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Sunday, July 24, 2016
Debt Financing: The mayor's word on rail has been broken - again
By News Release @ 8:51 PM :: 4145 Views :: Rail

Djou Reacts to HART Announcement that It Now Needs Debt Financing

News Release from Djou Campaign July 21, 2016

Honolulu, HI - The Djou for Mayor campaign reacted to yesterday's testimony by the HART CEO that the City rail system will now need debt financing.

"The mayor's word on rail has been broken - again.  Caldwell promised that rail is 'fully paid for.'  But yesterday the HART CEO testified at the City Council Budget Committee that the rail system will need to incur debt this September," stated Djou for Mayor Spokesperson Jon Kunimura.  "This new need for debt financing for the City's rail system reinforces that this system is a complete mess due to administration incompetence and mismanagement.  Our community simply needs a new mayor."

Mayor Kirk Caldwell had promised that rail was 'fully paid for' and even launched political advertising stating that there is no threat of bankruptcy due to rail spending.  Yesterday's testimony once again shows that Caldwell misled the people on rail.  The City will run out of money due to massive cost overruns on the rail system and debt financing is necessary.  This debt due to rail cost overruns exposes our City to default and bankruptcy.  These construction costs do not even include the financial threat to the City for operation and maintenance costs which could reach into the billions.

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Charles Djou represented Hawaii's 1st Congressional District in the U.S. House and previously served on the Honolulu City Council and Hawaii State House.  Djou is an Army Reservist and Afghanistan war veteran.  He is married to Stacey Kawasaki Djou and together they have three children.

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