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Spirit Lake council authorizes $2.045 million in general obligation notes, approves $674,761 in bills and transfers
Summary
The Spirit Lake City Council on July 22 approved resolutions authorizing $2,045,000 in General Obligation Capital Loan Notes, adopted related loan documents and levies, and approved $674,761.78 in vendor payments and multiple interfund transfers, according to the council minutes.
The Spirit Lake City Council on July 22, 2025, approved a package of financial actions that includes authorization for $2,045,000 in General Obligation Capital Loan Notes, adoption of related loan documents and tax-levy approvals, and the payment of $674,761.78 in bills and payroll.
Councilmember Kofoot introduced and the council adopted Resolution No. 2025-35 appointing a paying agent, note registrar and transfer agent and authorizing execution of the agreement; the vote was recorded as Aye: Johnson, Kofoot, Brockmeyer, Chappas and Mensing. The council then adopted Resolution No. 2025-36, approving a form of loan agreement for the Series 2025 notes and levying a tax to pay the notes, and Resolution No. 2025-37, declaring the city’s official intent under Treasury Regulation 1.150-2 to issue debt to reimburse prior expenditures for specified projects.
Those steps clear the administrative path for issuing $2,045,000 in General Obligation Capital Loan Notes, Series 2025. The council’s minutes record the formal motions and unanimous votes adopting each resolution.
At the same meeting the council approved the monthly bill list and payroll totaling $674,761.78. The bills register in the minutes lists vendor payments and contracts, including a median improvement pay application to Diamond Concrete & Construction, Inc. for $253,213.02 and landfill fees of $24,705.35; payroll and benefit disbursements and vendor charges are itemized in the minutes.
Members also approved Manual Journal Entries and Transfers for the second quarter of 2025. The transfers and payments recorded in the minutes include a SRF payment of $121,390.00 and a bond principal and interest payment to UMB Corp Trust of $2,032,125.00. The minutes list interfund transfers including $400,312.52 from LOST to the General Fund, $34,194.99 from Water to a Water Revenue Sinking Fund, and multiple transfers from LOST, TIF, Water and Sewer funds to Debt Service totaling $1,945,997.00.
In separate routine actions, the council approved a cigarette/tobacco permit renewal for Mega Saver and set a public hearing on a proposed annexation by adopting Resolution No. 2025-38. A single public commenter, Vickie Larsen, addressed the council; the minutes record the appearance but do not specify the content of her remarks.
Votes at a glance: Resolution No. 2025-35 (appoint paying agent/note registrar/transfer agent) — adopted (Aye votes recorded: Johnson, Kofoot, Brockmeyer, Chappas, Mensing). Resolution No. 2025-36 (approve loan agreement/levy tax) — adopted (Aye: Johnson, Kofoot, Brockmeyer, Chappas, Mensing). Resolution No. 2025-37 (declare official intent to issue debt) — adopted (unanimous). Resolution No. 2025-38 (set public hearing on annexation) — adopted (unanimous). Motion to approve minutes — carried unanimously. Motion to approve bills — carried unanimously. Motion to approve cigarette/tobacco permit for Mega Saver — carried unanimously. Motion to approve transfers and manual journal entries — carried unanimously.
The council adjourned after the items were completed. Gregg L. Owens attested the minutes and Mayor Kevin Bice signed them.
