The Honolulu Authority for Rapid Transit has requested a $450 million line of credit from the Honolulu City Council for the Honolulu Rail Project. This additional line of credit would help Hawaii in its bid to secure $1.55 billion in federal funding through the Federal Transit Administration. The Honolulu Authority for Rapid Transportation and other state officials noted that it was highly unlikely that the line of credit would ever be used, but at the same time had no clear answer about how the line of credit would be repaid if it was in fact needed. The City Council is expected to vote on this issue later today.
Source: Honolulu Star Advertiser, 6-6-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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