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Rolfe council approves proposal to accept $306,000 in general obligation notes to back vehicle purchase
Summary
The Rolfe City Council approved a resolution to accept a proposal to purchase $306,000 (amount subject to change) in General Obligation capital loan notes, series 2025, and discussed using available city funds to buy a replacement water-department pickup before bond proceeds arrive.
The City Council of the City of Rolfe voted Jan. 28 to accept a proposal to purchase $306,000 ("amount subject to change") in General Obligation capital loan notes, series 2025, a measure intended to provide financing for city capital needs.
Council member Rob Jackson moved to approve a resolution "directing the acceptance of a proposal to purchase $306,000 (amount subject to change) General Obligation capital loan notes, series 2025." Council member Dan Allen seconded the motion. A roll-call vote recorded Council members Aaron Cox, Dan Allen, Rob Jackson and Al Minkler as voting yes; Lana Pratt was recorded absent. The motion passed.
Mayor Jim Pentico reported that the water department—leet needs a pickup replacement sooner than originally planned. Maggie Burger of Speer Financial told the council a vehicle could be purchased before the city receives bond proceeds by using an account that currently has available funds, and that "once we receive the proceeds, a deposit can be made back into the general ledger account it was paid out of." She said staff would contact nearby dealerships to locate a gently used pickup.
The council did not record a vote to authorize a specific vehicle purchase at the meeting; the approved resolution accepts the proposal to issue capital loan notes. The council adjourned at 5:41 p.m.
