Gov. Linda Lingle Monday submitted a fiscal 2009 supplemental budget proposal that includes more than $500 million of proposed revenue bonds. The budget request, for the second year of the state’s two-year budget period, includes $1.1 billion of additional capital improvement funds, of which almost half is from revenue bonds, according to the Lingle administration. The proposal includes $250.1 million of revenue bonds for the state’s airports modernization plan to fund improvements at airports in Honolulu, Kahului, Lihue, and Hilo. The governor also wants $124.4 million of revenue bonds for a harbor modernization plan that would finance projects at six harbors, and $33.5 million of special funds and revenue bonds for continued highway operations and to complete current highway projects on the islands of Oahu, Maui, and Hawaii. “I believe we have succeeded in presenting a prudent budget with a clear focus on meeting Hawaii’s critical needs, while working within new financial and economic constraints,” Lingle said in a statement. The general fund budget would grow by $100.9 million, or 1.9%, mostly to finance fringe benefits increases for government employees.
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A supply surge hits the market as The Bond Buyer 30-day visible bond volume ticks in at $17.67 billion, $10 billion of which will come the first full week of May, just as macroeconomic data moves all markets to rally.
May 3 -
The latest revision of Oklahoma's fossil fuel "boycotter" list added Barclays, which joins three other municipal bond underwriters placed there last year.
May 3 -
Hawaii Gov. Josh Green's last-minute attempt to resuscitate a bill that would have allowed Hawaii Electric Co. to issue debt, backed by a rate increase, failed.
May 3 -
The Oversight Board has given the local government until Tuesday to introduce a bill to revoke or amend a law that would reduce the Puerto Rico Electric Power Authority's revenues.
May 3 -
Assured's controlling vote is "important to investors who were reassured to hear that there would be a large sophisticated party with a significant economic interest in the success of the project," the insurer said.
May 3 -
The $380 million request for the zoo to voters in three Portland-area counties is the largest bond measure on the May 21 statewide primary ballot.
May 3