Hawaii

Hawaii plans to sell $150 million in bonds in November to fund a program that will provide low-interest loans targeting residents with poor credit or low income who want to install energy savings devices like solar panels on their homes.

Hawaii took advantage of a market starved for bonds to increase the size of its highway revenue deal and lower its borrowing costs.

Maui County secured Double-A ratings on Friday from two rating agencies and a stable outlook ahead of plans to sell $75.5 million in GO bonds competitively on June 25.

Hawaii Gov. Neil Abercrombie announced a plan to fix an “inconsistency” of $444 million between the state budget bill and the bond authorization bill passed by the state legislature.

Fitch Ratings upgraded to BBB $71.3 million in revenue bonds issued by the Hawaii Department of Budget & Finance for a 392-unit retirement community and revised the outlook to stable from positive.

The years Honolulu officials invested in its $5.2 billion elevated rail project are paying off, while Los Angeles officials are fighting for a funding arrangement they say is needed for their rail plans to reach fruition.

Hawaii Gov. Neil Abercrombie announced May 9 the appointment of Ford Fuchigami as interim director of the state Department of Transportation.

Hawaii legislators approved legislation last week that extends authorization of $77 million in special purpose revenue bonds to fund the $250 million Honolulu Seawater Air Conditioning project.

Fitch Ratings downgraded Kauai County, Hawaii's general obligation bonds a notch to AA-minus from AA affecting $188 million in debt on April 24.

Hawaii officials reached an agreement last week on a conversation easement for 665.8 acres of land at Turtle Bay Resort in Kahuku that will be funded primarily with $40 million in general obligation bonds.

A flat revenue forecast will not slow Hawaii's efforts to bolster reserves and prepay other post-employment benefits, said the state's finance director, Kalbert Young.

U.S. President Barack Obama included $250 million in his fiscal year 2015 budget for Honolulu's $5.2 billion elevated rail project that will extend 20 miles from the capitol city to the opposite side of the island of Oahu.

Hawaii Gov. Neil Abercrombie released $96.6 million for the construction of capital improvement projects at state airports.

The Hawaii Senate is expected to vote on a proposal to issue $50 million in special purpose revenue bonds to support plans by Florida-based BioTork Hawaii LLC to turn agricultural waste into biofuel and animal feed.

Sales of municipal bonds in the Far West bucked the national trend in 2013 by rising from 2012, as new money swapped with refundings as the market driver in the region.

After a nearly three-year battle, Honolulu rail officials prevailed over detractors of Oahu's $5.26 billion elevated-rail project with two federal court victories on Feb. 18.

Hawaii officials are so proud of their financial comeback that they held a press conference on Monday releasing the state's comprehensive annual financial report.

Hawaii's $844 million budget surplus for fiscal 2013 means the state has entered a new phase, said Gov. Neil Abercrombie in his state of the state address.

Lowell Kalapa, 64, the longtime executive director of the nonprofit Tax Foundation of Hawaii, died Dec. 30.

A decline in Hawaii's unemployment rate will result in a $300 per employee drop in taxes paid by the state's businesses.