . 1 Namely. tephen Rodgers Title: Senior Vice President • • • • e . . • • 1 • ' 4 • UNITED STATES OF AMERICA STATE OF HAWAII COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIPATION NOTE, SERIES A NO. R-3 $10,000,000 INTEREST DATED MATURITY CUSIP RATE: DATE: DATE: NUMBER: 1.10% February 25,2010 August 11,2010 41969CAC0 REGISTERED HOLDER: HAWAIIAN TAX FREE TRUST PRINCIPAL SUM: TEN MILLION DOLLARS THE COUNTY OF HAWAII, State of Hawaii (hereinafter called the "County"), for value received, hereby promises to pay to the Registered Holder (named above), or registered assigns, on the above Maturity Date (unless this note shall be subject to prior redemption and shall have theretofore been duly called for prior redemption and payment of the redemption price duly made or provided for), the above Principal Sum together with interest at the above Interest Rate per annum. Such payment shall be made to the Registered Holder hereof in whose name this Note is registered upon the Note Register as of the close of business on the tenth (10th) day (whether or not a business day) preceding the Maturity Date. All amounts due hereunder shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. Payment of such amounts shall be made by check or draft mailed or by wire sent to the registered Holder of such Bond at such Holder's address or account as it appears on the Bond Register or otherwise as agreed upon by the County and such Holder. Upon the making of such payment,the Registered Holder shall be required to surrender the Bond for cancellation at the office of the Director of Finance of the County, in Hilo, Hawaii, as Paying Agent. This Note is one of the County's General Obligation Bond Anticipation Notes authorized and issued pursuant to and in full compliance with the Constitution and laws of the State of Hawaii, including Part I of Chapter 47, Hawaii Revised Statutes, as amended, the Charter of the County, proceedings of the County duly taken thereunder, and the Certificate of the Director of Finance of the County providing for the issuance and sale of the Notes and fixing the form and details thereof (the "Master Issuance Certificate"). This Note is subject in all respects to the provisions of the Master Issuance Certificate(a copy of which is on file at the office of the Director of Finance of the County)and all certificates supplemental thereto,to which reference is made for • • , a provisions regarding the rights of the Holdes,the nature and extent of the security and provisions for payment of the Notes, of the rights, duties and immunities of the County and its Director of Finance,as Registrar and Paying Agent By acceptance hereof,the Holder of this Note assents and agrees to all such provisions. This Note is a general obligation of the County, and the interest and principal payments hereof are a first charge on the general fund of such County. The full faith and credit of the County are irrevocably pledged to the punctual payment of the principal of and interest on this Note according to its terms. This Note may be transferred, in whole but not in part, upon the Note Register by the Registered Holder hereof, in person or by his attorney duly authorized in writing, at the aforementioned office of the Director of Finance of the County, as Registrar, but only in the manner, subject to the limitations and upon payment of the charges, if any, provided in the proceedings authorizing this Note, and upon the surrender hereof to the Registrar for cancellation, together with a written instrument of transfer satisfactory in form to the Registrar and duly executed by the Registered Holder or the Registered Holder's duly authorized attorney, which may be the form endorsed hereon. Upon such transfer a new Note, of the same aggregate principal amount, issue, interest rate and maturity as the Note surrendered,will be issued to the transferee in exchange herefor. The County and its Director of Finance or such Director's designee,as Paying Agent and Registrar, may treat the person in whose name this Note is registered on the Note Register kept pursuant to the proceedings authorizing this Note as the absolute owner of this Note for all purposes, including payment, and neither the County nor its Director of Finance, as Paying Agent and Registrar,shall be affected by any notice to the contrary. It is hereby certified, recited and declared that all conditions, acts and things essential to the validity of this Note and the series of which it is a part exist,have happened and have been done;that every requirement of law affecting the issuance thereof has been duly complied with; and that the amount of this Note and the series of which it forms a part, together with all other indebtedness of the County of Hawaii, is not in excess of any constitutional or statutory limitation on indebtedness. , . . IN WITNESS WHEREOF, THE COUNTY OF HAWAII, STATE OF HAWAII, has caused this Note to be signed by the manual signature of its Director of Finance, to bear the facsimile signature of its Mayor, to be impressed with its seal or to bear a facsimile of its seal, and this Note to be dated as of the date ed above. $.47;-(.7•N',. • L)t 20____13— C".___,-- ' 1 Mayor,County of Hawaii .. -. ..- /.- f , j , Directo of Finance, % . of Hawaii 2 Schedule I Registered Holder Registered Address Principal Amount Hawaiian Tax Free Trust HTFT:380 Madison Avenue, $10,000,000.00 (HTFI) Suite 2300,NY,NY 10017 AMG:130 Merchant Street, HTFT Investment Advisor:The Suite 370,Honolulu,HI 96813 4 Asset Management Group of Bank of Hawaii{AMG) JPM:do New York Window Physical note held in custody for 55 Water St,3rd Fir,Plaza HTFT at JP Morgan Chase Level (3PM) New York,NY 10041 4 COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIPATION NOTES, .. SERIES A NOTICE OF RENEWAL NOTE ISSUANCE . February 9,2010 Via E-Mail to steve.rodgers@boh.com,confirmed by first class mail To: Bank of Hawaii P.O.Box 3170 Honolulu,HI 96802 Attention: Steve Rodgers,Fixed Income Manager, Asset Management Group In accordance with the Certificate of the Director of Finance of the County of Hawaii(the "County"),dated as of September 28 ,2009,providing for the issuance and sale of Notes of the above series (the"Master Issuance Certificate") and as further as set forth below, the County - hereby notifies you of its election to issue and sell to Bank of Hawaii (the "Participating Institution")one or more Renewal Notes(as defined in the Master Issuance Certificate)to refund the maturing principal of the following Note or Notes of the above series previously issued to the Participating Institution: Maturing Current New Note No. Principal Amount Maturity Date Maturity Date R-1 $5,000,000.00 February 25,2010 August 11,2010 Subject to the conditions specified in the Master Issuance Certificate,the Renewal Note or Notes will be issued to the Participating Institution on the Current Maturity Date for the Maturing Note or Notes identified above,and the Participating Institution has previously agreed to be bound by the County's election to issue the Renewal Note or Notes and to accept and pay for the same at a purchase price equal to 100%of the principal amount thereof. At the election of the Participating Institution, the County will either issue a single Renewal Note in the full Principal Amount specified above, or multiple Notes in denominations of not less than$100,000,as specified by the Participating Institution,and equal in the aggregate to the Principal Amount specified above. Unless otherwise directed in writing by the Participating Institution,the County will issue the Renewal Note(s)in the same denomination(s) and in the name(s)of the same registered owner(s)as the Maturing Note(s). Pursuant to the Master Issuance Certificate,the Renewal Note or Notes will bear interest, payable at maturity, at a rate equal to the Municipal Market Data(MMD) Short Term Rate for tax-exempt obligations of the same or next closest maturity, as published by the Bond Buyer, plus a spread of 90 basis points, determined as of the second(2") Business Day (as defined in COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIPATION NOTES, SERIES A INTEREST RATE CONFIRMATION February 23,2010 Via E-Mail to mokumoto(i co.hawaii.hi.us,confirmed by first class mail To: County of Hawaii Treasury Division 101 Pauahi Street,Suite#5 Hilo,Hawaii 96720 Attention: Michael Okumoto,Treasurer Bank of Hawaii (the "Participating Institution") has agreed to purchase from the County of Hawaii (the "County") a Note (or Notes) of the above series, for delivery on February 25, 2010, upon the terms set forth in the Certificate of the Director of Finance of the County, dated as of September 28, 2009, providing for the issuance and sale of • such Notes (the "Master Issuance Certificate"). Pursuant to the Master Issuance Certificate, the interest rate on the Note(s) has been determined as of the date hereof as follows: Applicable MMD Short Term Rate 0.20% Plus 90 BPS 0.90% Interest Rate 1.10% BANK OF HAWAII �,I By: X14 J. f Name", tephen Rodgers Title: Senior Vice President UNITED STATES OF AMERICA STATE OF HAWAII COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIPATION NOTE, SERIES A NO. R-2 $5,040,004 INTEREST DATED MATURITY CUSIP RATE: DATE: DATE: NUMBER: 1.10% February 25,2010 August 11,2010 41969CAB2 REGISTERED HOLDER: HAWAIIAN TAX FREE TRUST lir PRINCIPAL SUM: FIVE MILLION DOLLARS THE COUNTY OF HAWAII, State of Hawaii (hereinafter called the "County"), for value received, hereby promises to pay to the Registered Holder (named above), or registered assigns, on the above Maturity Date (unless this note shall be subject to prior redemption and shall have theretofore been duly called for prior redemption and payment of the redemption price duly made or provided for), the above Principal Sum together with interest at the above Interest Rate per annum. Such payment shall be made to the Registered Holder hereof in whose name this Note is registered upon the Note Register as of the close of business on the tenth (10`h) day (whether or not a business day) preceding the Maturity Date. All amounts due hereunder shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. Payment of such amounts shall be made by check or draft mailed or by wire sent to the registered Holder of such Bond at such Holder's address or account as it appears on the Bond Register or otherwise as agreed upon by the County and such Holder. Upon the making of such payment,the Registered Holder shall be required to surrender the Bond for cancellation at the office of the Director of Finance of the County,in Hilo,Hawaii, as Paying Agent. This Note is one of the County's General Obligation Bond Anticipation Notes authorized and issued pursuant to and in full compliance with the Constitution and laws of the State of =. Hawaii, including Part I of Chapter 47, Hawaii Revised Statutes, as amended, the Charter of the County, proceedings of the County duly taken thereunder, and the Certificate of the Director of Finance of the County providing for the issuance and sale of the Notes and fixing the form and details thereof (the "Master Issuance Certificate"). This Note is subject in all respects to the provisions of the Master Issuance Certificate(a copy of which is on file at the office of the Director of Finance of the County)and all certificates supplemental thereto,to which reference is made for 7 r" provisions regarring the rights of the Holders,the nature and extent of the security and provisions for payment of the Notes, of the rights, duties and immunities of the County and its Director of Finance,as Registrar and Paying Agent. By acceptance hereof,the Holder of this Note assents and agrees to all such provisions. This Note is a general obligation of the County, and the interest and principal payments hereof are a first charge on the general fund of such County. The full faith and credit of the County are irrevocably pledged to the punctual payment of the principal of and interest on this Note according to its terms, This Note may be transferred, in.whole but not in part, upon the Note Register by the Registered Holder hereof, in person or by his attorney duly authorized in writing, at the aforementioned office of the Director of Finance of the County, as Registrar, but only in the manner, subject to the limitations and upon payment of the charges, if any, provided in the proceedings authorizing this Note, and upon the surrender hereof to the Registrar for cancellation, together with a written instrument of transfer satisfactory in form to the Registrar and duly executed by the Registered Holder or the Registered Holder's duly authorized attorney, which may be the form endorsed hereon. Upon such transfer a new Note,of the same aggregate - • principal amount, issue, interest rate and maturity as the Note surrendered,will be issued to the transferee in exchange herefor. The County and its Director of Finance or such Director's designee,as Paying Agent and Registrar,may treat the person in whose name this Note is registered on the Note Register kept pursuant to the proceedings authorizing this Note as the absolute owner of this Note for all purposes, including payment, and neither the County nor its Director of Finance, as Paying Agent and Registrar,shall be affected by any notice to the contrary. It is hereby certified,recited and declared that all conditions, acts and things essential to the validity of this Note and the series of which it is a part exist,have happened and have been done; that every requirement of law affecting the issuance thereof has been duly complied with; - and that the amount of this Note and the series of which it forms a part, together with all other indebtedness of the County of Hawaii, is not in excess of any constitutional or statutory limitation on indebtedness. IN WITNESS WHEREOF, THE COUNTY OF HAWAII, STATE OF HAWAII, has caused this Note to be signed by the manual signature of its Director of Finance, to bear the facsimile signature of its Mayor, to be impressed with its seal or to bear a facsimile of its seal, and this Note to be dated as of the date stated above. : - -)_ CSL--,-- ' �`� , " - Mayor,County of Hawaii off, i - Direct of Finance, •unty of Hawaii 2 COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIPATION NOTES, SERIES A NOTICE OF OFFER May 21,2010 Via E-Mail to steve.rodeersaa,boh.com,confirmed by first class mail To: Bank of Hawaii P.O. Box 3170 Honolulu,HI 96802 Attention: Steve Rodgers,Fixed Income Manager, Asset Management Group The County of Hawaii (the"County")hereby notifies you of its intention to issue a Note or Notes of the above series, and hereby offers the same to Bank of Hawaii (the "Participating Institution"), upon the terms set forth in the Certificate of the Director of Finance of the County, dated as of September 28, 2009, providing for the issuance and sale of such Notes(the"Master Issuance Certificate")and as further as set forth below: Principal Amount Date of Issue Maturity Date Acceptance Date $4,000,000.00 June 3,2010 August 11,2010 June 1,2010 Pursuant to the Master Issuance Certificate, the Note or Notes will bear interest,payable at maturity, at