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AGENDA ITEM #11 <br />STAFF ORIGINATOR Randall Schumacher, City Administrator <br />DATE <br />BACKGROUND: <br />September 8, 1995 <br />The City of Lino Lakes has been in a growth mode over the past few years and the ability <br />to establish a strong finance program is important. With this in mind, the City requested a <br />Moodys evaluation for the purpose of upgrading its credit rating. With the assistance of <br />our public finance advisors, City staff submitted the necessary information to the rating <br />committee outlining the financial strength of our City. <br />Two weeks ago we received written notice that the City of Lino Lakes had been upgraded <br />to a Baal credit rating. The most significant impacts to the City will be lower interest <br />rates on further financing needs as well as increasing the value of outstanding City bonds. <br />I commend our finance director, Mary Vaske, for her dedicated efforts in accomplishing <br />this goal. <br />