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Spirit Lake council authorizes $4.785 million in general obligation capital loan notes
Summary
Council adopted resolutions appointing paying agent and approving authorization documents for $4,785,000 in General Obligation Capital Loan Notes, Series 2026, including a substituted resolution authorizing issuance; votes were recorded in favor by councilmembers Johnson, Kofoot, Tifft, Chappas and Mensing.
The City of Spirit Lake on May 26 took formal steps to issue $4,785,000 in General Obligation Capital Loan Notes, Series 2026. Council adopted Resolution No. 2026-29 to appoint a paying agent, note registrar and transfer agent and later approved Resolution No. 2026-30, which substituted a new resolution authorizing the issuance, approved a form of loan agreement and addressed tax-exemption and continuing disclosure documents. Both resolutions were adopted with aye votes recorded from Johnson, Kofoot, Tifft, Chappas and Mensing.
The resolutions implement financing documents and authorize staff and bond counsel to finalize closing procedures. The transcript records the council’s motions and votes but does not include the bond purchase terms, interest rates or repayment schedule; those documents are part of the official financing package on file with the city clerk (not specified in the transcript).
The authorized notes provide capital for projects the city specified in earlier agenda documents; the action at the meeting was limited to approving the paperwork necessary to issue the debt.