a rate which equal to the Municipal Market Data(MMD) Short Term Rate for tax-exempt obligations of the same or next closest maturity,as published by the Bond Buyer, plus a spread of 90 basis points, determined as of the Acceptance Date specified above based on the applicable MMD rate published as of the close of business on the immediately preceding Business Day(as defined in the Master Issuance Certificate). The foregoing offer is subject to acceptance by the Participating Institution, in whole but not in part except as provided below, on the Acceptance Date specified above. At the election of the Participating Institution, the County will either issue a single Note in the full Principal Amount specified above, or multiple Notes in denominations of not less than $100,000, as specified by the Participating Institution, and equal in the aggregate to the Principal Amount specified above. Notwithstanding the foregoing, the County reserves the right to offer the Note or Notes to other potential investors and either to issue and sell the entire Principal Amount to a single investor or to allocate such Principal Amount (in minimum denominations of $100,000) among two or more investors in such manner as it deems appropriate. By its acceptance of the foregoing offer, the Participating Institution shall be deemed to have consented to and agreed to be bound by any such offer and allocation. • COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIPATION NOTES, SERIES A PURCHASE CONFIRMATION May 27,2010 Via E-Mail to mokumoto{u1co.hawaii.hi.us, confirmed by first class mail To: County of Hawaii Treasury Division 101 Pauahi Street,Suite#5 Hilo,Hawaii 96720 Attention: Michael Okumoto,Treasurer Bank of Hawaii (the "Participating Institution") hereby acknowledges receipt from the County of Hawaii (the "County") of a Notice of Offer pursuant to which the County has offered to sell to the Participating Institution a Note or Notes of the above series upon the terms set forth in the Certificate of the Director of Finance of the County, dated as of September 28, 2009, providing for the issuance and sale of such Notes (the "Master Issuance Certificate")and as further as set forth below: Principal Amount Date of Issue Maturity Date $4,000000 June 3,2010 August 11,2010 Pursuant to the Master Issuance Certificate, the Note or Notes will bear interest, payable at maturity, at a rate equal to the Municipal Market Data (MMD) Short Term Rate for tax-exempt obligations of the same or next closest maturity, as published by the Bond Buyer, plus a spread of 90 basis points, determined as of the Acceptance Date specified in the Notice of Offer based on the applicable MMD rate published as of the close of business on the immediately preceding Business Day(as defined in the Master Issuance Certificate). The Participating Institution hereby accepts the foregoing offer and agrees to purchase the above Note in the full Principal Amount specified above. The Participating Institution hereby instructs the County to register the Note as set forth in Schedule I attached hereto. Notwithstanding the foregoing, the County reserves the right to offer the Note or Notes to other potential investors and either to issue and sell the entire Principal Amount to a single investor or to allocate such Principal Amount(in minimum denominations of $100,000) among two or more investors in such manner as it deems appropriate. The • As provided in the Master Issuance Certificate, the Participating Institution will determine the interest rate on the Note purchased hereunder in accordance with the foregoing and confirm the same on the determination date by transmitting an Interest Rate Confirmation to the County via facsimile or e-mail, confirmed in writing via first class mail,in the form attached as Exhibit D to the Master Issuance Certificate. BANK OF HAWAII NI et/6e.-e------ By: 4Nam -,.•hen •odg Title:Portfolio Manager, Senior Vice President 3 COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIPATION NOTES, SERIES A INTEREST RATE CONFIRMATION June 1,2010 Via E-Mail to mokumotoQco.hawaii.hi.us,confirmed by first class mail . To: County of Hawaii Treasury Division 101 Pauahi Street,Suite#5 Hilo,Hawaii 96720 Attention: Michael Okumoto,Treasurer Bank of Hawaii (the "Participating Institution") has agreed to purchase from the County of Hawaii (the "County") a Note of the above series, for delivery on June 3, 2010,upon the terms set forth in the Certificate of the Director of Finance of the County, dated as of September 28, 2009, providing for the issuance and sale of such Notes (the "Master Issuance Certificate"). Pursuant to the Master Issuance Certificate, the interest rate on the Note has been determined as of the date hereof as follows: Applicable MMD Short Term Rate 0.28% Plus 90 BPS 0.90% Interest Rate 1.18% BANK OF HAWAII By:4 1L f N: "-}.hen Rodgers Title: Senior Vice President UNITED STATES OF AMERICA STATE OF HAWAII COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIPATION NOTE, SERIES A NO. R-4 $4,000,000 INTEREST DATED MATURITY CUSIP RATE: DATE: DATE: NUMBER: 1.18% June 3,2010 August 11,2010 41969CAD8 REGISTERED HOLDER: HAWAIIAN TAX FREE TRUST PRINCIPAL SUM: • FOUR MILLION DOLLARS THE COUNTY OF HAWAII, State of Hawaii (hereinafter called the "County"), for value received, hereby promises to pay to the Registered Holder (named above), or registered assigns, on the above Maturity Date (unless this note shall be subject to prior redemption and shall have theretofore been duly called for prior redemption and payment of the redemption price duly made or provided for), the above Principal Sum together with interest at the above Interest Rate per annum. Such payment shall be made to the Registered Holder hereof in whose name this Note is registered upon the Note Register as of the close-of business on the tenth (10`}') day (whether or not a business day) preceding the Maturity Date. All amounts due hereunder shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. Payment of such amounts shall be made by check or draft mailed or by wire sent to the registered Holder of such Bond at such Holder's address or account as it appears on the Bond Register or otherwise as agreed upon by the County and such Holder. Upon the making of such payment,the Registered Holder shall be required to surrender the Bond for cancellation at the office of the Director of Finance of the County, in Hilo, Hawaii, as Paying Agent. This Note is one of the County's General Obligation Bond Anticipation Notes authorized and issued pursuant to and in full compliance with the Constitution and laws of the State of Hawaii, including Part I of Chapter 47,Hawaii Revised Statutes, as amended,the Charter of the County, proceedings of the County duly taken thereunder, and the Certificate of the Director of Finance of the County providing for the issuance and sale of the Notes and fixing the form and details thereof (the "Master Issuance Certificate"). This Note is subject in all respects to the provisions of the Master Issuance Certificate(a copy of which is on file at the office of the Director of Finance of the County)and all certificates supplemental thereto,to which reference is made for provisions regarding the rights of the Holders,the nature and extent of the security and provisions for payment of the Notes, of the rights, duties and immunities of.the County and its Director of Finance,as Registrar and Paying Agent. By acceptance hereof,the Holder of this Note assents and agrees to all such provisions. This Note is a general obligation of the County, and the interest and principal payments hereof are a first charge on the general fund of such County. The full faith and credit of the County are irrevocably pledged to the punctual payment of the principal of and interest on this Note according to its terms. This Note may be transferred, in whole but not in part, upon the Note Register by the Registered Holder hereof, in person or by his attorney duly authorized in writing, at the aforementioned office of the Director of Finance of the County, as Registrar, but only in the manner, subject to the limitations and upon payment of the charges, if any, provided in the - proceedings authorizing this Note, and upon the surrender hereof to the Registrar for cancellation, together with a written instrument of transfer satisfactory in form to the Registrar and duly executed by the Registered Holder or the Registered Holder's duly authorized attorney, which may be the form endorsed hereon. Upon such transfer a new Note, of the same aggregate principal amount, issue, interest rate and maturity as the Note surrendered, will be issued to the transferee in exchange herefor. The County and its Director of Finance or such Director's designee, as Paying Agent and Registrar, may treat the person in whose name this Note is registered on the Note Register kept pursuant to the proceedings authorizing this Note as the absolute owner of this Note for all purposes, including payment, and neither the County nor its Director of Finance, as Paying Agent and Registrar,shall be affected by any notice to the contrary. It is hereby certified, recited and declared that all conditions, acts and things essential to the validity of this Note and the series of which it is a part exist,have happened and have been done; that every requirement of law affecting the issuance thereof has been duly complied with; and that the amount of this Note and the series of which it forms a part, together with all other lloindebtedness of the County of Hawaii, is not in excess of any constitutional or statutory limitation on indebtedness. IN WITNESS WHEREOF, THE COUNTY OF HAWAII, STATE OF HAWAII, has caused this Note to be signed by the manual signature of its Director of Finance, to bear the facsimile signature of its Mayor, to be impressed with its seal or to bear a facsimile of its seal, and this Note to be dated as of the date stated above. 1>l!'jY•Of N�•• t .... , - `fir=: - ?Y'• 51.--....*--- `.,��% Mayor,County of Hawaii I 64u41 '1 •�. ..'.;.4;4,0 ' - "` Direc r of Finance 7 County of Hawaii • 2 Schedule I Registered Holder Registered Address Principal Amount Hawaiian Tax Free Trust(HTFT) HTFT:380 Madison Avenue, $4,000,000.00 Suite 2300,NY,NY 10017 HTFT Investment Advisor:The Asset Management Group of Bank AMG: 130 Merchant Street, of Hawaii(AMG) Suite 370,Honolulu,HI 96813 Physical note held in custody for JPM:do New York Window HTFT at JP Morgan Chase(JPM) 4 New York Plaza,11th floor New York,NY 10004 • • • 4 nawauan l ax-rree c rust.-row-- to ivianagers tsiog apny rage 1 01 1 w. i •o,. • � ' �A AIIA x EE fRU T - r, AQUI L GROUP OF FUNDS* Home About Us Funds My Accounts Resources Literature Financial Professionals Contact Us Fund Facts Portfolio Managers FAQ .f Portfolio Managers Manager Commentaries __ - - , sk,„ Performance Yield and Distributions ?, $ Taxable Equivalent Yield 4;,e44 ; r Your Money at Work Board of Trustees Stephen Rodgers,CFA,Janet Katakura,and Denis Massey(left to right)form the Trust's portfolio management team.All are employees of the Trust's Investment Adviser,Asset Management Group of Tax Information Bank of Hawaii. Dividend Cut-Off Date Mr.Rodgers is the Chief Investment Officer of Bank of Hawaii,where he is the manager of the Fixed Dividend History Income Division within the Bank of Hawaii's Asset Management Group that oversees nearly$5 billion of client assets in a variety of taxable and tax-free products and portfolios. Mr.Rodgers has worked with Mr.Robert Crowell,the Trust's former portfolio manager,providing analysis on the Trust's portfolio since 2003.Mr.Rodgers has been with the Bank of Hawaii since 1995.Prior to joining the Asset Management Group,he was the senior portfolio manager in the Bank's Treasury Division with direct responsibility for its$3 Billion fixed income investment portfolio and overseeing the bank's Asset/Liability Management analytics and profile. Mr.Rodgers was born and raised in Hawaii.He earned a double major with a BA degree in Economics and English from Amherst College and an MBA in Finance from the University of Hawaii. He is also a Chartered Financial Analyst(CFA)charter holder. Mr.Rodgers is based in Honolulu,Hawaii,which enables him to maintain a careful watch over the liTrust's portfolio investments.He frequently travels throughout the state to check on current and prospective investments. Ms.Katakura is a Vice President and Senior Portfolio Manager with Bank of Hawaii.She has been employed by the Bank since 1983. Mr.Denis Massey is a Vice President and Portfolio Manager with Bank of Hawaii.Mr.Massey started his career with the Adviser as a Market Risk Analyst and joined the Fixed Income Department in 2007 to focus on tax-exempt portfolios Site Map;Terms and Conditions;Privacy Policy;Employment Opportunities Copyright©2012 Aquila Distributors,Inc.All rights reserved. http://www.aquilafunds.com/htft/HawaiiPortfolio.html 1/4/2013 4 ., _ y Hawaiian Tax-Free Trust 110 ce` 0 Portfolio Holdings AQUILA GROUP OF FUNDS September 30, 2012 HAWAIIAN TAX-FREE TRUST Fund Facts .i.-41,,-A- �' r nception Date 2120!1985 Total Fund Assets ($million) $905.8 Investment Adviser Asset Mgt. Group, Number of Holdings 238 Bank of Hawaii Weighted average maturity (years) 9 5g Portfolio Management Stephen Rodgers Modified duration (years)1 7.12 Team (PM) Janet Katakura Effective duration (years) 4.59 Denis Massey Subject to AMT2 6.81% PM Team Location Hawaii Length of September Dividend Month 32 days Dividend Distribution Monthly September Monthly Dividend, Class A $0.025815357 Mini}m�um Initial Investment $-.41,7;,6 0'0,0 t + . tssg.Wi ., 4,44,-. iA,,, -A.it..1-i!,--W%.;t ' y 9,-t, Xtv,,V4`g4r • 5.06%VMIG1 4 =ter , 1.90%AAA/Aaa Class A HULAX 420016107 - zZ a a 5.52% Pre-refunded/ETM Class C HULCX 420016206 `` m 69.83%AAIAa o 8.18%A/A Class Y HULYX 420016305 0 2.71% BBB/Baa ❑ 0.33% Non-Rated O 6.47% Cash 5 nporjar►t i ng o ma*F t 1 Modified and effective duration both measure the value of a security in response to a change in interest rates. Effective duration also takes into account the effect of embedded options. 2 Alternative minimum tax(AMT). 3 Independent rating services (such as Standard & Poor's, Moody's and Fitch) assign ratings, which generally range from AAA (highest) to D (lowest), to indicate the credit worthiness of the underlying bonds in the portfolio. Moodys ratings are used because the agency provides ratings for the majority of Hawaii issues. Pre-refunded/Escrowed bonds are issued for the purpose of retiring or redeeming an outstanding bond issue at a specified call date. Until the call date, the proceeds from the bond issuance are typically placed in a trust and invested in US Treasury bonds or state and local government securities. 