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Rolfe council authorizes loan agreement, approves tax-exempt notes
Summary
The Rolfe City Council approved a resolution authorizing a loan agreement and issuance of tax‑exempt notes and approved related closing documents on Feb. 10. The action passed on a roll-call vote with Pratt, Cox, Allen, Jackson and Minkler recorded as voting ‘aye.’
The Rolfe City Council on Feb. 10 approved a resolution authorizing a form of loan agreement, authorizing issuance of tax‑exempt notes and approving a Tax Exemption Certificate, the council said.
Councilwoman Lana Pratt moved the resolution and Rob Jackson seconded; the roll-call vote listed Pratt, Aaron Cox, Dan Allen, Jackson and Al Minkler as voting in favor. The council subsequently approved related closing certificates and documents (Jackson/Cox). The motions were recorded as carrying with “all ayes.”
Mayor Jim Pentico announced the action during the meeting at the community center as part of a packet of business the council considered. The council did not provide detailed terms of the loan, such as principal amount, interest rate or repayment schedule, in the verbal record at the meeting.
The vote completes the council’s formal authorization to proceed with the financing and to levy taxes as needed to repay the notes, the resolution states. Council members also approved housekeeping documents needed to close the transaction.
The council will proceed with the administrative steps to issue the notes and finalize closings; no additional public hearing or vote on these specific closing documents was recorded during the Feb. 10 meeting.
