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 Series 2027 Bonds will be used to finance capital improvements to the city's electrical system.
The planned project includes the construction of two substations and transmission lines, along with all related improvements to the city's electrical system. The issuance of these bonds will also fund a deposit to a debt service reserve fund, if necessary, and cover the costs of bond issuance.
The city intends to issue the bonds in an aggregate principal amount of up to $24,000,000. The bonds are expected to mature in no more than 26 years from their date of issuance, will be sold at a price of at least 98% of the total principal amount, and will carry interest rates not exceeding 6.50% per annum. Based on current interest rates and the financing plan, the estimated total debt service cost if held until maturity is $48,832,200.
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 the net revenues of the system. The issuer has reserved the right to not issue the bonds for any reason at any time prior to issuance.
The notice states that the Resolution and the Indenture are available for examination at the office of the City Recorder, located at 147 North 870 West, Hurricane, Utah. The office is open for review during regular business hours from 8:00 a.m. to 5:00 p.m. Monday through Thursday, and 8:00 a.m. to 3:00 p.m. on Friday.
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. The hearing's purpose is to receive public input regarding the issuance of the Series 2027 Bonds and any potential economic impact the project may have on the private sector. A 30-day period following the publication of this notice allows interested persons to contest the legality of the Resolution, the Indenture, or the bonds themselves.
