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CITY COUNCIL WORK SESSION October 27, 2014 <br />DRAFT <br />CITY OF LINO LAKES <br />2 MINUTES <br />3 <br />4 DATE : October 27, 2014 <br />5 TIME STARTED : 6:00 p.m. <br />6 TIME ENDED : 6:25 p.m. <br />7 MEMBERS PRESENT : Councilmember Stoesz, Kusterman, <br />8 Rafferty, Roeser and Mayor Reinert <br />9 MEMBERS ABSENT : None <br />10 <br />11 <br />12 Staff members present: City Administrator Jeff Karlson; Finance Director Al Rolek; <br />13 Community Development Director Michael Grochala; Deputy Public Safety Director <br />14 Kelly McCarthy; City Clerk Julie Bartell <br />15 <br />16 1. Review Regular Council Agenda of October 27, 2014- <br />17 <br />18 1H) Resolution No. 14-127, Sunday Liquor Sales for Hammerheart Brewery — The <br />19 council concurred that this item be moved off the Consent Agenda to Item 3A for <br />20 discussion. <br />21 <br />22 1D) Resolution No. 14-123, Approving 2015 Twin City Gateway Budget- Some <br />23 council members wish to discuss the budget in more detail. Administrator Karlson will <br />24 invite the Executive Director of Twin City Gateway to attend a future council work <br />25 session. <br />26 <br />27 1A) City Expenditures - Council Member Rafferty asked about the city policy on <br />28 employees making personal purchases with the city credit card; how is that reimbursed to <br />29 the city? Finance Director Rolek responded that city employees are not allowed to make <br />30 personal purchases with the city credit card. <br />31 <br />32 2A) Resolution No. 14-124, Awarding the Sale of General Obligation Improvement <br />33 Bonds, Series 2014A — Finance Director Rolek explained that the city received bids on a <br />34 bond issuance authorized by the council in September. He introduced the city's financial <br />35 advisor, Terri Heaton, of Springsted, Inc, who brokered the bonds. <br />36 <br />37 Ms. Heaton distributed a sheet indicating the results (bids) of the bond sale held earlier in <br />38 the day. She indicated that the bond sale went very well with the low bid coming in <br />39 under the estimate. That low bidder is a group of banks. As part of a bond sale, the <br />40 city's bond rating is also reviewed. Ms. Heaton noted that they sought that rating from an <br />41 agency different from the one used in the past. The result is the city's rating remaining <br />42 the same but with a very positive report and an indication that the rating is very close to <br />43 moving up. <br />44 <br />45 Staff and Ms. Heaton will report further at the city council meeting. <br />1 <br />