The Hurricane City Council adopted a resolution on Oct. 1, 2026, authorizing the issuance of Electric Revenue Bonds, Series 2027, according to a public notice published Oct. 2, 2026. The bonds are intended to finance capital improvements to the city's electrical system.
The proposed Series 2027 Bonds will fund the construction of two substations, transmission lines, and other related improvements to the electrical system. The project also aims to cover costs of issuance and fund a deposit to a debt service reserve fund if necessary. The city intends to issue the bonds in an aggregate principal amount of up to $24,000,000. These bonds are set to mature in no more than 26 years and will carry interest rates not exceeding 6.50% per annum. The city reserves the right to not issue the bonds for any reason at any time prior to issuance.
The Series 2027 Bonds are special, limited obligations of the issuer that are payable from the net revenues of the city's electric system. Currently, the issuer has no outstanding bonds secured by these net revenues. Based on current interest rate estimates and the financing plan, the total estimated debt service cost of the bonds could reach $48,832,200 if held until maturity.
The City Council called a public hearing to receive input regarding the issuance of the bonds and any potential economic impact the financed project may have on the private sector. Residents can examine the Resolution and the Indenture at the office of the City Recorder, located at 147 North 870 West, Hurricane, Utah, during regular business hours. The office is open Monday through Thursday from 8:00 a.m. to 5:00 p.m. and Friday from 8:00 a.m. to 3:00 p.m.
A public hearing is scheduled for Nov. 5, 2026, at 6:00 p.m. at the issuer's offices at 147 North 870 West, Hurricane, Utah. A 30-day period from the date of publication allows interested persons to contest the legality of the resolution, the indenture, or the bonds.
