HART draws another $20 million from city short-term credit for rail

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

9/8/16 $50,000,000
10/13/16 $20,000,000
12/15/16 $20,000,000
3/28/17 (Pending) $20,000,000

Total Amount of Issuances: $110,000,000

Pay Downs

12/8/16 ($20,000,000)
1/5/17 ($25,000,000)
3/8/17 ($5,000,000)

Total Pay Down Amounts: ($50,000,000)

Balance as of March 28, 2017: $60,000,000

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