Rail project will soon issue bonds
HONOLULU (AP) -
Honolulu's financially troubled rail transit project will be able to issue bonds to keep it afloat through the end of the year.
The City Council approved a bill Wednesday to allow the Honolulu Authority for Rapid Transportation to issue bonds.
Rail officials say the project will run out of money in January without a cash infusion. They say they would have to begin shutting down operations this August.
The rail project's Interim Executive Director Krishniah Murthy says the bonds are critical. He says the federal government needs to know the city supports the project and there's a dedicated source of funding.
The bill does not include a dollar amount, but rail officials say they'll need about $350 million in bonds to get through the fiscal year.