Hawaii sells $745M in general obligation bonds
source: http://www.forbes.com/feeds/ap/2009/06/10/ap6527637.html
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- Kepano
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Hawaii Gov. Linda Lingle is announcing the sale of more than $725 million in general obligation bonds to fund various state capital projects.
Most of the money will finance public school and University of Hawaii facilities, and other construction projects around the state.
The bond sale included $500 million for capital projects and $225.3 million of refunding bonds to refinance outstanding debt.
The refinancing of existing debt will result in a reduction in debt payments by approximately $100 million per year in fiscal years 2010, which begins July 1, and 2011.
That will assist a state government trying to close an estimated budget shortfall of $730 million over the next two fiscal years.
The overall interest rate for the bonds was 4.12 percent.
Most of the money will finance public school and University of Hawaii facilities, and other construction projects around the state.
The bond sale included $500 million for capital projects and $225.3 million of refunding bonds to refinance outstanding debt.
The refinancing of existing debt will result in a reduction in debt payments by approximately $100 million per year in fiscal years 2010, which begins July 1, and 2011.
That will assist a state government trying to close an estimated budget shortfall of $730 million over the next two fiscal years.
The overall interest rate for the bonds was 4.12 percent.
