25 11 08 Special Board Meeting Minutes

The Town of Oulu November 8, 2025 special board meeting was called to order at 8:33am by Jonathan Hamilton, Chair.

Roll Call Members present: Jon Hamilton, Adam Mattson, Duane Reijo, Diana Reijo, Clerk, Marla Lahti, treasurer.

Airport Road Loan

Motion by Reijo, seconded by Mattson, to secure a one-year loan with Security State Bank in the amount of $1,162,000 at an interest rate of 5.25% for the purpose of financing the LRIP Road Reconstruction Project. The loan will commence on December 3, 2025, and mature on December 3, 2026. Motion carried unanimously by voice vote.

SIMPLE IRA for Employee/s

Motion by Mattson, second by Reijo to approve a matching contribution to each eligible employee’s SIMPLE IRA equal to the employee’s salary reduction contribution up to a limit of 3% of the employee’s wage towards a SIMPLE IRA with Ascensus Trust for 2026 year. Motion carried unanimously by voice vote.

Meeting Date/s

• Budget Meeting – Wednesday, November 12, 2025 following adjournment oft he regular board meeting..

Adjournment

Motion by Hamilton to adjourn. Meeting adjourned at 9:06am.

Respectfully Submitted,

Diana Reijo, Clerk