Local roads to see improvements from new bond issue
KAILUA-KONA — The state has sold more than $200 million in highways revenue bonds, of which $22 million are headed to the Big Island, the governor’s office announced Monday.
“The money will be distributed to projects that will benefit communities throughout the state, including more than $22 million for Hawaii County, for improvements on the Akoni Pule Highway, Mamalahoa Highway, Kohala Mountain Road, Daniel K. Inouye Highway and Kawaihae Road,” wrote Tim Sakahara, public affairs officer with the department of transportation.
Approximately $120 million of the bond sale proceeds will be used to fund various highway projects throughout the state and about $127 million of the proceeds will be used to refinance existing state bonds, the office wrote. The refinancing will reduce debt service payments and save more than $22 million in interest costs.
The sale raised $247.58 million on $204.49 million in sales and brought in the lowest rates in the history of the Highway Revenue Bond Program, which began in 1993.
Read more: http://www.westhawaiitoday.com/news/local-news/local-roads-see-improvements-new-bond-issue