07-08-13 Council Packet - Laserfiche WebLink

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COUNCIL MINUTES June 24, 2013 DRAFT 2 Authorize not waiving monetary limits on tort liability per 46 MN Statute 466.04 Approved 47 48 June 17, 2013 Special Work Session Minutes Approved 49 50 Converting seized prope rty to city property for use by 51 the Lino Lakes Police Department Approved 52 53 FINANCE DEPARTMENT REPORT 54 55 2A) Resolution No. 13 -78, Awarding the Sale of Taxable General Obli gation Improvement 56 Bonds, Serie s 2013A – Finance Director Rolek introduced Terri Heaton of Sp ringsted Inc. the city’s 57 financial co nsultant . He noted that the bonds wer e being sold for the Otter Lake Road Improvement 58 Project . 59 60 Ms. Heaton reviewed the results of the bond sale that was held earlier in the day. The low bid for the 61 bonds came from Northland Securities. She explained that it is an interesting time to go to market 62 with a sale and it is her company’s job to deliver a reasonable sale. She feels that has been 63 accomplished with the receipt of four bids and the result of a re asonable low bid. There are differing 64 opinions on where the market is at. These taxable bonds are being sold by the city as a conduit for the 65 developer and she noted that the developer is okay with the rate and will pay all costs relating to the 66 sale. S he added that part o f the bond sale process is a rating review by Moody’s. That review was 67 quite in depth and did result in a good report and a steady favorable bond rating. She noted that City 68 Finance Director Rolek did a good job reporting to the ratin g agency and that was a big part of the 69 good rating result. The mayor remarked that the city’s high bond rating is an important part of 70 keeping borrowing costs low and he hopes the rating can go even higher in the future. 71 72 ADMINISTRATION DEPARTMENT REPORT 73 74 3A) Resolution No. 13 -77, Approving the renewal of liquor licenses for Hammerheart, LLC – 75 City Clerk Bartell reported that the final liquor license renewal request for the 2013 -2014 licensing 76 period is before the council. Hammerheart Brewery, the new l ocal brewery located in Lino Lakes, has 77 requested renewal of their on -sale taproom and off -sale g rowler licenses. They have me t the 78 requirements for renewal so staff is recommending approval. 79 80 Council Member Roeser moved to approve Resolution No. 13 -77 a s presented. Council Member 81 Rafferty seconded the motion. Motion carried on a unanimous voice vote. 82 83 PUBLIC SAFETY DEPARTMENT REPORT 84 85 There was no report from the Public Safety Department. 86 87 PUBLIC SERVICES DEPARTMENT REPORT 88 89 There was no report from the Public Services Department. 90