The Municipal Building Authority of the City of Hurricane adopted a resolution on October 1, 2026, declaring its intention to issue Lease Revenue Bonds, Series 2026, according to an October 2 public notice. The authority plans to hold a public hearing to receive community input regarding the proposed bonds and any potential economic impact the project may have on the private sector.
The authority intends to use the bond proceeds to finance the acquisition and construction of a new city hall building, a new police station, and related improvements, collectively known as the Series 2026 Project. Funding will also be used for required debt service reserve fund deposits and costs associated with the bond issuance.
The proposed bonds will have a principal amount not to exceed $27,000,000. They are expected to bear interest at a rate not to exceed 6.50% per annum, mature in no more than 31 years, and be sold at a price of at least 98% of the total principal amount plus accrued interest.
The bonds will be payable solely from rents, revenues, and other income received by the authority from leasing the Series 2026 Project to the City on an annually renewable basis. Based on current interest rate and financing plan estimates, the total debt service cost of the bonds is estimated to be $50,618,864.31 if held until maturity.
The authority currently has $1,041,000 in outstanding principal amount secured by lease revenues. Information regarding all of the authority's outstanding bonds is available in the City's audited financial report at https://reporting.auditor.utah.gov/searchreports/s/.
A public hearing is scheduled for November 5, 2026, at 6:00 p.m. at the City of Hurricane offices located at 147 North 870 West, Hurricane, Utah. All members of the public are invited to attend and participate.
A 30-day period from the date of the posting allows interested persons to contest the legality of the resolution, indenture, lease, or bonds. Additionally, active voters within the City may sign a written petition to request an election to authorize the bond issuance. If petitions signed by at least 20% of active voters are filed with the authority during this 30-day period, the authority must hold an election to obtain voter authorization.
Copies of the resolution and the forms of the indenture and lease are available for examination at the City offices at 147 North 870 West, Hurricane, Utah. The offices are 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.