4 Mood 's assigns investment grade quality ratings to variable rate demand obligations which range from VMIG 1 (highest) to VMIG4(lowest), to indicate the risk associated with principal and interest payments, and with the demand feature. This material must be preceded or accompanied by a copy of the Trust's current prospectus. Before investing in the Trust, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Trust prospectus. Mutual fund investing involves risk;loss of principal is possible. Investments in bonds may decline in value due to rising interest rates,a real or perceived decline in credit quality of the issuer,borrower, counterparty,or collateral,adverse tax or legislative changes, court decisions,market or economic conditions.Fund performance could be more volatile than that of funds with greater geographic diversification. Insurance on an obligation is intended to mitigate credit risk;it does not insure the market price of the obligation. Information regarding holdings is subject to change and is not necessarily representative of the entire portfolio. For certain investors,some dividends may be subject to Federal and State taxes,including the Alterna- tive Minimum Tax. Consult your professional tax adviser. Not FDIC Insured • No Bank Guarantee • May Lose Value Not NCUA Insured '-='"e4'1'--g-''p '' r 77 yr 7 r ,::=- '-'==- Aquila Distributors, Inc. Fund Information 380 Madison Avenue, Suite 2300 Account Information 800-437-1020 New York, NY 10017 800-437-1000 www.aquilafunds.com HIPT-0912 4 Hawaiian Tax-Free Trust Portfolio Holdings September 30,2012 Coupon Par Value Description Rate Maturity Date (000's) . Market Value Moody's S&P %of Port CASH&EQUIVALENTS 0.120 10/28/2012 59,244 59,243,922.49 Ma MA 6.47 ABAG FIN AUTH FOR NONPROFIT 0.180 11/15/2035 9,700 9,699,999.78 VMIG1 N/A 1.05 HAWAII CNTY HAWAII GO BDS 2 5.000 03/01/2019 1,650 2,023,213.51 Aa2 AA- 0.22 HAWAII CNTY HAWAII GO BDS 2 5.000 03/01/2029 2,870 3,358,933.21 Aa2 AA- 0.37 HAWAII CNTY HAWAII GO BDS 2 5.000 03/01/2030 1,085 1,265,044.89 Aa2 AA- 0.14 HAWAII CNTY HAWAII G.O.REF 5.600 05/0112013 1,000 1,031,109.98 Aa2 AA- 0.11 HAWAII CNTY HAWAII GO BDS 2 5.000 07/15/2016 1,000 1,036,819.97 Aa2 AA- 0.11 HAWAII CNTY HAWAII GO BIDS 2 5.000 07/15/2017 2,000 2,073,959.91 Aa2 AA 023 HAWAII CNTY HAWAII GO BDS 2 5.000 07/15/2018 1,000 1,037,139.95 Aa2 AA- all HAWAII CNTY HAWAII GO BDS 2 5.000 07/15/2019 1,500 1,554,989.97 Aa2 AA 0.17 HAWAII CNTY HAWAII G O BDS 5.250 07/15/2021 2,010 2,175,523.46 Aa2 AA 0.24 HAWAII CNTY HAWAII G 0 BIDS 5.000 07/15/2020 1,850 2088,705.45 Aa2 AA- 0.23 HAWAII CNTY HAWAII G O BPS 5.000 07/15/2017 2000 2,375,799.97 Aa2 AA- 0.26 HAWAII CNTY HAWAII GO BDS 2 5.500 07/15/2022 1,890 2,260,931.34 Aa2 AA- 0.25 HAWAII CNTY HAWAII GO BDS 2 5.500 07/15/2023 2,245 2,669,349.85 Aa2 AA- 0.29 HAWAII CNTY HAWAII GO BDS 2 5.750 07/15/2024 1,990 2,383,542.37 Aa2 AA- 0.26 HAWAII CNTY HAWAII GO BDS 2 5.750 07/15/2025 2,370 2,828,737.20 Aa2 AA- 0.31 HAWAII CNTY HAWAII GO BDS 2 6.000 07/1512027 3,585 4,340,359.39 Aa2 AA- 0.47 HAWAII ST G:0.805 BZ 6.000 10/01/2012 3,500 3,501,539.88 Aa2 AA 0.38 HAWAII ST G O 80S 2006 S 5.000 03/01/2020 5,000 5,699,750.01 Aa2 AA 0.62 HAWAII ST G O BIDS 2006 S 5.000 03101/2021 2,750 3,130,874.89 Aa2 AA 0.34 HAWAII ST G O BDS 2006 S 5.000 03/01/2022 5,000 5,681,650.03 Aa2 AA 0.62 HAWAII ST G O BDS 2007 S 5.000 04/01/2023 5,000 5,872,049.96 Aa2 AA 0.64 HAWAII ST G O BIDS 2007 S 5.000 04/01/2023 5,000 5,872,049.96 Aa2 AA 0.64 HAWAII ST G.O.BIDS 1996 C 6.000 12/01/2012 2,330 2,351,785.39 Aa2 AA 0.26 HAWAII ST G.O.BDS 1996 C 6.500 12/01/2015 3,000 3,553,379.89 Aa2 AA 0.39 . HAWAII ST G 01308 2004 S 5.250 05/01/2014 5,000 5,388,449.74 PREF PREF 0.59 HAWAII ST GO BDS SER DE 5.000 10/01/2014 750 819,569.99 PREF PREF 0.09 HAWAII ST GO BIDS SER DE 5.000 10/01/2014 5,000 5,463,799.93 PREF PREF 0.60 HAWAII ST GO BDS SER DE 5.000 10/01/2024 2,500 2,706,299.91 Aa2 AA 0.30 HAWAII ST G O REF BIDS 2005 5.000 07/01/2018 3,500 3,942049.82 Aa2 AA 0.43 HAWAII ST G O REF BIDS 2005 5.000 07/01/2024 10,510 11,742,297.08 Aa2 AA 1.28 HAWAII ST G O REF BDS 2005 5.000 07/01/2025 5,000 5,574,649.69 Aa2 AA 0.61 HAWAII ST G O REF BDS 2005 5.000 07/01/2016 5,000 5,630,049.77 Aa2 AA 0.61 HAWAII ST G O REF BDS 2005 5.000 07/01/2017 2,000 2,250,259.96 Aa2 AA 0.25 HAWAII ST GO BDS 2008 D 5.250 08/01/2025 1,000 1,224,129.99 Aa2 AA 0.13 HAWAII ST GO BDS 2009 D 5.000 06/01/2023 10,000 12,360,600.00 Aa2 AA 1.35 HAWAII ST GO BDS DK 5.000 05/01/2018 715 882,889.15 PREF PREF 0.10 HAWAII ST GO BIDS DK 5.000 05/01/2019 6,285 7,664.557.14 Aa2 AA 0.84 HAWAII ST GO BDS DZ 5.000 12101/2019 1,500 1,882,964.93 Aa2 AA 021 HAWAII ST GO BDS DZ 5.000 12/01/2023 1,000 1,254,719.97 Aa2 AA 0.14 HAWAII ST GO BIDS DZ 5.000 12/01/2026 7.500 9,240,524.85 Aa2 AA 1.01 HAWAII ST GO BDS DZ 5.000 12/01/2028 5,000 6,095,399.72 Aa2 AA 0.67 HAWAII ST GO BIDS DZ 5.000 12/01/2029 10,575 12,833,50270 Aa2 AA 1.40 HAWAII ST GO BDS DZ 5.000 12/01/2030 8,500 10,284,234.54 Aa2 AA 1.12 HAWAII ST GO BDS DZ 5.000 12/01/2031 1,500 1,805,294.91 Aa2 AA 0.20 HAWAII ST GO 805 SER DE 5.000 10/01/2014 240 262,010.39 PREF PREF 0.03 HAWAII ST GO BIDS SER DE 5.000 10/01/2021 15,760 17,152,552.99 Aa2 AA 1.87 HAWAII ST G O REF BDS 2005 5.000 07/01/2015 2,995 3.370.632.82 PREF PREF 0.37 HAWAII ST G O REF BIDS 2005 5.000 07/01/2015 3,390 3,815,173.71 PREF PREF 0.42 HAWAII ST G 0 REF BIDS 2005 5.000 07/01/2022 7,005 7,846,720.54 Aa2 AA 0.86 HAWAII ST G O REF BDS 2005 5.000 07/01/2023 1,610 1,801,589.98 Aa2 AA 0.20 HAWAII ST GO REF BDS 2010 0 5.000 02/01/2020 5,765 7,187,340.47 Aa2 AA 0.78 HAWAII ST ARPTS SYS REV REV 4.000 07/01/2020 2,000 2,270,239.97 A2 A 0.25 HAWAII ST ARPTS SYS REV REV 5.250 07/01/2021 1,150 1,403,034.45 A2 A 0.15 HAWAII ST ARPTS SYS REV REV 5.000 07/01/2022 3,000 3,578,550.03 A2 A 0.39 HAWAII ST ARPTS SYS REV REV 5250 07/01/2023 1,000 1,207,349.98 A2 A 0.13 HAWAII ST ARPTS SYS REV REV 5.250 07/01/2027 1,000 1,184,759.95 A2 A 0.13 HAWAII ST ARPTS SYS REV REV 5.250 07/01/2028 1,000 1,185,529.99 A2 A 0.13 HAWAII ST ARPTS SYS REV REF 5.000 07/01/2022 5,000 5,797,299.83 A2 A 0.63 HAWAII ST ARPTS SYS REV REF 5.000 07/01/2023 1,500 1,721,714.93 A2 A 0.19 HAWAII ST ARPTS SYS REV REF 5.000 07/01/2021 15,000 17,543,249.88 A2 A 1.91 HAWAII ST ARPTS SYS REV REF 5.000 07/01/2024 3,000 3,438,479.84. A2 A 0.38 HAWAII ST DEPT BUDGET&FIN 6.400 07/01/2013 1,125 1,141,919.95 A3 A- 0.12 HAWAII ST DEPT BUDGET&FIN 5.650 10/01/2027 5,700 5,764,067.90 Baa2 BBB 0.63 HAWAII ST DEPT BUDGET&FIN 5.350 07/01/2018 1,145 1,147,702.18 A3 A- 0.13 HAWAII ST DEPT BUDGET&FIN 5.500 12/01/2014 4,965 4,976,071.82 Baal BBB- 0.54 STATE OF HAWAII DEPT OF BUDG 5.000 12/01/2022 1,000 1,009,589.97 Baal BBB- 0.11 HAWAII ST DEPT BUDGET&FIN 4.800 01/01/2025 2,000 2,052,940.02 Baal BBB- 0.22 HAWAII ST DEPT BUDGET&FIN 0.190 07/01/2029 17,645 17,644,999.61 VMIG1 A-1 1.93 HAWAII ST DEPT BUDGET&FIN 0.190 07/01/2029 19,100 19,099,999.57 VMIG1 A-1 2.08 HAWAII ST DEPT HAWAIIAN MOM 4.500 04/01/2014 730 760,477.51 Al N/A 0.08 HAWAII ST DEPT HAWAIIAN HOM 5.000 04/01/2015 500 539,364.99 Al N/A 0.06 HAWAII ST DEPT HAWAIIAN HOM 5.000 04/01/2017 715 807,749.78 Al N/A 0.09 HAWAII ST DEPT HAWAIIAN HOM 5.500 04/01/2020 1,000 1,163,830.01 Al N/A 0.13 HAWAII ST DEPT BUDGET&FIN 5.125 11/15/2032 1,000 1,070,449.96 N/A N/A 0.12 HAWAII ST HSG FIN&DEV COR 5.750 07/01/2030 175 175,000.00 Ma AA+ 0,02 HAWAII ST HSG FIN&DEV COR 5.400 07/01/2030 690 690,227.66 Ma AM- 0,08 HAWAII ST HSG FIN&DEV COR 5.300 07/01/2028 4,475 4,476,655.76 Aaa AA+ 0.49 HAWAII ST HSG FIN&DEV COR 5.400 07/01/2029 7,575 7,578,029.90 Ma AA+ 0.83 HAWAII ST HSG FIN&DEV COR 4.500 01/01/2026 2,180 2,373,823.72 Ma AA+ 026 HAWAII ST HWY REV HGWY REV 5.500 07/01/2018 6,135 7,660,713.18 Aa2 AA+ 0.84 HAWAII ST HWY REV REV REF B 5.000 07/01/2020 1,000 1,101,409.96 M2 AA+ 0.12 HAWAII ST HWY REV REV REF B 5.000 07/01/2022 2,000 2,193,139.90 Aa2 AA+ 024 • Page 1 • O N i 0 v m XI 2 0 le m ,C V$T y. i. 4, m C L.>o o°gwv Vc`o0co coa o bC•o ay �°—_'z �� 1a[4 4� p,t•'f pQ,= c#a�paYrw � `Am m°7+: ay .CaM Ca myv�r3 yu``= aoiaoiC wy a.,3 qa 3 ° a 'Ciquxat flQ ,s pa+ e'd - ..mein Ewe au go `SZ ,...E =T� O v.c v V V ba Y .a. u o G>,.0 a Vy a m o _a Y Itt E.. = a + :a,`° c°��,.c `'c a `e s'al� e a a� .o a vs 3 m Ob° ,>, c >. 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C .....1 Q Q 'SW.54' U CO T N a ja ct V 'd o a p v o c O' u2 x- � z te c 0. v C a s-1 m � '�O= C X 0 - • O 0 :Mm� � 1 .1 C q R C � ro O aibdm c 3 c m uti a a to > Al 5 E Ems-a s ��O y� W + a N N v /d O N M 7 to •D t� a0 O+ O r .ry. M �-r Allikkah, Allikk A creation or me c1A ?age 1 of 1 Counterfeit Documents:A Specialty of our CIA(Counter Intelligence Agency)USA. On August 18,2010 I received an email posted by Matt Ryan explaining research uncovered and made available by Wayne Madsen, as follows. (Madsen found his information in previously'secret'CIA documents). The Counter Intelligence Agency of the government of the United States of America conducted major money laundering operations in the 1960s using Madelyn Dunham. Madelyn was the recently deceased grandmother of current President of the USA,Barack Hussein Obama II. Madelyn was Stanley Ann Dunham Obama Soetoro's biological mother. Ann was Barack's biological mother. Madelyn and Ann were heavily involved with our CIA. (Ann was"intimately involved"at the time also with the Ford Foundation's Peter Geithner, father of Tim Geithner,current Secretary of Treasury of the USA). Madelyn Dunham raised young Obama beginning in 1971 as his mother,Ann, returned to perform other assigned CIA tasks in Kenya. "Madelyn was the first female vice president of the Bank of Hawaii in Honolulu. Various CIA front entities used the bank. Madelyn Dunham handled escrow accounts used to make CIA payments to U.S. supported Asian dictators like Philippines President Ferdinand Marcos, South 'Vietnamese President Nguyen van Thieu, and President Suharto in Indonesia. In effect,the bank was engaged in money laundering for the CIA to covertly prop up its favored leaders in the Asia-Pacific region. One of the CIA's major money laundering fronts in Honolulu was the firm of Bishop,Baldwin,Rewald. Dillingham&Wong(BBRDW) . . .this firm was involved heavily in funding covert CIA programs throughout Asia, including economic espionage against Japan,providing arms for Afghan mujaheddin(sic) guerrillas in their war against the Soviets and covertly supplying weapons to Taiwan. One of BBRDW's principals was John C. "Jack" Kindschi,who,before he retired in 1981,was the CIA station chief in Honolulu. BBRDWs chairman Ron Rewald had a counterfeit college degree certificate provided for the wall of his office by the CIA's forgery experts and his name was inserted in university records as an alumnus." When Barry Soetoro/Barack Hussein Obama releases his alleged college transcripts from Columbia and Harvard will they have been tampered, forged, counterfeited by our CIA in a similar manner,- if not, how is one to know(Emphasis provided)? "A false history for BBDRW was concocted by the CIA claiming the firm had operated in Hawaii since it was a territory. President Obama is currently plagued by allegations that he has fake college and university transcripts, a phony social security number issued in Connecticut, and other padded resume items. Did Hawaii's fake BBRDW documents portend today's questions about Obama's past(Emphasis provided)? BBRDW conducted its business in the heart of Honolulu's business district,where the Bank of Hawaii was located and where Obama's grandmother Madelyn ran the escrow accounts. The bank would handle much, of BBRDW's covert fmancial transactions.;' This information provided by the Madsen Report appeared at my desk eight months(8)prior to the 4/27/2011 Donald Trump demand to see an authentic birth certificate from what most likely is an Imposter President in the White House! Is the "Certificate of Live Birth" released by the White House a creation of our CIA? More information concerning this subject is included in my upcoming book,publication date to be determined. Respectfully submitted, Thomas J. Coyne,Ph.D., (Financial Economist) http://www.coyne-assoc.com/a.creation of the cia.htm 1/4/2013 November 9, 1959-me day that^hanged European history 1 Uerman Keuiv4 cation ll W.... Page 1 of 3 0W' TOP STORIES/GERMANY/GERMAN HISTORY HISTORY November 9, 1989 - the day that changed European history • In a press conference on Nov.9,1989 GDR central committee spokesman Guenter Schabowski unintentionally announced that citizens could travel to West Germany immediately.It was the beginning of the end for East Germany. Guenter Schabowski's press conference on November 9,1989 was a fairly dull affair for most of its duration,according to those present.But a question by an Italian journalist right at the end turned it into one of European history's most memorable events. Schabowski was asked just before 7 p.m.about when a new law permitting GDR citizens more freedom of travel would go into effect.Schabowski famously told the journalist:"As far as I know, A few remnants of the wall can still be seen in Berlin that goes into effect now immediately." Since television viewers in both East and West Germany were following the live press conference,his comments electrified East Germans and eventually led to a redrawing of the European map. Immediately following the remark,GDR citizens rushed to the border separating East and West Berlin, wanting to visit the western part of the city.The GDR border guards were unaware of the press conference,and,taken aback by the crowds gathering in front of them,made repeated calls to their superiors asking for guidance.They successfully prevented citizens from crossing the border for three hours. But later in the evening,the guards relented and opened the borders.People were able to cross freely from East to West for the first time since the wall was erected on August 2.1,1961. "We are the people!" In the months prior to Schabowski's press conference,thousands of GDR citizens had taken to the streets demanding political reform.The so-called"Monday Demonstrators"in the eastern city of Leipzig had drawn special attention for their protests. Shouts by demonstrators of"We are the people!"became commonplace,followed by"Gorbi!Gorbi!"— calls directed at Mikhail Gorbachev,the General Secretary'of the Communist Party of the Soviet Union.Since 1985,Gorbachev had been implementing reforms in his country,and Germans living in the GDR hoped to see his ideas adopted there as well Hotcever,the hardline govermnent under GDR leader Erich ". Honecker was not interested in reform,and the government's refusal to change ultimately Ied to its own demise. On October 18,1989,Honecker was forced to step down.He was replaced by Egon Krenz as head of state,but even this shift could not prevent the GDR's collapse. , 70,000 protestors took to the streets on October 9,1989 in Leipzig http://www.dw.de/november-9-1989-the-day-that-changed-european-history/a-486713 9 1/4/2013 • t * eft ■ININENNI■ 1\ UNITED STATES OF AMERICA ETATS-UNIS D'AMERIQUE �i� ed bI COE,TINHEHHE IIITATbI AMEPYIKLI :1"4 MOVEMENT ORDERS ��\�Q' LAISSEZ-PASSER �� , IIYTEBKA . ,N0 Name Rank Nationality Identity Document No. Nom, Prenom Qualite Nationalite Piece d'identitn No. 11110 ''aMHriHR,Hug YN8 I'pa%j[a8Cr80 yAOCTO8epe811H ax'suoCTH DAN ALAN COLE Civ American US PP No E045121 is/are authorized to travel from to and return est/sont autorise(s) a se rendre de a et retour y nonaomemea/ynonroMogeHbi eneRosarh Hs Helmstedt B Berlin H o6parso by train or by vehicle No. par le train ou par voiture No. noesuoM MOH as asroMawuHe Ttt JT-6814 from (date) to (date) inclusive du (date) au (date) inclus c\''.or NOWT ) 12 Nov 89 _ no ('incno) 11 Dec 89 e nsomarena e g by f 1 N par ., I :r„ The Commander-in-Chief of the United St my, ope- Le Commandant-en-Chef de l'Armee Americaine en :"P"---- --- ....... 