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COUNCIL MINUTES October 27, 2014 DRAFT 46 October 13, 2014 Work Session Minutes Approved 47 48 September 22, 2014 Work Session Minutes Approved 49 50 FINANCE DEPARTMENT REPORT 51 52 3A) Resolution No. 14-124, Awarding the Sale of General Obligation Improvement Bonds, 53 Series 2014A — Finance Director Rolek explained that the City Council previously authorized the sale 54 of bonds for various improvement projects in the city. Bids on those bonds were received earlier this 55 day and he introduced Terri Heaton of Springsted, Inc. to review the results of the bidding. 56 57 Ms. Heaton reviewed a written results sheet, noting that there were five bids received on the issuance. 58 She said that the very good news is that the low bid for the bonds came in lower than the estimated 59 interest rate. The bonds hit the market at a very good time. As part of the bond issuance, she 60 explained, the city goes through a bond credit rating process. A rating agency new to the city 61 provided that service and has come back with a rating of AA, not an upgrade but with an indication 62 that the city is very close to an upgrade. The rating report came back very strong. She noted that the 63 assistance of Finance Director Rolek in providing information quickly and efficiently was positive. 64 Mayor Reinert thanked Ms. Heaton for the good news on the bonds and the rating; it's also good to 65 have a rating from more than one agency. It was noted also that the interest rate received on the 66 bonds translates into the rate that will be paid for special assessments for two of the projects being 67 funded. Council Member Kusterman thanked Mr. Rolek for his hard work in showing the bond 68 agencies the city's good qualifications. 69 70 Council Member Roeser moved to approve Resolution No. 14-124 as presented. Council Member 71 Kusterman seconded the motion. Motion carried on a unanimous voice vote. 72 73 ADMINISTRATION DEPARTMENT REPORT 74 75 3A) Resolution No. 14-127, Sunday Liquor Sales for Hammerheart Brewery- City Clerk Bartell 76 noted that the council recently approved a change to the city code that allows Sunday sales for 77 brewery taprooms in the city. The city's one brewery, Hammerheart, has applied for a Sunday 78 license. 79 80 Council Member Roeser moved to approve Resolution No. 14-127 as presented. Council Member 81 Kusterman seconded the motion. Motion carried on a unanimous voice vote. 82 83 PUBLIC SAFETY DEPARTMENT REPORT 84 85 4A) Hiring of Police Officer- Deputy Director McCarthy reported that the Police Department has 86 gone through an application and review process for a police officer position and is recommending that 87 the council approve the hiring of Tenzin Dongag. The hiring would bring the department to full 88 strength. 89 2