2021 Plan of Finance Amortization slide image

2021 Plan of Finance Amortization

HAWAI Debt Management OF STATE O The State has a Long Record of Conservative Debt Management Practices that are Governed by a Formal Debt Management Policy ■ Principal and interest on G.O. Bonds are a first charge on the General Fund and have a pledge of full faith and credit ■G.O. Bonds have conservative Constitutional constraints on debt structure Limits final maturity to 25 years, and principal can be deferred no more than 5 years G.O. Debt Service Profile (1) Millions $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 1959 68% Principal Repayment in 10 years ■ Principal Interest - Requires level debt service or level principal amortization Maximum annual debt service can be no more than 18.5% of the average of the prior three year General Fund revenues ■ No Statewide vote required for debt issuance ■ The State conservatively manages its debt portfolio Bonds issued with 20 year final maturity and level debt service - 2021 new money issuance has no principal deferral 100% fixed rate G.O. debt with no derivatives - 68% of principal amortizes over the next 10 years $- 2033 2034 2035 2036 2037 2038 2039 2040 2041 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Fiscal Year Debt Service as % of General Fund Revenues (2) 14% 12% 10% 8% 6% 4% 2% 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Fiscal Year 2014 2015 2016 2017 2018 2019 2020 2021 18 (1) (2) Includes $63 million of reimbursable G.O. Bonds and excludes $200 million Bond Anticipation Notes. The State also has a de minimis amount of Certificates of Participation outstanding. Excludes reimbursable G.O. Bonds and Bond Anticipation Notes debt service. General Fund Revenues are net of Working Capital Borrowings and Reserve Fund transfers.
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