The Honolulu Authority for Rapid Transportation is borrowing yet another $20 million to pay bills for the city’s rail project.
Interim executive director Krishniah Murthy submitted a notice to the Honolulu City Council last week.
That puts the total amount drawn so far in short-term municipal bonds, or tax-exempt commercial paper (TECP), at $110 million.
HART has already paid back $50 million of that.
The authority is authorized to draw up to $350 million of the city’s credit line.
View the breakdown below:
Initial Issuance Dates and Amounts
Total Amount of Issuances: $110,000,000
Total Pay Down Amounts: ($50,000,000)
Balance as of March 28, 2017: $60,000,000