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CITY COUNCIL WORK SESSION July 5, 2017 <br />45 Metro I v s new producer on updated programming for the channel as well. Mayor <br />46 Reinert suggested that there needs to be a regular review of that channel by staff to ensure <br />47 it remains pertinent. Mr. Waldron suggested that staff could have regular meetings with <br />48 the new producer. <br />49 <br />50 Council Member Rafferty discussed his concern about a very small bid pool for the <br />51 project; he'd like to see the quality that comes from competition and options. Mr. <br />52 Waldron remarked that the availability of companies to do this type of work and do it <br />53 well is limited and that is represented in the number of bids. <br />54 <br />55 Mayor Reinert asked if the city will be obligated to accept the low bid. Administrator <br />56 Karlson said not if the city doesn't feel it is the right bid. Mayor Reinert suggested that <br />57 the council will see the results of the bid process in a couple of months. Council <br />58 Member Manthey suggested that the city must be fair from the onset about what is <br />59 requested so that bidding is a fair process. <br />60 <br />61 Council Member Rafferty asked what is proposed for the little televisions currently on the <br />62 dais and Mr. Karlson explained that the units would be updated and still within the well. <br />63 <br />64 Staff will proceed to go out for bids on the equipment and installation for the project. <br />65 2) Investment Portfolio Review —Finance Director Cotton introduced Lynn Cornwell <br />66 with Wells Fargo Securities. Ms. Cotton recalled that the council asked for more review <br />67 of city investments as part of the recent audit reports. <br />68 <br />69 Ms. Cornwell provided information on her bio. She specializes in working with city <br />70 governments and school districts. They worked with the city's previous finance officer <br />71 Al Rolek previous to Sarah Cotton. She sees pretty much the same objectives as she <br />72 works with local governments; safety of investments is generally the number one priority <br />73 (noting statutory limitations). Ms. Cotton then explained her cash flow tracking process, <br />74 something she set up by the month which provides information can be used to determine <br />75 what is available for investment. <br />76 <br />77 Council Member Kusterman asked if there is a difference between the designated and <br />78 restricted funds. He has reviewed the law thoroughly and he doesn't see anything that <br />79 would preclude use of funds in a non -investment manner such as loaning funds to <br />80 ourselves. Ms. Cotton explained that inter -fund loans are allowed but there must be a <br />81 policy approved and attached to any transaction of that type. Ms. Cornwell noted that <br />82 she doesn't know the details but knows that the City of Bloomington bought their own <br />83 bonds. Ms. Cornwell also briefly explained a new concept of direct lending from the <br />84 bank, avoiding the financial adviser and the rating elements; it's something much more <br />85 common in other states. The point being that there are a lot of options and the city should <br />86 explore them all. <br />87 <br />88 Mayor Reinert mentioned investment policy and liquidity. Ms. Cornwell suggested that <br />2 <br />