Honolulu sells more than $250M in sewer bonds

Published On: Sep 21 2012 07:56:51 AM HST

HONOLULU -

Honolulu sold more than $250 million in bonds to help pay for repairs and upgrades to the city's sewer system.

The city said Thursday it received $1.1 billion in orders for the bonds - a record amount.

It's paying a 3.71 percent interest rate -- the lowest rate the city has ever received for wastewater bonds.

Some of the money refinances existing bonds, so the lower rate will save the city $11 million in long-term interest payments.

The ratings agency Fitch awarded the bonds an "AA" rating.  Moody's gave them an "Aa2" rating.

The city says the money raised will pay for repairs and upgrades to wastewater pump stations, pipes and facilities around Oahu including Chinatown, Kailua and Palolo.

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