In a letter sent this week to Honolulu Mayor Mufi Hannemann with copies to Councilmembers and Neighborhood Boards, City Council Member Romy Cachola expresses his concerns about "the dire state of our economy" and how it is affecting financing the rail line that keeps getting more expensive with every report the City issues.
See the letter here: Romy Cachola letter to Mufi 2009
The Council voted to authorize the borrowing of $917 million in City bonds this week.
As Cachola points out, that is going to cost taxpayers between $37 million and $55 million annually just in interest costs.
Cachola is recommending that the City delay borrowing the bond funds and not authorize construction expenditures yet but still keep the planning and design going until such time as we have a Full Funding Grant Agreement from the federal government.
More information at http://www.honolulutraffic.com
