The City and County of Honolulu is preparing to sell up to $300 million in Wastewater System Revenue Bonds to help pay for a variety of important repairs and upgrades.
The sale, authorized by City Council approval of Resolution 12-210, will include up to $150 million in new money bonds and up to $150 million in economic refunding of existing wastewater revenue bonds.
The Wastewater Bonds are expected to be sold with a retail only order period Sept. 19, 2012, and with an institutional order period to commence Sept. 20, 2012.
Proceeds will help pay for important work on wastewater pump stations, pipes and facilities in Ala Moana, Chinatown, Kailua, Kalihi, Kaneohe, Manoa, Nuuanu, Palolo, Sand Island, Honouliuli, Wahiawa, Waimalu and other neighborhoods.
In 2011, Moody’s and Fitch rated the City’s Wastewater Revenue bonds "Aa2/AA," respectively. Ratings for this issue are expected Sept. 14, 2012.
The Wastewater Bonds will pay semi-annual interest and will be sold in denominations of $5,000, or multiples thereof. Further, the Wastewater Bonds will be exempt from Hawaii and federal income taxes.