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Spirit Lake council directs sale of up to $5 million in general obligation notes
Summary
At its May 12 meeting the City of Spirit Lake adopted Resolution No. 2026‑24 directing the sale of General Obligation Capital Loan Notes, Series 2026, not to exceed $5,000,000; bids were received electronically and a bid summary was provided to the mayor and council.
The City of Spirit Lake City Council on May 12 adopted Resolution No. 2026‑24 directing the sale of General Obligation Capital Loan Notes, Series 2026, with a principal cap "not to exceed $5,000,000" subject to adjustment per the terms of the offering. Councilmember Chappas introduced and moved the resolution; Councilmember Kofoot seconded, and the measure passed unanimously (Johnson, Kofoot, Tifft, Chappas, Mensing voting aye).
Tim Oswald told the council that bid submissions for the issue were conducted electronically and were accepted until 1:00 p.m.; he provided the bid summary to the mayor and council at the meeting. The minutes do not record the intended projects or uses for the note proceeds.
The resolution directs staff to proceed with the sale under the terms presented to the council. Council discussion recorded in the minutes does not include further detail about pricing, maturity structure, or the capital projects to be financed. The next procedural step is administration of the sale in accordance with the adopted resolution and the bid results shared by staff.
The resolution was adopted by unanimous vote. The council packet and the city will retain the official bid summary and final sale documents.
