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City refinances bonds at 3.9%

Honolulu, reducing its general obligation bonds interest rate to the lowest level in city history, has refinanced approximately $323 million at an average of 3.9 percent.

The city achieved the low rates because of its AA credit ratings, which are among the best in the nation, according to Ivan Lui-Kwan, director of the Department of Budget and Fiscal Services.

"(This) will save the city taxpayers millions," said Lui-Kwan, noting the reduced premiums the city will pay for bond insurance.

There are three major rating agencies --Moody's Investors Service, Standard & Poor's Corp. and Fitch Investors Service -- that assign ratings to corporate and municipal bonds to tell potential investors how safe they are as investments. Bonds rated AAA, AA, A or BBB are all considered investment grade and indicate a company has the ability to repay its debt.

Fitch said Honolulu's "spending restraint, tax rate increase and creation of a rainy day reserve" are all examples of why Honolulu has retained its stable AA rating.

Moody's, which upgraded its rating last summer, said "a variety of cost-cutting measures such as work force reductions, department consolidations, hiring freezes and increasing self-support for enterprise activities have resulted in relatively flat expenditure growth over time."

Condo project will hold lottery

KC Rainbow Development LLC will conduct a lottery on April 26 for the next round of sales of the Moana Pacific condominium project. Sales will take place on May 1.

Fred Chan, general manager of KC Rainbow, said the lottery is being done because of strong demand from the project's first phase, and so that interested buyers won't have to wait in line for extended periods of time. When the first units went on sale, dozens of prospective buyers lined up, some of whom paid others to save their place in line.

KC Rainbow Development will release more than 125 owner-occupant units in this latest sales phase. Prospective owner-occupants are encouraged to fill out an application and affidavit, which are available at the Moana Pacific sales office at 1288 Kapiolani Blvd. The office is open daily from 10 a.m. to 6 p.m. except Mondays, when it is open from noon to 6 p.m.

Applications will be accepted until 6 p.m. on April 25. Buyers also may log onto www.moanapacifichawaii.com for more information.

Outstanding older workers sought

Experience Works, the country's largest provider of training and employment services for mature workers, is seeking nominations for Hawaii's most outstanding older employee for 2004. Winners from each state will be honored in Washington, D.C.

Nominees must be 65 years or older, Hawaii residents and actively work at least 20 hours a week for pay. They also must be willing to travel to Washington Oct. 5-9. The trip will include U.S. Senate and House events as well as meetings with members of Congress.

Applicants who are involved in government-funded employment programs are not eligible.

Nomination forms are at www.experienceworks.org. The application deadline is May 7.

Stop cruise dumping, activists say

SANTA MONICA, Calif. >> Environmentalists called on Royal Caribbean yesterday to protect marine habitats and human health by cleaning up sewage and wastewater dumped from its cruise ships.

A ship can dump up to 30,000 gallons of sewage a day, as well as 255,000 gallons of "gray water" from laundries, showers, sinks and dishwashers, the nonprofit advocacy organization Oceana and other groups said.

"We're calling on them to end the wake of shame," said Moira Chapin, a field organizer for Environment California.