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1 <br />1 <br />1 <br />CITY COUNCIL MEETING SEPTEMBER 11, 1995 <br />Council Member Kuether moved to consider the final levy and 1995 <br />operating budget at the December 18, 1995 City Council meeting. <br />Council Member Elliott seconded the motion. Motion carried <br />unanimously. <br />CONSIDERATION OF A LETTER FROM MOODY'S INVESTORS SERVICE <br />REGARDING THE CITY'S BOND RATING, RANDY SCHUMACHER <br />Mr. Schumacher explained that over the past year staff has been <br />working to increase the City's bond rating. The City has been in <br />a growth mode for the past several years. The City's ability to <br />establish a strong financial program is important. With this in <br />mind, the City requested a Moody's evaluation for the purpose of <br />upgrading its credit rating. With the assistance of the City's <br />public finance advisors, City staff submitted the necessary <br />information to Moody's rating committee outlining the financial <br />strength of Lino Lakes. Two (2) weeks ago, the City received <br />written notice that the City has been upgraded to a BAA1 credit <br />rating. The most significant impact of this news is that there <br />will be lower interest rate on the City's financing needs as well <br />as an increase in the value of the City's outstanding bonds. <br />Also, the Economic Development Authority (EDA) would receive the <br />same rating if they decide to sell bonds. <br />Mr. Schumacher commended Mary Vaske, Finance Director who worked <br />with Springsted, Inc. putting together the necessary information <br />to upgrade the bond rating. He also noted that there is the <br />possibility of another bond upgrade in the near future. <br />Mayor Reinert say that this is good news particularly since the <br />City is in a growth mode. He noted that this speaks well of the <br />management of the City. <br />Mr. Schumacher explained that this City is relatively young and <br />an upgrade at this point also speaks well of the management. <br />OLD BUSINESS <br />There was no old business to be considered. <br />NEW BUSINESS <br />Consideration of Minutes, August 28, 1995 (Council Member Kuether <br />was absent) - Council Member Elliott moved to approve the minutes <br />as presented. Council Member Bergeson seconded the motion. <br />Motion carried with Council Member Kuether abstaining. <br />Consideration of a Block Party Request for Heather Court, <br />September 30, 1995 - Mrs. Anderson explained that a block party <br />request for Heather Court, a cul -de -sac, had been received. This <br />PAGE 7 <br />