1 r.Ias$oxomag U ! t , f .: 1�yiou;um AmepxxascxoH ApmHx B : :pone. t Signature ��a° apo o ��`. Title STEM 1 . GiJi>YAS y�e�/�p(¢a p� n ■ Qualite ieu�e!::,1 uoioFei , d jutant Gener OCYYU� • ASSLStar!' 2 C ! $8$8He z: A .AiT1Fx F.c}.1..._........._._....._.. ... '`• J�d ©Od o 4 ,!. /. `..9°Op 000O./� •.•,.A-Ya.a./. Date ' ucno 8 Nov 89 w CIOafug Item B-2 NEW ISSUE RATINGS: BOOK-ENTRY ONLY Fitch: AA- Moody's: Aa2 Standard&Poor's: AA- (See"Bond Ratings"herein) In the opinion of Bond Counsel, under existing law and assuming compliance with certain covenants and the accuracy of certain representations,interest on the Series A Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations,nor is interest on Series A Bonds included in adjusted current earnings for purposes of computing corporate alternative minimum tax liability. In the opinion of Bond Counsel,interest on the Series B Bonds is not excluded from gross income for federal income tax purposes. Bond Counsel is of the further opinion that the Bonds and the income therefrom are exempt from taxation by the State of Hawaii or any political subdivision thereof except for inheritance, transfer, estate and certain franchise taxes. Bond Counsel expresses no "pion regarding any other tax consequences related to the ownership or disposition of, or the accrual or rec of interest on,the Bonds. See"TAX MATTERS"herein. $60,000,000 County of Hawaii General Obligation Bonds, 2010 Series A and Taxable General Obligations Bonds, 2010 Series B Dated: Date of Delivery Due: As shown on inside cover The County of Hawaii General Obligation Bonds,2010 Series A(the"Series A Bonds"),and Taxable General Obligation Bonds,2010 Series El(the"Series B Bonds,"and together with the Series A Bonds,the"Bonds")are issuable by the County of Hawaii,Hawaii(the"County"),only as fully registered bonds under a book-entry system,initially registered in the name of Cede&Co.,as nominee for The Depository Trust Company,New York,New York("DTC"),which will act as securities depository for the Bonds.. Individual purchases of the Bonds will be made in the principal amount of$5,000 or any integral multiple thereof witun a single maturity through brokers or dealers who are,or who act through,participants of DTC ("Participants"). Purchasers of beneficial interests in the Bonds will not receive certificates representing their interest in the Bonds. See"DTC BOOK-ENTRY ONLY SYSTEM"in Appendix D hereto. Interest on the Bonds will be-paid on March 1 and September 1 of each year,commencing September 1,2010,until maturity or earlier redemption. The Bonds are subject to redemption as described in this Official Statement See"THE BONDS—Redemption"herein. Payments of principal and interest on the Bonds shall be made to DTC. Disbursement of such payments to Participants is the sole responsibility of DTC and disbursement of such payments to Beneficial Owners is the sole responsibility of Participants. See Appendix D to this Official Statement. The Bonds are transferable and exchangeable only by the Bond • Registrar as described in this Official Statement. • The Series B Bonds are expected to be issued as bonds designated as"Recovery Zone Economic Development Bonds" under the provisions of the American Recovery and Reinvestment Act of 2009,theinterest on which is not excluded from gross income for purposes of federal income taxation. See"TAX MATTERS—Series B Bonds." In such case,the County would expect to rec ive a cash subsidy payment from the United States Treasury equal to 46%of the interest payable on the Bonds. Bondholders will not receive a tax credit for the Series B Bonds. See"THE BONDS—Designation of Series B Bonds." The Bonds are the absolute and unconditional general obligations of the Conn*.The principal andinterest payments on the Bonds,together with the principal of and interest payments on any other general obligation bonds of the County presently outstanding or issued after the date of issuance and delivery of the Bonds,are a first charge upon the general fund of the County,and the full faith and credit of the County are pledged to the punctual payment of such principal and interest. For the payment of the principal and interest on the Bonds, the County,underithe Constitution and laws of the State of Hawaii,has the power and is obligated to levy ad valorem taxes without limitation as to rate or amount on all real property subject to taxation by the County. See"SECURITY FOR THE BONDS"and"COUNTY REVENUES—General Fund"in this Official Statement. This cover page contains certain information for quick reference only. Investors must read the entire Official Statement to obtain information essential to making an informed decision. The Bonds are offered when, as and if issued, and are subject to the approval of legality by McCorriston Miller Mukai MacKinnon tELP, Honolulu,Hawaii, Bond Counsel to the County of Hawaii. Certain legal matters will be passed upon for the Underwr ter by Orrick,Herrington&Sutcliffe, LLP. It is expected that the Bonds in definitive form will be available for delivery to DTC in New York,New York,on or about duly 28,2010. • BofA Merrill Lynch Dated: July 13,2010 • TO: Ms.Nancy E. Crawford 5 May 2011 Director of Finance ••■•••• •■ngi County of Hawaii 5T- -NT Or FiNAi;cal State of Hawaii , - FROM: Dan A.Cole P.O.Box 630 Keaau,Hawaii 96749 Telephone:966-9229 VT SUBJECT:Uniform Information Practices Act,URA,Request for access to government records. Dear Director Crawford, 1.I request a copy of all Hawaii County NOTICE OF OFFER and any other documentation surrounding the County's offering/issuing of Bond Anticipation Notes. BAN's in any and all Series for the period 1 January,2011 to the present date. • V 2.I request a copy of the Hawaii County Council's authorization upon which any . • and all Bond Anticipation Notes were offered or issued for the period 1 January,2011 to - the resent date. Thank you for your attention in this request. Sincerely, • Dan A. Cole .• Print Page 1 of 2 Subject UIPA request to Finance Department From: Ashida,Lincoln(LASHIDA @co.hawaii.hi.us) To: cole_hawaii @yahoo.com; Cc: mrodillas @co.hawaii.hi.us; Date: Saturday, May 21,2011 6:12 PM _ Dear Mr. Cole, Please see UIPA Notice regarding your most recent request made to the County of Hawaii Department of Finance. As with previous requests, our office would be more than happy to receive payment from you. We will then transmit the records to you pursuant to your request. Thank you. This document was digitally signed using CoSign digital signature system. In order to trust and verify all electronic records signed by Corporation Counsel employees,please download the public root certificate at: http://co.hawaii.hi.us/verifier/. You will need to do this download only once. Lincoln S. T. Ashida Corporation Counsel County of Hawai i Hilo Lagoon Centre 101 Aupuni Street Suite 325 Hilo, Hawaii 96720 Tel. (808) 961-8304, x118 FAX(808) 961-8622 Email: Lashida@co.hawaii.hi.us httnJ/us.mg2.mail.vahoo.com/neo/launch 1 nimti NOTICE TO REQUESTER - (Use multiple forms if necessary) TO: Dan Cole FROM: Lincoln Ashida, Corporation Counsel (808) 961-8251 (Agency/name&telephone number of contact perso at agency) ''s ---rte;11o„°s'.a9PM DATE REQUEST RECEIVED: May 5, 2011 DATE OF THIS NOTICE: May 21, 2011 GOVERNMENT RECORDS YOU REQUESTED(attach of request or provide brief description below): 1. Please see attached letter 2. 3. 4. lo NOTICE IS PROVIDED TO YOU THAT YOUR REQUEST: X Will be granted in its entirety. El Cannot be granted because ❑ Agency does not maintain the records. Agency believed to maintain records: ❑ Agency needs a further description or clarification of the records requested. Please contact the agency and provide the following information: ❑ Request requires agency to create a summary or compilation from records not readily retrievable. ❑ Is denied in its entirety ❑ Will be granted only as to certain parts based upon the following exemption provided in HRS § 92F-13 and/or § 92F-22 and other laws cited below (portions of records that agency will not disclose should be described in general terms). RECORDS OR APPLICABLE AGENCY INFORMATION WITHHELD STATUTES JUSTIFICATION • REQUESTER'S RESPONSIBILITIES: You are required to (1) pay any lawful fees assessed; (2) make any necessary arrangements with the agency to inspect, copy or receive copies as instructed below; and (3) provide the agency any additional information requested. If you do not comply with the requirements set forth in this notice within 20 business days after the postmark date of this notice or the date the agency makes the records available, you will be presumed to have abandoned your request and the agency shall have no further duty to process your request. Once the agency begins to process your request, you may be liable for any fees incurred. If you wish to cancel or modify your request, you must advise the agency upon receipt of this notice. METHOD &TIMING OF DISCLOSURE: Records available for public access in their entireties must be disclosed within a reasonable time,not to exceed 10 business days,or after receipt of any prepayment required. Records not available in their entireties must be disclosed within 5 business days of this notice or after receipt of any prepayment required. If incremental disclosure is authorized by HAR§ 2-71-15,the first increment must be disclosed within 5 business days of this notice or after receipt of any prepayment required. OIP 4(rev.7/2/10) Method of Disclosure: ❑ Inspection at the following location: X As requested,a copy of the record(s)will be provided in the following mariner: ❑ Available for pick-up at the following location: X Will be mailed to you. X Will be transmitted to you by other means requested:email. Timing of Disclosure: All records,or first increment where applicable,will be made available or provided to you: ❑ On X After prepayment of fees and costs of$3.80(50%of fees+100%of costs, as estimated below). Payment may be made by cash or: X personal check X other cash. For incremental disclosures,each subsequent increment will be disclosed within 20 business days after: ❑ The prior increment(if one prepayment of fees is required and received). ❑ Receipt of each incremental prepayment required. Disclosure is being made in increments because the records are voluminous and the following extenuating circumstances exist: ❑ Agency must consult with another person to determine whether the record is exempt from disclosure under HRS chapter 92F. ❑ Request requires extensive agency efforts to search,review,or segregate the records or otherwise prepare the records for inspection or copying. ❑ Agency requires additional time to respond to the request in order to avoid an unreasonable interference with its other statutory duties and functions. ❑ A natural disaster or other situation beyond agency's control prevents agency from responding to the request within 10 business days. ESTIMATED FEES & COSTS: The agency is authorized to charge you certain fees and costs to process your request (even if no record is subsequently found to exist),but must waive the first$30 in fees assessed for general requesters and the first$60 in fees when the agency finds that the request made is in the public interest. See HAR §§ 2-71-19, -31 and -32. The agency may require prepayment of 50% of the total estimated fees and 100% of the total estimated costs prior to processing your request. The following is the estimate of the fees and costs that the agency will charge you,with the applicable waiver amount deducted: Fees: Search Estimate of time to be spent: $ ($2.50 for each 15-minute period) Review&segregation Estimate of time to be spent: $ ($5.00 for each 15-minute period) Fees waived X general($30) ❑public interest($60) 4 > Other $ (Pursuant to HAR§2-7-31(B)) Total Estimated Fees: $ Costs: Copying Estimate of#of pages to be copied:29 $ (C�3 $1 for the first page.10 cents per page thereafter.) Other $ Total Estimated Costs: $3.80 For questions about this notice,please contact the person named above. Questions regarding compliance with the UIPA maybe directed to the Office of Information Practices at 808-586-1400 or oip®hawaii.gov. OIP 4(rev.7/2/10) cote hawau- Yahoo! Mail Page 1 of 1 • Search Mail Search Web Hi,Dan iNBOX C CTS CALENDAR Fw:County Boa... RE:Your Letter... Your June UIP... UIPA request to... uest to... Compose Delete Move Spam Actions Inbox UIPA request to the Department of Finance Mon,May 30.2011 at 7:19 PM Conversations From Ashida,Lincoln Drafts To Dan Cole CC Rodillas,Martha Sent Spam 4 Attachments 1.6MB Save All to Computer Trash(6) .PDF .PDF .PDF .PDF .. FOLDERS Notice of Tax Dan Cole Offer Feb 'Document - UIPA. Dan 24, s.pdf Bill31t-pdf Request.p.. APPLICATIONS-- ---- Dear Mr.Cole, Thank you for making payment to our office for your most recent UIPA request. Enclosed are the documents responsive to your request. Please let me know if you would also like copies mailed to you via US post. Thank you. Lincoln S.T.Ashida Corporation Counsel County of Hawai'i Hilo Lagoon Centre 101 Aupuni Street Suite 325 Hilo,Hawai'i 96720 Tel.