MINUTES 03-05-18 - Laserfiche WebLink

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5. Finance Committee Report regarding Municipal Capital Lease Ordinance 17 -18 & Ordinance 19 -18 Transfer & Advance. (Note Ordinances 7- 16( -18) were recommended for adoption after full 3 readings at 2/20/18 meeting) (To Be provided) O'Malley; Chair The Finance Committee met this evening and discussed Ordinance 17 -18 which has to deal with equipment leases. We began this discussion at our last meeting and continued it this meeting. The items to be leased include our early warning siren, some street vehicles: a street sweeper, 4 -5 police vehicles per year and then two refuse trucks as well. The ordinances that we'll be considering this evening contain several substitutions, the first being the amended ordinance includes the name of the financial institution which is U.S. Bank. The lease rate will be 3.01% with the exception of the police vehicles which will be 2.64% due to the shorter lease term. The City also received an $11,000 grant from the Northeast Ohio Regional Sewer District which we discussed, which will reduce the cost of the street sweeper and also includes an exhibit that details the fleet and refuse division's packer trucks. We had some discussion on this and descriptions from Director Pae. The Committee recommended 2- 0 that Council adopt this ordinance. We then talked about the quarterly transfer and advance Ordinance, Ordinance 19 -18. It includes several transfers including Office on Aging, Hospitalization, Workers' Comp, and a series of debt service payments as well. It also includes several advances from various funds into the General Fund including Winterhurst, Family to Family, Emergency Shelter Grant and CDBG. The Committee voted 2 -0 to recommend adoption of that Ordinance as well. That concludes my report. Motion by Mr. O'Leary, seconded by Mr. Anderson to receive and file the report. Motion adopted. All members voting yea. 6. ORDINANCE NO. 7 -18 - AN ORDINANCE authorizing the issuance of special obligation income tax revenue notes in the amount not to exceed $21,687,000 in anticipation of the issuance of bonds to pay costs of 2016 & 2017 issued one year Bond Anticipation Notes. (1sT READING WAS REFERRED TO THE FINANCE COMMITTEE 2/5/18, 2nd READING, RECOMMENDED FOR ADOPTION & DEFERRED 2/20/18) (Pg. 21) Motion by Mr. O'Leary, seconded by Mr. Anderson to adopt Ordinance 7 -18. Motion adopted. All members voting yea.