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.View entire presentation