(808)961-8304,x118 FAX(808)961-8622 Email: Lashida @co.hawaii.hi.us Website: www.co.hawaii.hi.us/cc/home.htm This message is intended only for the use of the individual or entity to which it is addressed and may contain information that is privileged,confidential and exempt from disclosure under applicable law. If you have received this communication in error, please notify us immediately by email or telephone,and return the original message. Thank you! Hawai'i County is an Equal Opportunity Provider and Employer '7: • • http://us.mg2.mail.yahoo.com/neo/launch 1/3/2013 • COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIPATION NOTES, SERIES A NOTICE OF OFFER February 24, 2011 11 Via E-Mail to steve.rodgersOboh.corn,confirmed by first class mail To: Bank of Hawaii P.O. Box 3170 Honolulu,HI 96802 Attention: Steve Rodgers,Fixed Income Manager, Asset Management Group The County of Hawaii (the "County") hereby notifies you of its intention to issue a Note or Notes of the above series, and hereby offers the same to Bank of Hawaii (the "Participating Institution"), upon the terms set forth in the Certificate of the Director of Finance of the County, dated as of September 28, 2009, providing for the issuance and sale of such Notes(the"Master Issuance Certificate")and as further as set forth below: Principal Amount Date of Issue Maturity Date Acceptance Date $10,000,000 March 2,2011 September 2,2011 February 28,2011 Pursuant to the Master Issuance Certificate, the Note or Notes will bear interest,payable at maturity, at a rate which equal to the Municipal Market Data(MMD) Short Term Rate for tax-exempt obligations of the same or next closest maturity,as published by the Bond Buyer, plus a spread of 90 basis points, determined as of the Acceptance Date specified above based on the applicable MMD rate published as of the close of business on the immediately preceding Business Day(as defined in the Master Issuance Certificate). The foregoing offer is subject to acceptance by the Participating Institution, in whole but not in part except as provided below, on the Acceptance Date specified above. At the election of the Participating Institution, the County will either issue a single Note in the full Principal Amount specified above, or multiple Notes in denominations of not less than $100,000, as specified by the Participating Institution, and equal in the aggregate to the Principal Amount specified above. Notwithstanding the foregoing, the County reserves the right to offer the Note or Notes to other potential investors and either to issue and sell the entire Principal Amount to a single investor or to allocate such Principal Amount (in minimum denominations of $100,000) among two or more investors in such manner as it deems appropriate. By its acceptance of the foregoing offer, the Participating Institution shall be deemed to have consented to and agreed to be bound by any such offer and allocation. • COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIPATION NOTES, SERIES A PURCHASE CONFIRMATION February 28,2011 Via E-Mail to mokumoto nco.hawaii.hi.us,confirmed by first class mail To: County of Hawaii Treasury Division 25 Aupuni St.Suite 1102 Hilo,Hawaii 96720 Attention: Michael Okumoto,Treasurer Bank of Hawaii (the "Participating Institution") hereby acknowledges receipt from the County of Hawaii (the "County") of a Notice of Offer pursuant to which the County has offered to sell to the Participating Institution a Note or Notes of the above series upon the terms set forth in the Certificate of the Director of Finance of the County, dated as of September 28, 2009, providing for the issuance and sale of such Notes (the "Master issuance Certificate")and as further as set forth below: Principal Amount Date of Issue Maturity Date $10,000,000 March 2,2011 September 2,2011 Pursuant to the Master Issuance Certificate, the Note or Notes will bear interest, payable at maturity, at a rate equal to the Municipal Market Data (MMD) Short Term Rate for tax-exempt obligations of the same or next closest maturity, as published by the Bond Buyer, plus a spread of 90 basis points, determined as of the Acceptance Date specified in the Notice of Offer based on the applicable MMD rate published as of the close of business on the immediately preceding Business Day(as defined in the Master Issuance Certificate). The Participating institution hereby accepts the foregoing offer and agrees to purchase the above Note in the full Principal Amount specified above. The Participating institution hereby instructs the County to register the Note as set forth in Schedule t attached hereto. Notwithstanding the foregoing, the County reserves the right to offer the Note or Notes to other potential investors and either to issue and sell the entire Principal Amount __w _r__.__ to a single investor or to allocate such Principal Amount (in minimum denominations of �`$I00;Ot1O'ainong two or more investors in such manner as it deems appropriate. The _.__ • As provided in the Master Issuance Certificate, the Participating Institution will determine the interest rate on the Note purchased hereunder in accordance with the foregoing and confirm the same on the determination date by transmitting an Interest Rate Confirmation to the County via facsimile or e-mail, confirmed in writing via first class mail,in the form attached as Exhibit D to the Master Issuance Certificate. BANK OF HAWAII IlkBy: .4 �—r"�-- Name: D-.. If•emura Title: Sr. xecutive Vice President 3 COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIPATION NOTES, SERIES A INTEREST RATE CONFIRMATION February 28,2011 Via E-Mail to mokumoto` co.hawaii.hi.us,confirmed by first class mail To: County of Hawaii Treasury Division 25 Aupuni St.Suite 1102 Hilo,Hawaii 96720 Attention: Michael Okumoto,Treasurer Bank of Hawaii (the "Participating Institution") has agreed to purchase from the County of Hawaii (the "County") a Note (or Notes) of the above series, for delivery on March 2, 2011, upon the terms set forth in the Certificate of the Director of Finance of the County, dated as of September 28, 2009, providing for the issuance and sale of such Notes (the "Master Issuance Certificate"). Pursuant to the Master Issuance Certificate, the interest rate on the Note(s)has been determined as of the date hereof as follows: Applicable MMD Short Term Rate 0.32% Plus 90 BPS 0.90% Interest Rate 1.22% BANK OF HAWAII By: Name:_)-: al"igemura Title: Sr.' -eutive Vice President Schedule I Registered Holder Registered Address Principal Amount Bank of Hawaii 130 Merchant Street,l2`' 510,000,000.00 Floor; Honolulu,HI 96813 Physical note held in custody for BNY:The Bank of New York ROI1 at Bank of New York Mellon;One Wall Street— Mellon Third Floor Window A;New York,NY 10286 4 • --.. --_-..- --u............. �...y.. - ,.-....171\-c.vv71VVG-L11\L:l.lvlta H1VL.r vrrit-rata rage i OI1U Table of Contents PACIFIC CAPITAL FUNDS. Trustees and Officers,continued July 31,2009 (Unaudited) Officers. The table below sets forth ain information about each of the Trust's officers. Term of Office Position(s)Held and Length of Principal Occupation(s) Name,Address and Age with Trust Time Served During Past 5 Years* Robert I.Crowell President Indefinite; Executive Vice President,Bank of Hawaii(since 2002). 130 Merchant Street Since 7/06 12th Floor Honolulu,Hawaii 96813 Age:61 Frederick J.Schmidt Chief Compliance Term expires Senior Vice President and Chief Compliance Officer,CCO Services of Citi 1 Rexcorp Plaza Officer 2009;Since 5/08 Fund Services Ohio,Inc.(since 2004),President,FJS Associates(2002- Uniondale,NY 11556 2004) Age:49 Christopher E.Sabato Treasurer Indefinite; Senior Vice President,Fund Administration of Citi Fund Services(since 3435 Stelzer Road Since 9/05 1993). Columbus,Ohio 43219 Age:40 Jennifer A.English Secretary Indefinite; Senior Vice President,Regulatory Administration,Citi Fund Services Ohio, 100 Summer Street, Since 12/07 Inc.(since 2009),Vice President,Regulatory Administration,Citi Fund Suite 1500 Services Ohio,Inc.(since 2005),Assistant Vice President and Assistant Boston,Massachusetts 02110 Counsel,PFPC,Inc.(2002-2005). Age:37 * Each officer may have served in various other capacities for the same organization during the length of time served. 106 • http://google.brand.edgar-online.com/EFX d1UEDGARpro.dll?FetchFilingHtm1Sectionl?Se... 1/4/2013 UNITED STATES OF AMERICA STATE OF HAWAII COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIPATION NOTE, SERIES B NO. R-1 $10,000,000 • INTEREST DATED MATURITY CUSIP RATE: DATE: DATE: NUMBER: • 1.22% March 2,2011 September 2,2011 41969CAE6 REGISTERED HOLDER: BANK OF HAWAII PRINCIPAL SUM: TEN MILLION DOLLARS THE COUNTY OF IIAWAII, State of Hawaii (hereinafter called the "County"), for value received, hereby promises to pay to the Registered Holder (named above), or registered assigns, on the above Maturity Date (unless this note shall be subject to prior redemption and shall have theretofore been duly called for prior redemption and payment of the redemption price • duly made or provided for), the above Principal Sum together with interest at the above Interest Rate per annum. Such payment shall be made to the Registered Holder hereof in whose name this Note is registered upon the Note Register as of the close of business on the tenth (I 0th) day (whether or not a business day) preceding the Maturity Date. All amounts due hereunder shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. Payment of such amounts shall be made by check or draft mailed or by wire sent to the registered Holder of such Bond at such HoIder's address or account as it appears on the Bond Register or otherwise as agreed upon by the County and such Holder. Upon the making of such payment, the Registered Holder shall be required to surrender the Bond for cancellation at the office of the Director of Finance of the County, in Hilo, Hawaii, as Paying Agent. This Note is one of the County's General Obligation Bond Anticipation Notes authorized and issued pursuant to and in full compliance with the Constitution and laws of the State of Hawaii, including Part I of Chapter 47, Hawaii Revised Statutes, as amended, the Charter of the County, proceedings of the County duly taken thereunder, and the Certificate of the Director of Finance of the County providing for the issuance and sale of the Notes and fixing the form and details thereof (the "Master Issuance Certificate"). This Note is subject in all respects to the provisions of the Master Issuance Certificate(a copy of which is on file at the office of the Director of Finance of the County)and all certificates supplemental thereto,to which reference is made for provisions regarding the rights of the Holders, the nature and extent of the security and provisions for payment of the Notes, of the rights, duties and immunities of the County and its Director of Finance,as Registrar and Paying Agent. By acceptance hereof,the Holder of this Note assents and agrees to all such provisions. This Note is a general obligation of the County, and the interest and principal payments hereof are a first charge on the general fund of such County. The full faith and credit of the County are irrevocably pledged to the punctual payment of the principal of and interest on this Note according to its terms. This Note may be transferred, in whole but not in part, upon the Note Register by the Registered Holder hereof, in person or by his attorney duly authorized in writing, at the aforementioned office of the Director of Finance of the County, as Registrar, but only in the manner, subject to the limitations and upon payment of the charges, if any, provided in the proceedings authorizing this Note, and upon the surrender hereof to the Registrar for cancellation, together with a written instrument of transfer satisfactory in form to the Registrar and duly executed by the Registered Holder or the Registered Holder's duly authorized attorney, which may be the form endorsed hereon. Upon such transfer a new Note, of the same aggregate principal amount, issue, interest rate and maturity as the Note surrendered, will be issued to the transferee in exchange herefor. The County and its Director of Finance or such Director's designee,as Paying Agent and Registrar, may treat the person in whose name this Note is registered on the Note Register kept pursuant to the proceedings authorizing this Note as the absolute owner of this Note for all purposes, including payment, and neither the County nor its Director of Finance, as Paying Agent and Registrar,shall be affected by any notice to the contrary. • It is hereby certified, recited and declared that all conditions, acts and things essential to the validity of this Note and the series of which it is a part exist, have happened and have been done; that every requirement of law affecting the issuance thereof has been duly complied with; and that the amount of this Note and the series of which it forms a part, together with all other indebtedness of the County of Hawaii, is not in excess of any constitutional or statutory limitation on indebtedness. IN WITNESS WHEREOF, THE COUNTY OF HAWAII, STATE OF HAWAII, has caused this Note to be signed by the manual signature of its Director of Finance, to bear the facsimile signature of its Mayor, to be impressed with its seal or to bear a facsimile of its seal, and this Note to be dated as of the date stated above. . ��pJ 1\ Mayor,County of Hawaii A Am. E A irector.f Finance,Co ' ty of Hawaii 2 COUNTY OF HAWAII ft..) STATE OF HAWAII BILL NO. 311 (DRAFT 3) ORDINANCE NO. AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE COUNTY OF HAWAII FOR THE PURPOSE OF FUNDING ALL OR A PORTION OF THE COSTS OF VARIOUS PUBLIC IMPROVEMENT PROJECTS;FIXING THE FORM, DENOMINATIONS, AND CERTAIN OTHER DETAILS OF SUCH BONDS AND PROVIDING FOR THEIR SALE TO THE PUBLIC; AND AUTHORIZING THE TAKING OF OTHER ACTIONS RELATING TO THE ISSUANCE AND SALE OF THE BONDS. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1. Findings and Determinations. The County Council hereby determines sale and delivery of general obligation bonds of the County in an aggregate principal amount not to exceed $56,000,000(the"Bonds") for the purpose of funding all or a portion of the costs of the County Projects referred to in Section 2 hereof. SECTION 2. Authorization of Bonds. There are hereby authorized for issuance and sale, in one or more series, Bonds of the County, in an aggregate principal amount not to exceed $56,000,000, for the purpose of funding all or a portion of the costs(including costs of issuance of the Bonds)of public improvement projects authorized and set forth as follows: Project Description Estimated Cost Kawaihae Housing Closure 1,600,000 Kaloko Housing Project 2,300,000 Pool Drainage Covers 500,000 Puna Park-New Park Development 5,500,000 Male-Mims New Park Development 100,000 North Kohala Recreational Facilities Repair and Upgrade 2,000,000 Banyan Beach Parking Lot 300,000 Kapi`olani Street Extension 8,700,000 Puna Makai Alternate Roadway(PMAR) 500,000 La`aloa Extension 20,000,000 applications of this ordinance which can be given effect without the invalid provision or application,and to tit' end,the provisions of this ordinance are declared to be severable. SECTION 16. Effective Date. This ordinance shall take effect upon its approval. 