State gets good rate on $300 mil in bonds

The state sold $300 million worth of bonds yesterday.

The proceeds will be used for improvements to public buildings and facilities including schools, community colleges, university facilities, libraries and other state projects.

The general obligation bonds were sold at an interest cost of 4.41 percent.

"The rate is the lowest borrowing rate for the state in the past 25 years and reflects increased investor confidence in the state's economic policies and improving economy since the events of September 11th," said Gov. Ben Cayetano.

Two independent firms that evaluate the state's credit improved the economic outlook for Hawaii this year, Cayetano said.

In February, Standard & Poor's raised its outlook from "credit watch with negative implications" to "stable." In August, Moody's revised its outlook from "negative" to "stable."

More than $47 million of the bonds were purchased by Hawaii investors.

Home Depot Kona set to open

Home Depot will open its fourth Hawaii store and its first in Kona in the Kaloko Business Park Nov. 21. The Kona store will have 140,000 square feet of retail space plus a garden center of 24,000 square feet. Home Depot said it will hire about 150 workers for the new Big Island outlet.

The company opened its first Hawaii store in Kalihi in September 1999 and last year opened stores in Pearl City and Kahului, Maui. Home Depot said it will stock about 50,000 different items in the Kona store, offering discounts to contractors and large-volume customers.