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The Financial Oversight and Management Board has allowed the Municipality of Hatillo to execute two issuances of general obligation (GO) bonds to convert two Series 2012 bond anticipation notes used to fund municipal capital projects, according to a letter this week.
The information came out in a letter sent by the oversight board’s general counsel, Jaime A. El Koury, to Fiscal Agency and Financial Advisory Authority (AAFAF by its Spanish initials) Executive Director Omar Marrero Díaz dated Nov. 2.
The debt transactions are between the municipality of Hatillo and the U.S. Department of Agriculture Rural Development (USDA-RD) office.
They consist of the municipality issuing a $480,434 municipal GO bond of 2022 and a $435,755 municipal GO bond of 2022, with USDA-RD to convert two Series 2012 bond anticipation notes (BANs) used to fund municipal capital projects.
Under the first transaction, the USDA-RD previously issued 2012 BANs with a principal amount of $712,000, of which $480,434 has been disbursed. The remaining undisbursed $231,565.90 balance has been canceled by USDA.
The bond will be repaid in 15 annual payments of principal that will be due and payable on Jan. 1 of each year after the issuance of the bond, commencing on Jan. 1, 2023, and ending on Jan. 1, 2037. The outstanding balance will accrue interest at an annual fixed interest rate of 3.25%. There is an additional outstanding accrued interest balance of $109,096, which is due and payable at transaction close. The accrued interest balance will be paid from excess special additional property tax (CAE).
Under the second transaction or bond issue, USDA-RD previously issued 2012 BANs with a principal amount of $436,000, of which $435,755 has been disbursed. The remaining undisbursed $244.99 balance has been canceled by the USDA.
The bond will be repaid in 15 annual payments of principal that will be due and payable on Jan. 1 of each year after the issuance of the bond, commencing on Jan. 1 2023, and ending on Jan. 1, 2037. The outstanding balance will accrue interest at an annual fixed interest rate of 3.25%. There is an additional outstanding accrued interest balance of $144,737, which is due and payable at transaction close. The accrued interest balance will be paid from excess CAE.
Fuente: The San Juan Daily Star
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