4. I PAWL COUNCIL MEMBER,CO CZ a F HAWAT`I 1-iawai` Date of Introduction Date of lst Reading Date of 2nd Reading Effective Date: REFERENCE. Comm: 154.14 7 CERTIFICATE OF THE DIRECTOR OF FINANCE OF THE COUNTY OF HAWAII, STATE OF HAWAII, PROVIDING FOR 'I'HE ISSUANCE AND SALE AND FIXING THE FORM AND DETAILS OF GENERAL OBLIGATION BOND ANTICIPATION NOTES OF SAID COUNTY IN AN AGGREGATE PRINCIPAL AMOUNT AT ANY ONE TIME OUTSTANDING NOT TO EXCEED $50,000,000; AND PROVIDING FOR OTHER RELATED MATTERS. I,the undersigned,NANCY CRAWFORD,being the duly appointed Director of Finance (the"Director of Finance") of the County of Hawaii,Hawaii (the "County"), and under Part I of Chapter 47, Hawaii Revised Statutes, as amended, and the Charter of the County, the officer having the responsibility for issuing, selling,paying interest on and redeeming bonds, notes and other instruments of indebtedness of the County authorized by the Council thereof, DO HEREBY CERTIFY as follows: ARTICLE I DEFINITIONS Section 101. Definitions. Unless the context shall clearly indicate some other meaning, the terms defined in this Section shall, for all purposes of this Certificate and of any certificate, resolution or other instrument supplemental hereto and of any opinion or instrument or other document herein mentioned, have the meanings herein specified, with the following definitions to be equally applicable to both the singular and plural forms of any of the terms herein defined. "Acceptance Date" shall mean, with respect to each New Note, the date on which the Participating Institution purchasing the same shall be required to execute a Purchase Confirmation with respect thereto as provided in Section 401 hereof and the applicable Notice of Offer. Each such Acceptance Date, which shall be specified by the County in the applicable Notice of Offer, shall be not less than two(2)nor more than ten (10) Business Days prior to the date of issuance of the New Note to which it relates. "Authorizing Ordinances"shall have the meaning set forth in Section 201. "Business Day" shall mean any day other than (a) a Saturday or Sunday, (b) a legal holiday or other day on which banking institutions in Honolulu, Hawaii, are authorized by law or executive order to close, or(c)a day on which the New York Stock Exchange is closed. "Certificate" shall mean this Certificate as originally issued and, unless the context shall clearly indicate otherwise, as it may from time to time hereafter be supplemented, modified or amended by any certificate supplemental hereto. "Purchase Confirmation" shall mean each written confirmation issued by a Participating • Institution regarding its agreement to purchase Notes issued from time to time as provided in Section 401 hereof. "Registrar" shall mean the Director of Finance of the County, as registrar for the Notes under this Certificate. "Renewal Notes" shall mean any, some or all of the General Obligation Bond Anticipation Notes issued by the County as Renewal Notes in accordance with the provisions hereof for the purpose of refunding the maturing principal of a Note or Notes previously issued hereunder. "Series" or "Series of Notes" shall mean and include each series of Notes issued in accordance with Article IV hereof. • ARTICLE II AUTHORITY FOR ISSUANCE;FINDINGS,DETERMINATIONS, REPRESENTATIONS AND COVENANTS REGARDING ISSUANCE Section 201. Authority for Issuance:Purpose of Issue. (a) The issuance of the Notes has been duly authorized, or will be duly authorized at, the time of issuance pursuant to Ordinance No. 04-59, Ordinance No. 07-120, Ordinance No. 08-106, Ordinance No. 08-148, each as heretofore or hereafter amended from time to time and any future Ordinance or Ordinances of the County providing for the issuance of general obligation bond anticipation notes for capital improvement projects, as each may be amended from time to time(collectively,the"Authorizing Ordinances"),for the purpose of paying all or a portion of the costs of the capital improvement projects thereby authorized to be funded by such general obligation bond anticipation notes(collectively,the"Projects"). (b) The Notes are issuable hereunder to pay or reimburse the County for all or a portion of the costs(including certain costs of issuance)of the Projects,or to refund the maturing principal of Outstanding Notes previously issued hereunder. With respect to the refunding of Outstanding Notes as to principal, the County hereby reserves the right, at its sole election, to refund the maturing principal of any Outstanding Notes through the issuance and sale of Renewal Notes to the respective Holders of such Outstanding Notes, and to further refund such principal through the issuance and sale of successive Renewal Notes to such Holders from time to time,subject in each case: (i)to the maturity limitations set forth in Section 301(c); (ii)to the provisions of the Notice of Offer regarding certain Material Events; and (iii) to the further condition that the term of each New Note and all successive Renewal Notes issued to refund the same as to principal,in the aggregate,shall not exceed two(2)years and that the interest on each Note to be refunded as to principal shall be paid in full as of the maturity date thereof. Unless otherwise directed in writing by the Holder of the Note to be refunded as to principal,the County will issue each such Renewal Note in the same denomination and shall register the same in the same name as the Note to be refunded. Alternatively, instead of issuing Renewal Notes, the 3 0 0 IN WITNESS WHEREOF,I have hereunto set my hand as of the 28th day of September, 2009. NANCY CRAWFORD t(Aiiiw. . L< <.i'skJ 4 D'' for o inance 1 County o Hawaii The above and foregoing certificate is hereby approved as to form and legality as of the 28th day of September,2009. (1441\•■ 7 Lincoln Ashida Corporation Counsel County of Hawaii ,W 11 • • I TAX CERTIFICATE OF COUNTY OF HAWAII Pertaining to COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIPATION NOTES SERIES B Th s Certificate is executed by the undersigned Director of Finance of the County of Hawaii (the "County") with respect to the issuance from time to time of its General Obligation Bond Anticipation Notes, Series B (the "Series 13 Notes") and the applicable requirements of Section 148 of the Internal Revenue Code of 1986, as amended (the "Code") and the Treasury Regulations promulgated thereunder (the "Treasury Regulations"). All terms used and not otherwise defined herein shall have the meanings set forth in the Master Issuance Certificate referred to in Paragraph 1 hereof. In connection with the issuance of the Series B Notes, the undersigned hereby certifies, represents and covenants as follows on behalf of the County: 1. General. The County is a political subdivision of the State of Hawaii. The County has issued the initial Series B Note on the date hereof in the amount of$10,000,000. The County intends to issue additional Series B Notes from time to time pursuant to the Certificate of the Director of Finance of the County dated as of September 28, 2009 (the "Master Issuance Certificate") authorizing the issuance of the Series B Notes or other series of Notes, as applicable,and the Authorizing Ordinances referred to therein. 2. Series 13 Note Financing Program;Treatment as Commercial Paper. The Series B Notes are being issued as a single series of Notes under the same financing program (the "Series B Note Financing Program") to finance and refinance the same governmental purposes pursuant to a single master legal document(in the form of the Master Issuance Certificate). The Series B. Notes will be sold under the Series B Note Financing Program to Participating Institutions in accordance with the Master Issuance Certificate. All Series B Notes will mature in 270 days or less. All Series B Notes issued as New Notes will be issued within 18 months after the Issue Date (as determined and defined pursuant to Section 4 hereof). After such period, the County may issue additional Series B Notes as Renewal Notes or New Notes under the Series B Note Financing Program for the purpose of refunding the maturing principal of Series B Notes previously issued. The Series B Note Financing Program will not have a term in excess of 30 years or 120% of the weighted average expected economic life of the projects financed and refinanced through the issuance of such Series B Notes. Accordingly, the Series B Notes will qualify for treatment as a single issue under the Treasury Regulations, and the County will treat the Series B Notes as a single issue. Notwithstanding the foregoing,the County may issue Notes • • of other series under the Master Issuance Certificate,and such Notes will not be treated as part of the same issue as the Series B Notes. 3. Use of Proceeds. The proceeds derived from the issuance and sale of the Series B Notes will be applied, together with investment income thereon (if any), to pay or reimburse the County for the costs (including related costs of issuance)of various capital improvement projects (the"Projects")or, in the case of Renewal Notes or New Notes issued for refunding purposes, to refund outstanding Series B Notes maturing on the date of issuance of such Renewal Notes or New Notes. 4. Issue Date; Issue Price: and Yield. The issue date of the Series B Notes (the "Issue Date") is the date hereof, as of which date the initial Series B Note has been issued in the amount of$10,000,000, which exceeds the lesser of$50,000 or 5% of the aggregate issue price of the Series B Notes issuable under the Series B Note Financing Program. The aggregate issue price of the Series B Notes will be equal to the aggregate principal amount of Series B Notes. The yield on the Series B Notes represents that yield which, when used in computing the present value on the date hereof of all payments of debt service on the Series B Notes, produces an amount equal to the present value on the Issue Date of the aggregate issue price of the Series B Notes. 5. Certain Funds Relating to the Series B Notes. The County has established the following Funds with respect to the Series B Notes: (a) Project Fund. The County has established a special fund for the Projects (the "Project Fund") into which the proceeds of the Series B Notes issued as New Notes to fund the costs of the Projects (including related costs of issuance) will be deposited. Proceeds of the Series B Notes so deposited into the Project Fund, together with the investment income thereon (if any), will be used by the County to pay or reimburse the County for such costs of the Projects. With respect to such amounts on deposit in the Project Fund, the County reasonably expects that it will incur, within 6 months after the date hereof, substantial binding obligations to expend at least 5% of the net sale proceeds of the Series B Notes for the costs of the Projects, that the construction and acquisition of the Projects will proceed with due diligence to completion, and that at least 85%of the net sale proceeds of the Series B Notes will be expended for costs of the Projects within three years from the date hereof. Proceeds of the Series B Notes deposited into the Project Fund may be used to reimburse the County for capital expenditures for the Projects made prior to the issuance of the Bonds, provided that, except in the case of "preliminary expenditures" described in Section 1.150-2 of the Treasury Regulations, (i)the reimbursement of such capital expenditures was authorized by an "official intent" declaration of the County made in accordance with Section 1.150-2 of the Treasury Regulations (including the Authorizing Ordinances), (ii) no expenditure to be reimbursed was made more than 60 days prior to the applicable declaration,and (iii)the reimbursement of each expenditure is made no more than 18 months after the Issue Date or the date on which the related Project component is placed in service,whichever is later,but in no event more than 3 years after the expenditure is made. 2 • • I for tax-exempt bonds (other than bonds described in Section 57(a)(5)(C) of the Code)and certain U.S.Treasury Securities-State and Local Government Series. (iv) "Payments" on Nonpurpose Investments includes amounts actually or constructively made to acquire Nonpurpose Investments and other amounts deemed to be payments for Nonpurpose Investments under Section 1.148-3(d)(2) of the Treasury Regulations. (v) • "Receipts" on Nonpurpose Investments includes amounts actually or constructively received from Nonpurpose Investments and other amounts deemed to be receipts on Nonpurpose Investments under Section 1.148-3(d)(2) of the Treasury Regulations. (vi) "Future Value" means the value of a Payment or Receipt at the end of a period determined using the economic accrual method as the value of that Payment or Receipt when it is paid or received (or treated as paid or received), plus interest assumed to be earned and compounded over the period at a rate equal to the yield on the Series B Notes, using the same compounding interval and financial conventions that were used to compute the yield on the Series B Notes. (b) Payments. Within 60 days after each Computation Date (other than the final Computation Date), the County shall pay to the United States government an amount not less than 90%of the Rebate Amount, if any,calculated as of such Computation Date. Within 60 days after the final Computation Date, the County shall pay to the United States government an amount equal to 100% of the Rebate Amount, if any, calculated as of such final Computation Date. (c) No Avoidance of Rebate Amount. No amounts that are required to be paid to the United States will be used to make any payment to a party other than the United States through a transaction or a series of transactions that reduces the amount earned on any Nonpurpose Investment Hues ment ar that results in a smallerrofit or a larger loss g on any Nonpurpose Investment would have resulted in an arm's length transaction in which the yield on the Series B Notes was not relevant to either party to the transaction. (d) Records. The County shall keep proper books of record and accounts containing complete and correct entries of all transactions relating to the receipt, investment, disbursement, allocation and application of the proceeds of the Series B Notes. Such records shall specify the account or fund to which each Nonpurpose Investment (or portion thereof) held by the County is to be allocated and shall set forth as to each Nonpurpose Investment (i) its purchase price, (ii) identifying information, including par amount, interest rate, and payments dates, (iii)the amount received at maturity or its sales price, as the case may be, including accrued interest, (iv) the amounts and dates of any payments made with respect thereto, and (v) the dates of acquisition and disposition or maturity. The County shall retain the records of all calculations and payments of the Rebate Amount until six years after the retirement of the Series B Notes in full. 5 • • S (e) Certain Rebate Exceptions. Notwithstanding the foregoing, no rebate calculation or payment shall be required with respect to the amounts earned on the investment of the "gross proceeds" of the Series B Notes (which includes the net sale proceeds of the Series B Notes, earnings on such proceeds, and earnings on such earnings) used to provide the Projects provided that the requirements set forth in paragraph (i)or(ii) below are met: (i) No rebate calculations or payments shall be required with respect to such amounts if: (A)at least 15%of such proceeds are expended for the Projects within the six- month period beginning on the date hereof, (B) at least 60%of such proceeds are expended for the Projects within the one-year period beginning on the date hereof, and (C) 100%of such proceeds are expended for the Projects within the eighteen- month period beginning on the date hereof. The expenditure requirements described in (C) above shall be treated as met if 100% of the gross proceeds allocable to the Projects are expended for the Projects within the 30 month period after the date hereof and, during the period ending eighteen months after the date hereof all of such gross proceeds are spent except a reasonably required retainage not exceeding 5%of the net sale proceeds of the Series B Notes. (ii) No rebate calculations or payments shall be required with respect to such amounts if(A) at least 75% of such proceeds are to be used for construction expenditures (including reconstruction and rehabilitation), (B) at least 10% of such proceeds are expended for the Projects within the six-month period beginning on the date hereof, (C)at least 45%of such proceeds are spent for the Projects within the one- year period beginning on the date hereof, (D) at least 75% of such proceeds are spent for the Projects within the eighteen-month period beginning on the date hereof, and (E) 100% of such proceeds are expended for the Projects within the two-year period beginning on the date hereof. The expenditure requirements described above shall be treated as met if 100%of the proceeds are expended for the Projects within the three-year period after the date hereof and during the period ending two years after the date hereof all of the proceeds of the bonds are spent except a reasonably required retainage not exceeding 5% of the net sale proceeds of the Series B Notes. 