I have to agree with Rick...but, to help Sterling think about and strengthen his position...
The dollar value of the bonds needed on the Honolulu (only) tax base would not likely be underwritten, or hugely impact of cost of borrowing. Also, the bonds have to ultimately be repaid; what are you suggesting - property tax, local sales tax, fees...so are these less painful than a GET?
Secondly, to the home improvement analogy, the house is half built. Walk away?
The decision made at the start (assume valid), that the benefits of rail were worth 5.2B. Today, forget the money spent, because you can't get it back. The benefits have not changed. The question is what is the expected costs from here.
Third, the link to benefit and cost. All public benefits are not necessary used by all who contribute.  I don't ride the bus anymore and am too old to go to school, but should we just burden the people who use them?