HART’s city credit draw now at $50 million, more than double previous estimate

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Honolulu’s rail project faces a cash crunch.

Now, the Honolulu Authority for Rapid Transportation is about to borrow $50 million in short-term bond money, as stated in a notice from acting executive director Mike Formby.

It’s a topic Always Investigating has been following.

An earlier request had HART borrowing $20 million by July to keep above a required minimum cash balance. (Learn more about the process here.)

But that was put off then, and now the borrow amount has more than doubled.

The federal government is holding off releasing the remaining half of its $1.5 billion pledge until a new financial plan is completed.

HART staff, Honolulu Mayor Kirk Caldwell, City Council chairman Ernie Martin, and others head to San Francisco for a meeting with Federal Transit Administration on the topic early next week.

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