City Council committee OKs $450M line of credit for rail

The fallback funding is required by the FTA to ensure the project has enough resources

POSTED: 01:30 a.m. HST, May 26, 2012

~~<p>A bill to make a city-backed $450 million line of credit available to bolster the finances of the Honolulu rail project won the approval of a City Council committee Wednesday and is poised for final Council approval next month.</p>
<p>Mayor Peter Carlisle announced in January that his administration would make the line of credit available to the Honolulu Authority for Rapid Transportation to demonstrate to federal authorities the $5.27 billion rail project has the resources it needs to complete construction.</p>
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A bill to make a city-backed $450 million line of credit available to bolster the finances of the Honolulu rail project won the approval of a City Council committee Wednesday and is poised for final Council approval next month.

Mayor Peter Carlisle announced in January that his administration would make the line of credit available to the Honolulu Authority for Rapid Transportation to demonstrate to federal authorities the $5.27 billion rail project has the resources it needs to complete construction. Login for more...