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CITY COUNCIL WORK SESSION <br />APPROVED <br />DATE <br />TIME STARTED <br />TIME ENDED <br />MEMBERS PRESENT <br />MEMBERS ABSENT <br />CITY OF LINO LAKES <br />MINUTES <br />October 27, 2014 <br />: October 27, 2014 <br />. 6:00 p.m. <br />. 6:25 p.m. <br />: Councilmember Stoesz, Kusterman, <br />Rafferty, Roeser and Mayor Reinert <br />: None <br />Staff members present: City Administrator Jeff Karlson; Finance Director Al Rolek; <br />Community Development Director Michael Grochala; Deputy Public Safety Director <br />Kelly McCarthy; City Clerk Julie Bartell <br />1. Review Regular Council Agenda of October 27, 2014- <br />111) Resolution No. 14-127, Sunday Liquor Sales for Hammerbeart Brewery — The <br />council concurred that this item be moved off the Consent Agenda to Item 3A for <br />discussion. <br />1D) Resolution No. 14-123, Approving 2015 Twin City Gateway Budget- Some <br />council members wish to discuss the budget in more detail. Administrator Karlson will <br />invite the Executive Director of Twin City Gateway to attend a future council work <br />session. <br />1A) City Expenditures - Council Member Rafferty asked about the city policy on <br />employees making personal purchases with the city credit card; how is that reimbursed to <br />the city? Finance Director Rolek responded that city employees are not allowed to make <br />personal purchases with the city credit card. <br />2A) Resolution No. 14-124, Awarding the Sale of General Obligation Improvement <br />Bonds, Series 2014A — Finance Director Rolek explained that the city received bids on a <br />bond issuance authorized by the council in September. He introduced the city's financial <br />advisor, Terri Heaton, of Springsted, Inc, who brokered the bonds. <br />Ms. Heaton distributed a sheet indicating the results (bids) of the bond sale held earlier in <br />the day. She indicated that the bond sale went very well with the low bid coming in <br />under the estimate. That low bidder is a group of banks. As part of a bond sale, the <br />city's bond rating is also reviewed. Ms. Heaton noted that they sought that rating from an <br />agency different from the one used in the past. The result is the city's rating remaining <br />the same but with a very positive report and an indication that the rating is very close to <br />moving up. <br />Staff and Ms. Heaton will report further at the city council meeting. <br />1 <br />