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Hutchinson Utilities Commission affirms authorization for 2026B city bond issuance
Summary
The Hutchinson Utilities Commission voted to confirm resolution 26-02, authorizing the city council to issue 2026B bonds to fund electric distribution upkeep and improvements; Moody's rating steps and a market timetable were outlined.
The Hutchinson Utilities Commission voted to confirm resolution 26-02, authorizing the City Council to issue 2026B bonds to fund upkeep and improvements to the electric distribution system. Director said the City Council previously approved moving forward and the commission's confirmation lets the council proceed to market.
Director outlined the anticipated timeline: Moody's will deliver a credit opinion after an Aug. 5 rating call, staff expects a market release about Aug. 6, bids are anticipated Aug. 11 and an award could be made the same evening at the city council meeting. “We'll have another follow-up meeting with Moody's,” Director said, adding staff will review the official statement before any press release goes out. Committee member moved to pass resolution 26-02 and the motion carried.
The resolution reaffirms the utility's request that the city issue bonds on its behalf to fund distribution improvements. No dollar amount or bond structure details were discussed in the commission meeting packet; staff said further materials will be shared for review before market activity begins.
