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CITY ANNOUNCES 2012 GENERAL OBLIGATION BOND SALE (Fri., Sept. 14, 2012)—The City and County of Honolulu will soon issue up to $925 million in General Obligation Bonds to finance various capital improvements and refinance outstanding bonds for interest rate savings. The City expects to give priority to individual Hawaii investors wanting to purchase these new Honolulu Bonds during a one-day retail order period on October 24.  An order period for institutional investors would follow on October 25. The Honolulu Bonds, authorized by the City Council on Sept. 12, will be rated by both Moody's Investor Services and Fitch Ratings. The Honolulu Bonds will pay semi-annual interest and will be sold in denominations of $5,000, or multiples thereof. The Honolulu Bonds will be exempt from Hawaii income taxes. However, selected series will be subject to federal income taxation. Bank of America Merrill Lynch will serve as the lead underwriter on the transaction, with Piper Jaffray & Co. serving as a co-managing underwriter. -30- Media contact:  Louise Kim McCoy, Mayor's Office, 768-7798.