State sells new bonds and refinances old ones
The sale of $569.29 million worth of general obligation bonds will help the state meet a projected $330 million general fund shortfall resulting from the Sept. 11 terrorist attacks, Gov. Ben Cayetano said.The bonds were sold yesterday morning at a true interest rate of 4.67 percent. In all, $250 million of new money bonds were sold, along with $319.29 million to refinance and restructure existing bonds.
The refinancing will save about $9.1 million, Cayetano said. In addition, the refinancing also will reduce debt service payments for fiscal years 2004 and 2005 by $86.5 million and $84.4 million, respectively, he said.
Proceeds from the sale will be used for such public purposes as improvements to public buildings and facilities, including elementary and secondary schools, community college and university facilities, and libraries.
The state is projecting a $330 million revenue shortfall for the current and next fiscal year.
15 new algae species discovered in islands
Fifteen new species of algae have been discovered among 1,200 specimens collected throughout the Hawaiian Islands by the Hawaii Coral Reef Initiative Research Program.The specimens, from 33 sites, will be cataloged into a database at the Bishop Museum. Michael Hamnett, the research program director, said this is the first methodical collection and cataloging of more than 500 algae species in Hawaii. Hamnett said the research will provide the state with valuable information on reef algae in Hawaii and "critical tools in helping to manage coral reef systems here and throughout the world."
Although Hawaii's coral reef ecosystems have about 10 times more algae species than coral species, the role of algae often is overlooked, he said. Reef fish would migrate elsewhere without algae to eat. The fish-grazing process also keeps algae from smothering coral.
The research program was established in 1998 to support monitoring and research for management of Hawaii's coral reef ecosystems. It is funding 10 research projects. The state Division of Aquatic Resources and University of Hawaii manage the program cooperatively.
For more information, call 956-7479 or see the program's Web site, www.hawaii.edu/ssri/hcri.
|
>> Ann Kobayashi will be sworn in as the Honolulu City Council member from the 5th District at 10 a.m. Tuesday. A story on Page A3 yesterday said incorrectly that she would be sworn in Monday. Corrections and clarifications
>> Hawaii laws require that a person be at least 18 years old to possess a rifle or shotgun, at least 21 to possess a handgun and at least 16 to use a rifle or shotgun while hunting or target shooting at a range under adult supervision. An editorial on Tuesday included incorrect information about age requirements.
The Honolulu Star-Bulletin strives to make its news report fair and accurate. If you have a question or comment about news coverage, call Managing Editor Frank Bridgewater at 529-4791 or email him at fbridgewater@starbulletin.com.
Police, Fire, Courts
By Star-Bulletin staffWEST OAHU Honolulu Police Department Crimestoppers
Waipahu woman nabbed in stolen car in parking lot
A 22-year-old Waipahu woman was arrested for driving a stolen vehicle this morning after police stopped her for driving erratically in the Pearlridge Center parking lot.Police stopped the vehicle next to Chili's Bar and Grill about 2:30 a.m. The woman told the officers she was learning to drive with a manual transmission.
The officers noticed the vehicle had an expired registration sticker and a check of the vehicle revealed it was reported stolen. The woman was released pending further investigation.
LEEWARD OAHU
Crews rescue teacher and student on trail
Honolulu fire rescue crews airlifted a Kapolei Middle School student and teacher yesterday from the Aiea Loop Trail at Keaiwa Heiau State Recreation Area. Both had injured themselves during a field trip of about 100 Kapolei seventh-graders.Fire crews first received a cell phone call at 10:44 a.m. regarding a 12-year-old girl who had fallen and sprained her ankle. While rescue workers were assisting the girl, fire crews received another call about a 43-year-old female teacher who had fallen along the same trail and broken her ankle. Both victims were taken to the Kapiolani Medical Center at Pali Momi.
