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Hibbing utility commission approves resolution to issue PFA net-revenue note listing utility as issuer
Summary
The Hibbing Public Utilities Commission approved Resolution 25-08 to issue a Public Facilities Authority (PFA) utility net revenue note series 2025A, with Hibbing Public Utilities as the issuer rather than the City of Hibbing; staff said the change limits the city's general obligation backing and preserves city bonding capacity.
Hibbing Public Utilities Commission on Sept. 23 approved Resolution 25-08 to provide for issuance, sale and delivery of a utility net revenue note, Series 2025A, listing Hibbing Public Utilities (HPU) as the issuer.
The change was presented to the commission as a switch from listing the City of Hibbing as issuer to listing HPU. Luke Peterson, staff member, said the modification reduces how much of the city's general obligation pledge would be required: "we requested to be…
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