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Underwood council approves $550,000 note and adopts budget amendment and bond closeout
Summary
Council adopted Resolution 26-06-01 to issue a $550,000 General Obligation Corporate Purpose Note (Series 2026B), approved Budget Amendment #2 for FY26, and authorized closeout of General Obligation Bond Series 2015 at the June 9 meeting.
The Underwood City Council on June 9 adopted Resolution 26-06-01 authorizing a loan agreement and the issuance of a $550,000 General Obligation Corporate Purpose Note, Series 2026B, and provided for levying taxes to pay the note.
The motion to adopt Resolution 26-06-01 was moved by Keith Rodenburg and seconded by Kelle Erwin. Council voted by roll call with all five members recorded as Yes (Pingel, Erwin, Mace, Bose, Rodenburg).
The council also opened and immediately closed a public hearing on Budget Amendment #2 for fiscal year 2026 after no written or verbal comments were offered. The council then adopted Resolution 26-06-02 approving the budget amendment by roll call (Bose, Erwin, Mace, Pingel, Rodenburg all Yes).
In the same meeting the council adopted Resolution 26-06-03 approving the closeout of General Obligation Bond Series 2015; that resolution passed by roll call vote (Mace, Pingel, Erwin, Bose, Rodenburg Yes). The minutes list the three resolutions in sequence and record unanimous roll call votes for each.
The minutes do not specify detailed use of the new $550,000 note proceeds; the resolution language recorded in the minutes authorizes placement and issuance and establishes the levy to pay it. The meeting record lists motions and roll call tallies for the resolutions.
