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Spirit Lake council approves bond counsel engagement and sets meeting on up-to-$5M loan notes
Summary
The council approved an engagement agreement with Ahlers Cooney as bond counsel and adopted Resolution No. 2026-06 to fix a date for a meeting on authorization of up to $5,000,000 in general obligation capital loan notes.
On Feb. 24 the Spirit Lake City Council approved an engagement agreement with Ahlers Cooney for bond counsel services and adopted Resolution No. 2026-06 to set a future meeting for authorization of a loan agreement and issuance of general obligation capital loan notes not to exceed $5,000,000.
Councilmember Kofoot moved to approve the Ahlers Cooney engagement agreement; Councilmember Mensing seconded and the motion carried unanimously. Councilmember Chappas later introduced and read Resolution No. 2026-06 to fix a date for consideration of the loan authorization; Councilmember Kofoot seconded and the resolution was adopted with aye votes from Johnson, Kofoot, Chappas and Mensing.
The resolution establishes the procedural step of publicly setting a meeting and publishing notice related to the potential issuance of up to $5 million in general obligation capital loan notes for essential corporate purposes. The minutes do not specify the project(s) to be funded by the proposed loan or the exact date set for the meeting; those details are not specified in the transcript.