9. Prior or Subsequent Issues. No other obligations have been less than 15 days either before or after the Issue Date pursuant to the same plan of financing which will be paid (or have substantially the same claim to be paid) from substantially the same source of funds as the Series B Notes. 10. Governmental Bonds. All of the facilities comprising the Projects will be owned and used in the functions of the County. The County will not loan more than the lesser of $5,000,000 or 5% of the proceeds of the Series B Notes to one or more nongovernmental persons. The County will not allow more than the lesser of$15,000,000 or 10% of the sale proceeds of the Series B Notes and all amounts realized from the investment of such sale proceeds and earnings thereon, or of the Projects, to be used directly or indirectly by any nongovernmental person in any trade or business, other than as a member of the general public. 6 • • For purposes of the preceding sentence, "10%" is reduced to "5%" for nongovernmental use of any facilities financed from proceeds of the Series B Notes which are disproportionate to or not related to the governmental purposes of the Series B Notes. For purposes of the foregoing, a nongovernmental person will be treated as "using" proceeds of the Series B Notes to the extent the nongovernmental person (i) borrows proceeds of the Series B Notes, or (ii) uses a Project (e.g.,as owner, lessee, service provider,operator or manager,except as otherwise provided in the applicable provisions of the Code and Treasury Regulations). 11. No Hedge Bonds. It is reasonably expected on the date hereof that not less than 85% of the spendable proceeds of the Series B Notes issued as New Notes will be used to carry, out the governmental purposes of the Series B Notes within three years from the Issue Date. In addition, the County expects that at least 10% of such proceeds will be so spent within one year after the date hereof and at least 30% will be so spent within two years after the Issue Date. Not more than 50%, if any, of such spendable proceeds will be invested in Nonpurpose Investments having a substantially guaranteed yield for four years or more, including but not limited to any investment contract or fixed yield investment having a maturity of four years or more. The reasonable expectations stated above are not based on and do not take into account (i) any expectations or assumptions as to the occurrence of changes in market interest rates or changes of federal tax law or regulations or rulings thereunder or(ii) any prepayments of items other than items that are customarily prepaid. 12. No Replacement or Abusive Arbitrage Device. No portion of the proceeds of the Series B Notes will be used directly or indirectly to replace funds of the County that are intended to be used for the purpose tor which the Series B Notes are issued and used directly or indirectly to acquire investment property reasonably expected to produce a yield higher than the yield on the Series B Notes. The Series B Notes are not and will not be part of a transaction or series of transactions that (a) attempts to circumvent the provisions of Section 148 of the Code and related regulations, enabling the County or any persons who are related to the County to exploit the difference between tax-exempt and taxable interest rates to gain a material financial advantage,and, (b)overburdens the market for tax-exempt obligations in any manner, including, without limitation, selling bonds that would not otherwise be sold, or selling more bonds, or issuing them sooner, or allowing them to remain outstanding longer, than would otherwise be necessary. The term of the Series B Notes is no longer than is reasonably necessary for the governmental purposes of the Series B Notes and, in particular, the weighted average maturity of the Series B Notes does not exceed 120%of the reasonably expected weighted average economic useful life of the Projects. 13. Certain Additional Assurances and Expectations Regarding Use of Series B Notes Proceeds. Except as otherwise provided herein, none of the proceeds of the Series B Notes will be used: (a) to pay principal of or interest on, refund, renew, roll over, retire, or replace any other obligations issued by or on behalf of the County or any other governmental unit, (b) to replace any proceeds of a prior issue of obligations that were not expended on the project for which such prior issue of obligations was issued, 7 • • 00°I, (c) to make a loan to any person or other governmental unit, (d) to acquire securities producing a yield in excess of the yield on the Series B Notes; (e) as a substitute for other funds of the County which have been or will be used directly or indirectly to acquire securities producing a yield in excess of the yield on the Series B Notes; (0 to acquire investment contracts or similar instruments unless the requirements of Section 1.148-5 of the Treasury Regulations are satisfied;or (g) to reimburse the County for expenditures made prior to the date hereof. 14. Disposition of Financed Property;_Purchase of Issue. The County does not intend to sell or otherwise dispose of the property or any portion thereof financed or refinanced by the Series B Notes during the term of the issue except for dispositions of property in the normal course at the end of such property's useful life to the County. The County does not intend to purchase, directly or indirectly, any portion of the issue in a transaction or series of transactions that would reduce the yield on the Series B Notes. 15. Issue Not Federally Guaranteed. The Series 13 Notes are not guaranteed, directly or indirectly, by the United States government or any federal instrumentality as defined in Section 149(b)of the Code. 16. Internal Revenue Service Information Return. Within the time and on the form prescribed by the Internal Revenue Service under Section 149(e), the County will file with the Internal Revenue Service an Information Return setting forth the required information relating to the Series B Notes. The information reported on that Information Return will be true, correct and complete to the best of the knowledge and belief of the undersigned. 17. Responsibility of Officer. The officer signing this Certificate is one of the officers of the County responsible for issuing the Series B Notes. 18. Reasonable Expectations. To the best of the knowledge, information, and belief of the undersigned, all expectations stated in this Certificate are reasonable, all facts stated are true, and there are no other existing facts, estimates, or circumstances that would or could materially change the statements made in this Certificate. 8 • • 19. Reliance. The certifications and representations made in this Certificate are intended to be relied upon as certifications described in Section 1.148-2(b) of the Treasury Regulations. The date of this Certificate is March 2,2011. DIRECTOR OF FINANCE, 11COUNTY OF HAWAII I a e..,6+, 1 Nancy rawford 9 t Form 8038.G (Rev.May 2010) Information Return for Tax-Exempt Governmental Obligations ► Under Internal Revenue Code section 149(e) OMB No.1545 4720 DI- See separate instructions. Department of the Treasury Internal Revenue Service Caution:if the issue price is under$100,000,use Form 8038-GC. Part I Reporting Authority if Amended Return,check here ► t Issuer's name 2 Issuer's employer identification fluster(BM County of Hawaii 99 . 6000567 3 Number and street(or P.O.box if mail is not delivered to street address) Room/suite 4 Report number(For IRS Use Only) 25 Aupuni Street 13 1.:...'l _ . Illoo5 City,town,or post office,state.and ZIP code 6 Date of issue Hilo,Hawaii 96720 March 2,2011 7 Name of issue 8 CUSIP number General Obligation Bond Anticipation Notes,Series B 41969CAE6 9 Name and title of officer of the issuer or other person whom the IRS may call for more information t0 Telephone number of officer or other person Nency Crawford,Director of Finance ( 808 ) 961-8517 Type of Issue (enter the issue price)See instructions and attach schedule 11 Education 11 12 Health and hospital 12 13 Transportation 13 14 Public safety 14 15 Environment(including sewage bonds) 15 16 Housing 18 17 Utilities 17 18 Other. Describe► general governmental purpose capital projects 18 50,000,000 00* 19 If obligations are TANs or RANs, check only box 19a ► ❑ " s`ke =:; we s If obligations are 8AN ;-SW - i f.1,;' s, check only box 19b ► ® - .�: {;` `f`�=r::.,: 20 If obligations are in the form of a lease or installment sale,check box ► ❑ ;'<', :.l, .` llo Part III Description of Obligations. Complete for the entire issue for which this form is being filed. (a)Final maturity date (b)Issue price (c)Stated redemption re))Weighted price at maturity average maturity {e}Yield 21 March 2,2041 $ 50,000,000* $ 50,000,000* It* years VR % Part IV Uses of Proceeds of Bond Issue (including underwriters' discount) 22 Proceeds used for accrued interest 22 0 00 23 Issue price of entire issue(enter amount from line 21, column(b)) 23 50,000,000 00* 24 Proceeds used for bond issuance costs(including underwriters'discount) . 24 0 00 =' 25 Proceeds used for credit enhancement 25 0 00 '- 26 Proceeds allocated to reasonably required reserve or replacement fund. 26 0 00 27 Proceeds used to currently refund prior issues 27 0 00�"•-_" 28 Proceeds used to advance refund prior issues • 28 0 00 "; - 29 Total(add lines 24 through 28) 29 0 00 30 Nonrefunding proceeds of the issue(subtract line 29 from line 23 and enter amount here) . 30 50,000,000 00* Part V Description of Refunded Bonds (Complete this part only for refunding bonds.) 31 Enter the remaining weighted average maturity of the bonds to be currently refunded. . . . years 32 Enter the remaining weighted average maturity of the bonds to be advance refunded. . ► years 33 Enter the last date on which the refunded bonds will be called(MM/DD/YYYY) ► 34 Enter the date(s)the refunded bonds were issued■(MAM/DDmYY) For Privacy Act and Paperwork Reduction Act Notice,see separate instructions. Cat.No.637738 Form 8038-G (Rev.5-2010) *Maximum authorized principal amount. **See Attachment. Form 8038-6(Rev.5-2010) Page 2 Part VI Miscellaneous 35 Enter the amount of the state volume cap allocated to the issue under section 141(b)(5) . . , 35 0 00 36a Enter the amount of gross proceeds invested or to be invested in a guaranteed investment contract (GIC)(see instructions) 36a 0 00 b Enter the final maturity date of the GIC► 37 Pooled financings: a Proceeds of this issue that are to be used to make loans to other _.. governmental units 37a b If this issue is a loan made from the proceeds of another tax-exempt issue, check box►❑ and enter the name of the issuer► and the date of the issue► 38 If the issuer has designated the issue under section 265(b)(3)(E)(i)(111)(small issuer exception), check box . . . - ► ❑ 39 If the issuer has elected to pay a penalty in lieu of arbitrage rebate, check box I. ❑ 40 If the issuer has identified a hedge,check box ► ❑ Under penalties of perjury,I declare that I have examined this return and accompanying schedules and statements,and to the best of my knowledge Signature and belief,they are true,correct,and complete,l further declare that I consent to the IRS's disclosure of the issuer's return Information,as necessary to pros/• this return,to th person tb 1 have authorized above. and Consent Nancy Crawford,Director of Finance r Signature of ssuer's authorized sentative Date 3/2/11 Type or print name and title Preparers Date Preparer's 55N or PTIN Paid signature 3/2/11 self-employed-e ❑ P01067598 Preparers Arm's name(or McGorriston Miller Mukai MacKinnon LLP Use Only yours if self-employed), ' EIN 99 0080339 address,and ZIP code 5 Waterfront Plaza,4th floor,500 Ala Moana Blvd. Phone no. (80$) 529-7300 Honolulu,Hawaii 96813 Form 8038-G (Rev.5-2010) • Attachment to Form 8038-G for the County of Hawaii General Obligation Bond Anticipation Notes, Series B BIN: 99-6000567 The County of Hawaii (the "County") is issuing the above-referenced notes (the "Series B Notes") from time to time to fund the costs of various public improvements or to pay the maturing principal of previously issued Series B Notes. The Series B Notes are being issued under a single master legal document and otherwise conform to the requirements of Treasury Regulations §1.150-1(c)(4) for treatment as a single issue of commercial paper under the same commercial paper program. Accordingly,the County is treating all of the Series B Notes as part of a single issue of commercial paper under the same commercial paper program of the County, the issue date of which is the first date the aggregate principal amount of Series B Notes issued under the program exceeds the lesser of $50,000 or 5% of the aggregate issue price of the commercial paper authorized to be issued under the program. On March 2, 2011, the County issued its first Series B Note in the principal amount of$10,000,000. The County will issue and repay Series B Notes issued under the commercial paper program from time to time as funds are needed. Therefore, the maturity date as well as the weighted average maturity of the entire issue cannot be determined at this time. The aggregate issue price of the Series B Notes will not exceed $50,000,000 and the final maturity will in no event exceed the period reasonably necessary to achieve the governmental purposes of the financing and will lot exceed 30 years. This form 8038-G covers all Series B Notes issued under The program pursuant to t e single master legal document. • • §47-16-Bond anticipation note -Hawaii Statutes 466.. 