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Hibbing PUC approves $20 million construction loan for transmission line; one abstention recorded
Summary
The Hibbing Public Utilities Commission approved Resolution 25-07 authorizing issuance of $20 million in tax-exempt utility revenue notes to finance a transmission line construction loan, with the notes intended to convert to long-term financing after project completion; one commissioner abstained from the final vote.
The Hibbing Public Utilities Commission on Aug. 12 approved Resolution 25-07 authorizing the issuance and sale of $20,000,000 in tax-exempt utility revenue notes to fund construction of a transmission line. The resolution, presented at the meeting as a construction loan through National Bank of Commerce, allows interest-only payments during the construction period and delegates execution of closing documents to the chair, vice chair and/or secretary. Commissioners were told the loan is intended to fund construction through completion and later…
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