Honolulu Approves Borrowing Plan, Advances Surcharge Extension

Chair Martin and the Honolulu City Council have taken action that will help HART with its short term cash flow needs.

The council approved legislation that enables the city to issue up to $350 million in 2015 general obligation commercial paper. Mayor Caldwell signed the bill into law.

The council also approved two resolutions related to the issuance of the commercial paper notes.

Additionally, the council's budget committee reported out a measure to extend the General Excise Tax surcharge to 2027, and will schedule a public hearing for early December.

"We want to thank Council Chairman Ernie Martin, Budget Committee Chair Ann Kobayashi, all of the council members and Mayor Caldwell for their efforts to expedite these bills," said HART Executive Director and CEO Dan Grabauskas.  "With their support, we will be able to complete this important project."