47-16 - Bond anticipation notes. §47-16 Bond anticipation notes. Whenever the governing body of the county shall have authorized the issuance of bonds under this chapter, general obligation bond anticipation notes of the county are hereby authorized to be issued in anticipation of the issuance of the bonds and of the receipt of the proceeds of sale thereof, for the purposes for which the bonds have been authorized. All general obligation notes must be authorized by the governing body of the county issuing same by ordinance or resolution of the governing body,which may be the same or a different ordinance or resolution as that authorizing the bonds. The maximum principal amount of the notes shall riot exceed the authorized principal amount of the bonds. The director of finance of the county,with the approval of the governing body, may issue and sell from time to time the bond anticipation notes which have been authorized by the.goveming body. The full faith and credit of the county shall be pledged to the payment of the principal of and interest on the notes. The authorization, issuance, and details of the notes shall be governed by this chapter with respect to bonds insofar as the same may be applicable, provided that: (1) Each note,together with all renewals and extensions thereof,or refundings thereof by other notes issued under this section, shall mature within five years from the date of the original note; and (2) The interest on the notes shall be paid from the general fund of the county and the principal of the notes shall be paid from the proceeds of sale of the bonds in anticipation of which the notes have been issued or from any money in the general fund available therefor. To the extent that the principal of the notes shall be paid from moneys other than the proceeds of sale of the bonds, the maximum amount of bonds in anticipation of which the notes are issued that has been authorized shall be reduced by the amount of notes paid in that manner. [L 1989, c 80, pt of§2] • t TO: Ms.Nancy E. Crawford 7 June 2011 Director of Finance RECEIVED County of Hawaii r--.'. State of Hawaii JUN -- 7 2011 410101 FROM: Dan A. Cole Y.12.- P.O. Box 630 OFFICE of THE CORPORATION COUNSEL COUNTY OF HAWAII . Keaau,Hawaii 96749 4-.e, y,�,, ,ee- Telephone: 966-9229 SUBJECT: Uniform Information Practices Act,UIPA, Clarification of records received as a result of my 5 May 2011 UIPA Request for access to government records. Dear Director Crawford, 1. On 5 May 2011, I requested a copy of all Hawaii County NOTICE OF OFFER and any other documentation surrounding the County's offering/issuing of Bond Anticipation Notes,BAN's in any and all Series for the period 1 January,2011 to the present date. (a) I received a copy of a March 2,2011 COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIAPTION NOTE, SERIES B.,CUISP Number: 41969CAE6 that was purchased by the Bank of Hawaii for$10 million dollars. I did not receive a copy of,and THEREFORE I request a copy of: (1) NOTICE OF OFFER, sent to the Bank of Hawaii for the March 2, 2011 BAN Series "B" (2) PURCHASE CONFIRMATION, sent from the Bank of Hawaii to the County of Hawaii for the March 2,2011 BAN Series "B" (3) INTEREST RATE CONFIRMATION, sent from the Bank of Hawaii to the County of Hawaii for the March 2, 2011 BAN Series"B" (4)A copy of the proper books of record and accounts containing complete and correct entries of all transactions relating to the receipt,investment, disbursement,allocation and application of the proceeds of the Series B Notes,as stated in,and required by,the TAX CERTIFICATE OF COUNTY OF HAWAII,Pertaining to,COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIPATION NOTES SERIES B, as signed by the Director of Finance, County of Hawaii,Nancy E. Crawford,with the date of the Certificate identified as March 2, 2011. FILE • COPY • 2. On 5 May,2011 I requested a copy of the Hawaii County Council's authorization upon which any and all Bond Anticipation Notes were offered or issued for the period 1 January,2011 to the present date. (a) In response to this requested item the Corporation Counsel for the County of Hawaii Lincoln S.T.Ashida sent me a copy of County of Hawaii, State of Hawaii BILL No. 311 (Draft 3).In so far as Bill No: 311 (Draft 3)was signed into Ordnance No.: 11-40 by Mayor Kenoi on May 4,2001,with an Effective Date: May 4, 2011,this could not have been the"Authorizing Ordnance"upon which the March 2, 2011 TEN MILLION DOLLAR Bond Anticipation Note, CUISP Number 41969CAE6 was sold to the Bank of Hawaii as"IN WITNESS WHEREOF,THE COUNTY OF HAWAII, STATE OF HAWAII"by Mayor, County of Hawaii William P. Kenoi and Director of Finance, County of Hawaii,Nancy E Crawford. THEREFORE I Request a copy of: (1)The"Authorizing Ordnance"as specified in the"Master Issuance Certificate",ARTICLE II, authority for Issuance;section 201. Authority for issuance;Purpose of Issue. (a).the issuance of the Notes has been duly authorized,or will be duly authorized at the time of issuance for the March 2,2011 $10 Million dollar Bond Anticipation Note Series B. (2)TAX CERTIFICATE OF COUNTY OF HAWAII Pertaining to COUNTY OF HAWAII, GENERAL OBLIGATION BOND ANTICIPATION NOTES, SERIES A to be issued on March 2,2011. (3)A copy of the Internal revenue Service,(I.R.S.)Form 8038-G Information return for tan-Exempt government Obligations,for the March 2, 2011 Series A County of Hawaii Bond Anticipation Notes. Thank you for your attention in this request. • Since ly, e"-ec tei� Dan A. Cole Cc: Hawaii County Corporate Counsel Lincoln S.T. Ashida. Office of Information Practices, (OIP),Director Park. Attached: 5 May 2011 UIPA Request from Dan A. Cole cole_hawaii- Yahoo! Mail Page 1 of 1 Search Mail ! Search Web : ?j Hi.Dan INBOX CONTACTS CALENDAR Far:Fwd:Good Demo Hawaiian Telcom Aut... Your June 7 UIPA req.. Compose Delete Move Spam Actions inbox Your June 7 UIPA request Tue,Jun 28,2011 at 12:51 PM Conversations From Ashida,Lincoln Drafts To cole_hawaii©ya CC Rodillas,Martha Sent Spam(1) 8 Attachments 4.4MB ter Trash(1) PDF .POP .PDF .PDF .PDF .PDF .PDF .PDF FOLDERS 060711-1a 060711-1a 060711-2a 060711-2a 060711-2a 060711-2a 060711-2a 060711-2a (1),a(2),a (4)-FHB (1)-Ord 04- (1)-Ord.07 (1)-Ord.08 (1)-Ord.08 (1)-Ord.11 (2),a(3) Dan (3)-Notice CD.PDF 59.04- 120.pdf -106,09- -148.pdf -40.pdf Tax MESSENGER.. Dear Mr.Cole, You're signed out of Messenger.Click to Enclosed are the documents responsive to your UIPA request of June 7. When 1 received your most recerit letter,I reread the enclosure more carefully,and realized you were making a request for additional APPLICATIONS -------.------ documents and not Just a request for Information. My apologies, Under the circumstances,we are waiving any fees associated with this production. Lincoln S.T.Ashida Corporation Counsel County of Hawaii Hilo Lagoon Centre 101 Aupuni Street Suite 325 Hib,Hawaii 96720 Tel.(808)961-8304,x118 FAX(808)961-8622 Email: Lashidatilco.hawaii.hi.us Website: www.co.hawaii.hi.us/ccJhome.htm This message is intended only for the use of the individual or entity to which it is addressed and may contain information that is privileged, confidential end exempt from disclosure under applicable law. If you have received this communication in error,please notify us immediately by email or telephone,and return the original message. Thank you! Hawaii County is an Equal Opportunity Provider and Employer • http://us.mg2.mail.yahoo.com/neo/launch 1/7/2013 COUNTY OF HAWAII ;'r..; STATE OF HAWAII aw+!i BILL NO. 311 (DRAFT 3) ORDINANCE NO. 1. 40 AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE COUNTY OF HAWAII FOR THE PURPOSE OF FUNDING ALL OR A PORTION OF THE COSTS OF VARIOUS PUBLIC IMPROVEMENT PROJECTS;FIXING THE FORM, DENOMINATIONS, AND CERTAIN OTHER DETAILS OF SUCH BONDS AND PROVIDING FOR THEIR SALE TO THE PUBLIC;AND AUTHORIZING THE TAKING OF OTHER ACTIONS RELATING TO THE ISSUANCE AND SALE OF THE BONDS. BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF HAWAII: SECTION 1. Findings and Determinations. The County Council hereby determines sale and delivery of general obligation bonds of the County in an aggregate principal amount not to exceed$56,000,000(the"Bonds")for the purpose of funding all or a portion of the costs of the County Projects referred to in Section 2 hereof. SECTION 2. Authorization of Bonds. There are hereby authorized for issuance and sale, in one or more series, Bonds of the County, in an aggregate principal amount not to exceed $56,000,000, for the purpose of funding all or a portion of the costs (including costs of issuance of the Bonds)of public improvement projects authorized and set forth as follows: Project Description Estimated Cost Kawaihae Housing Closure 1,600,000 Kaloko Housing Project 2,300,000 Pool Drainage Covers 500,000 Puna Park-New Park Development 5,500,000 Kikala Keokea New Park Development I00,000 North Kohala Recreational Facilities Repair and Upgrade 2,000,000 Banyan Beach Parking Lot 300,000 Kapi`olani Street Extension 8,700,000 Puna Makai Alternate Roadway( MAR) 500,000 La`atoa Extension 20,000,000 applications of this ordinance which can be given effect without the invalid provision or application,and to this end,the provisions of this ordinance are declared to be severable. SECTION 16. Effective Date. This ordinance shall take effect upon its approval. INTRODUCED BY: COUNCIL ME 4.3.1,111%-- OF HAWAI` Kona,Hawaii —r"'- Date of Introduction November 4, 2010 Date of 1st Reading November 4, 2010 Date of 2nd Reading April 20, 2011 Effective Date: May 4, 2011 REFERENCE Comm. 154.14 OFFICE OF THE COUNTY CLERK County of Hawai`i Kona,Hawai`i 1:Z1 1'rr .t y : :.. 1 ,1 +. Introduced By: Pete Hoffmann ROLL CALL VOTE Date introduced: November 4, 2010 AYgS- NOES ABS EX . First Reading: November 4, 2010 Enriques X Published: November 13, 2010 Ford X Greenwell X REMARKS: Passed 2nd & Final Rdg.-11/17/10; 1 Hoffmann X motion co "reconsider",passed & postponed Ikeda X pending public hearing-11/30/10; Public Naeole X hearing-April 5, 2011; Amended to Dr. 2 & held Onishi X over pursuant to Council Rule 24(e) -4/6/11 Yagong. X , Yoshimoto X Second Reading: April 20, 2011 _ 5 3 1 0 To Mayor: April 29, 2011 (Draft 3) Returned: May S, 2011 ( ROLL CALL VOTE Effective: May 4, 2011 AYES NOES ABS EX Published: Nay 28, 2011 Bias X Ford X REMARKS: Hoffmann X Ikeda X Onishi X Pilago . X Smart X I Yagong X Yoshimoto X I '7 2 0 0 I DO HEREBY CERTIFY that the foregoing BILL was adopted by the County Council published as indicated above. j APPROVED AS TO 0 FORM AND LEGALITY: --'' J COUNCIL ChfAIRPER ON DEPUTY CORP ATION COUNSEL ' COUNTY OF AWAIT �+ t NTY CLERK Date y yii • 311 (Draft 3) (2008-2010) Bill No.: t% Reference: C-1S4.14/FC-188 prEap' 0d'd/D• his -" day 11 40 Ord No.: 1�'1(tk' , 20 t t • ‘�J MAYOR, COUNTY OF HAWAII vii i UNITED STATES OF AMERICA STATE OF HAWAII ' i COUNTY OF HAWAII GENERAL OBLIGATION BOND ANTICIPATION NOTE, SERIES B NO. R-1 $10,000,000 INTEREST DATED MATURITY CUSIP RATE: DATE: DATE: NUMBER: • 1.22% March 2,2011 September 2,2011 41969CAE6 4 : REGISTERED HOLDER: BANK OF HAWAII PRINCIPAL SUM: TEN MILLION DOLLARS THE COUNTY OF HAWAII, State of Hawaii (hereinafter called the "County"), for value received, hereby promises to pay to the Registered Holder (named above), or registered assigns, on the above Maturity Date (unless this note shall be subject to prior redemption and shall have theretofore been duly called for prior redemption and payment of the redemption price • duly made or provided for), the above Principal Sum together with interest at the above Interest Rate per annum. Such payment shall be made to the Registered Holder hereof in whose name this Note is registered upon the Note Register as of the close of business on the tenth (I 0th) day • (whether or not a business day) preceding the Maturity Date. All amounts due hereunder shall be payable in any coin or currency,of the United States of America which at the time of payment is legal tender for public and private debts. Payment of such amounts shall be made by check or draft mailed or by wire sent to the registered Holder of such Bond at such Holder's address or account as it appears on the Bond Register or otherwise as agreed upon by the County and such Holder. Upon the making of such payment, the Registered Holder shall be required to surrender the Bond for cancellation at the office of the Director of Finance of the County, in Hilo, Hawaii, as Paying Agent. This Note is one of the County's General Obligation Bond Anticipation Notes authorized and issued pursuant to and in full compliance with the Constitution and laws of the State of Hawaii, including Part I of Chapter 47, Hawaii Revised Statutes, as amended, the Charter of the County, proceedings of the County duly taken thereunder, and the Certificate of the Director of Finance of the County providing for the issuance and sale of the Notes and fixing the form and details thereof (the "Master Issuance Certificate"). This Note is subject in all respects to the provisions of the Master Issuance Certificate(a copy of which is on file at the office of the Director of Finance of the County)and all certificates supplemental thereto,to which reference is made for provisions regarding the rights of the Holders, the nature and extent of the security and provisions for payment of the Notes, of the rights, duties and immunities of the County and its Director of Finance,as Registrar and Paying Agent. By acceptance hereof,the Holder of this Note assents and agrees to all such provisions. This Note is a general obligation of the County, and the interest and principal payments hereof are a first charge on the general fund of such County. The full faith and credit of the County are irrevocably pledged to the punctual payment of the principal of and interest on this Note according to its terms. This Note may be transferred, in whole but not in part, upon the Note Register by the Registered Holder hereof, in person or by his attorney duly authorized in writing, at the aforementioned office of the Director of Finance of the County, as Registrar, but only in the manner, subject to the limitations and upon payment of the charges, if any, provided in the proceedings authorizing this Note, and upon the surrender hereof to the Registrar for cancellation, together with a written instrument of transfer satisfactory in form to the Registrar and duly executed by the Registered Holder or the Registered Holder's duly authorized attorney, which may be the form endorsed hereon. Upon such transfer a new Note, of the same aggregate principal amount, issue, interest rate and maturity as the Note surrendered, will be issued to the transferee in exchange herefor. The County and its Director of Finance or such Director's designee,as Paying Agent and Registrar, may treat the person in whose name this Note is registered on the Note Register kept , pursuant to the proceedings authorizing this Note as the absolute owner of this Note for all purposes, including payment, and neither the County nor its Director of Finance, as Paying Agent and Registrar,shall be affected by any notice to the contrary. It is hereby certified, recited and declared that all conditions, acts and things essential to the validity of this Note and the series of which it is a part exist, have happened and have been done; that every requirement of law affecting the issuance thereof has been duly complied with; and that the amount of this Note and the series of which it forms a part, together with all other indebtedness of the County of Hawaii, is not in excess of any constitutional or statutory • limitation on indebtedness_ IN WITNESS WHEREOF, THE COUNTY OF HAWAII, STATE OF HAWAII, has caused this Note to be signed by the manual signature of its Director of Finance, to bear the facsimile signature of its Mayor, to be impressed with its seal or to bear a facsimile of its seal, and this Note to be dated as of the date stated above. s N- tELi — C .7. a.,. . Mayor,County of Hawaii , j tot Ci±1W Arr.. 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