Maui County has successfully issued $60.87 million in general obligation bonds at an average interest rate of 2.85 percent, Mayor Michael Victorino announced Wednesday.

Some of the larger capital improvement projects to be financed include land acquisitions, roadways, parks, facility rehabilitation, wastewater and solid waste improvements. Major projects include the Waiale land acquisition for cultural preservation; roadway improvements on South Kihei Road, Mill Street in Wailuku, Waikakoi and South Wailua Bridge replacements and Pukalani Road pavement reconstruction; acquisition of the Wili Pa Loop Building; Waiale Road extension and land acquisition; and Lanai Fire Station improvements.

Fitch Global Ratings, Moody’s Investor Service and S&P Global Ratings assigned ratings of AA+, Aa1 and AA+ (all stable outlook ratings), respectively, to Maui County’s general obligation bonds.

“Investors recognize the sound fiscal management team that got us through the pandemic with higher reserves than three years ago,” Victorino said in a news release. “The success of this borrowing exemplifies the county’s excellent credit ratings and vibrant economy, and provides the ability to fund critical capital improvement projects.”