Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Debt Issuance topic
No spam. Unsubscribe anytime.
Spirit Lake council directs sale of $2.065 million General Obligation Capital Loan Notes
Summary
The Spirit Lake City Council unanimously adopted Resolution No. 2025-34 on July 8, 2025, directing the sale of up to $2,065,000 in General Obligation Capital Loan Notes (Series 2025); bids were received electronically and the council authorized the sale following a formal motion.
The Spirit Lake City Council unanimously authorized the sale of General Obligation Capital Loan Notes, Series 2025, in a resolution adopted at its July 8 meeting.
Councilmember Mensing introduced and read Resolution No. 2025-34 directing the sale of the notes and moved for its adoption; Councilmember Kofoot seconded the motion. The council recorded Aye votes from Councilmembers Johnson, Kofoot, Brockmeyer, Chappas and Mensing, and the resolution was adopted.
The offering was described in meeting materials as $2,065,000, subject to adjustment per the terms of the offering. Tim Oswald told the council that bids were accepted electronically until 12:00 p.m. and that he had provided a bid summary to the mayor and council for their consideration.
By adopting the resolution, the council directed the city’s officials to proceed with the sale of the Series 2025 notes under the terms described in the offering materials. The transcript does not list the low bidder, final interest rates or the underwriter; those specifics were not provided in the public record available at the meeting.
The resolution was entered into the record as Resolution No. 2025-34; next steps recorded in the meeting minutes indicate staff will complete the sale process under the city’s authorized procedures.
