Maui Business

Bond Sale Generates Millions in Savings for Maui

June 26, 2014, 5:54 PM HST
* Updated June 26, 7:30 PM
Listen to this Article
1 minute
Loading Audio... Article will play after ad...
Playing in :00

Danny Agsalog is among the latest appointments for the incoming Arakawa Administration.  Photo courtesy Mayor-Elect Arakawa's Transition Team.

Danny Agsalog. File photo courtesy Mayor Arakawa Transition Team.

By Maui Now Staff

Maui County Finance Director Danny Agsalog today announced that low interest rates for a bond sale generated millions of dollars in savings for taxpayers.

According to Agsalog, the competitive bond sale of $68 million, was sold at a premium with a net proceed of $75 million.

Agsalog said that of the $75 million in proceeds, $51 million will fund new and ongoing capital improvement projects, and $24 million will go toward refunding.

According to Agsalog, a bond refunding series in 2004 and 2006 saved the county $2.1 million.


Maui received a 2.63% rate, below the national average of 2.9%  listed today for bond market yields for 20-year bonds, county officials said.


“It was an extremely successful competitive sale,” said Acting Mayor Keith Regan in a county press release. “We surely landed lower than the market today. This is fantastic news for our taxpayers.”

The County of Maui recently earned positive ratings by Moody’s as Aa1, and by Fitch Rating and Standard & Poors as AA+ for this bond sale, which presently gives Maui County the highest bond rating in the state, the announcement said.

Make the most of your Maui vacation with these top-rated activities: Maui Top 20: Maui Visitor & Tourism Information
E-Mail Newsletters Receive daily or weekly updates via e-mail. Subscribe Now
News Alerts Breaking news alerts on your mobile device. Get the App


This comments section is a public community forum for the purpose of free expression. Although Maui Now encourages respectful communication only, some content may be considered offensive. Please view at your own discretion. View Comments