The city has no immediate plans to sell its bonds and has a guaranteed line of credit for interim financing, Mayor Mufi Hannemann said yesterday as the nation's financial markets continued to deal with uncertainty over a proposed $700 billion federal bailout.

The city's general obligation Tax-Exempt Commercial Paper program is secured for $250 million until 2015 by West LB and Helaba, two AAA-rated German banks.

"The city's bond rating remains high and our debt is considered conservative, so we're comfortable with our financial situation for the time being," Hannemann said yesterday, offering a message of fiscal assurance before leaving to attend a meeting of the U.S. Conference of Mayors in Miami.

"This is no time to panic," he said.

He spoke to reporters after signing three zoning measures for Kapolei that will allow 6,500 homes and other development in areas known as Makaiwa Hills, Kapolei West and Kapolei Harborside.

Construction projects will keep people working and Honolulu's economy moving despite the nation's financial troubles, Hannemann said, adding that the city is doing its part through new and ongoing capital projects.

Within a week or so, he said, he expects to make an announcement involving Walt Disney Parks and Resorts, which has been working on a plan for Disney's 21-acre oceanfront property at Ko Olina Resort.

Gov. Linda Lingle last week announced that she had met with the leaders of the four public workers unions and told them that they would have to wait about a year before engaging in serious contract talks because of the economy.

But Hannemann yesterday said there was no need to send a similar message to union leaders of city workers.

"There are important reasons to have hope and optimism about job retention and job growth," he said. "The bottom line is that O'ahu is home to three-fourths of the state's population and a commensurate share of the economy and we're being proactive in supporting our leading industries of tourism and construction."

Hannemann serves as chairman of the U.S. Conference of Mayors' committee on tourism, arts, parks, entertainment and sports, and he plans to meet with airline executives in Miami to hear their ideas about how the nation's mayors can lobby Congress to aid the airline industry, which would in turn help stimulate Hawai'i's sagging tourism industry.

"The airlines need our help," Hannemann said.

Hannemann was joined yesterday by City Councilmen Nestor Garcia and Todd Apo, who said "city government can be a great enabler for our economy."

Garcia added, "I'm glad to see that on this side of the street, the city can hold its head up high."