The City and County of Honolulu has sold $271 million worth of general obligation bonds to help fund the rail project and other city improvements. 

These bonds provide a way for state and local governments to raise money for projects that may not directly generate revenue. 

The sale will also fund the “replacement of equipment to better serve our communities,” said Mayor Rick Blangiardi in a release, as well as the refinancing of bonds issued by the City in 2019.

The rail project is slated to receive nearly $11 million from the transaction.

The City credited investors’ interest in the bonds to a comprehensive outreach effort, which included a print and digital advertising campaign, and the bonds were given very strong ratings by two top credit rating agencies.

“Mahalo to the City’s Budget & Fiscal Services’ administrative and treasury staff and Corporation Counsel team, and our underwriters and attorneys for making the bond sale a success in today’s difficult market conditions,” said Blangiardi.