Agency falling short on payments to state for center
HONOLULU (AP) — The Hawaii Tourism Authority has fallen short on its payments to the state for the Hawaii Convention Center. The agency still owes 79 percent of the center’s original $350 million balance.
The Honolulu Star-Advertiser reports State Department of Budget and Finance Director Wesley Machida says the Hawaii Tourism Authority has made $490 million in principal and interest payments, but still owes $277 million on the center, which was first funded in 1999.
Under the current debt repayment schedule the agency agreed to honor in 2011, the Hawaii Tourism Authority must reimburse the state $26.4 million annually for principal and interest payments.
Machida says the agency has paid the state only $20 million of its $26.4 million obligation for each of the past two fiscal years.
Information from: Honolulu Star-Advertiser, http://www.staradvertiser.com