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Spirit Lake council moves to authorize up to $5M in general obligation notes for streets, sewer and water projects
Summary
At a March 10 meeting, the Spirit Lake City Council unanimously adopted resolutions to institute proceedings and authorize the issuance of up to $5 million in general obligation capital loan notes to fund street improvements (including 23rd Street reconstruction), sewer collection and waterworks projects after a public hearing that produced no objections.
The Spirit Lake City Council on March 10 unanimously authorized steps to issue up to $5,000,000 in general obligation capital loan notes to pay for street, sewer and water infrastructure projects.
Mayor Kevin Bice opened a public hearing on the proposed loan agreement and the issuance of notes, explaining the financing would pay costs for opening, widening and reconstructing streets (including reconstruction of 23rd Street), sewer collection improvements and waterworks and water plant projects. The council noted the required notice had been published under Sections 384.24A and 384.25 of the Code of Iowa. The City Clerk advised the council that no written objections had been filed and no oral objections were raised during the hearing; the Mayor then closed the hearing.
Following the hearing, the council adopted Resolution No. 2026-10 to institute proceedings for the not-to-exceed $5,000,000 General Obligation Capital Loan Notes, Series 2026, and Resolution No. 2026-11 authorizing the issuance and levy for the payment of the notes. Both resolutions passed by unanimous roll-call vote: Councilmember Johnson, Councilmember Kofoot, Councilmember Tifft, Councilmember Chappas and Councilmember Mensing voted aye.
The council’s action establishes the city’s proceeding to borrow for a broad set of capital improvements listed in the hearing notice, including reconstruction and drainage work, sidewalks and storm sewer installations, sewer collection utility improvements and water plant upgrades. The hearing record reflects that no residents or property owners submitted objections.
Next steps include completing statutory procedures required for issuance of general obligation notes and proceeding with final loan documents and timelines; no final sale or interest terms were announced at the meeting.
