07/18/2011 Meeting Minutes - Laserfiche WebLink

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Minutes of the Regular Meeting of Council Monday, July 18, 2011 Page 13 _J Council President Buckholtz asked if there were any other questions. There were none. Roll Call: AYES: All NAYS: None 1Vlotion to acknowledge receipt of financial reports for June 2011 and to approve of same as submitted. Mr. Saponaro, seconded by Mrs. Cinco; made a motion to acknowledge receipt of financial reports for June 2011 and to approve of same as submitted. Council President Buckholtz stated, this is also posted on the web. Roll Call: AYES: All Motion Carried NAYS: None Receipt of Financial Reports Acknowledged Acknowledged and Approved As Submitted • First Reading of Ordinance No. 2011-30, entitled, "An ordinance to provide for the issuance and sale of $2,900, 000 of notes of Mayfield Village, Ohio, in anticipation of the issuance of bonds for the purpose of acquiring certain real estate together with the existing buildings and other structures located thereon and any related equipment and certain other real estate for recreational purposes, improving the parks and recreation system of the Village by acquiring certain real estate, constructing and lighting ball fields, together with the necessary appurtenances thereto, and otherwise improving that system, and conserving, preserving and enhancing the availability of open spaces in the Village by acquiring land or interests therein, and declaxing an emergency." Introduced by Mayor Rinker and Council as a Whole. Mr. Saponaro, seconded by Mrs. Cinco, made a motion to suspend the rules of Council requiring an Ordinance to be read on three separate occasions. ROLL CALL: AYES: All NAYS: None Motion Carried Expenditure Authorized Motion Carried Rules Suspended Mr. Saponaro, seconded by Mr. Marrie, made a motion to enact Ordinance No. 2011-30. Council President Buckholtz asked if there was any discussion. This is the same Note that was not too long ago $4.3. Can you recap again the paydown on this? Mr. Wynne reported, the Note matures annually. It matures this year on September lst The current Note amount is $3.4 million. Historically we paid it down around $100- 150,000 a year. We are starting to pay it down more aggressively now that the income tax increase passed. We paid it down from $3.4 million to $2.9 million and we are rolling that $2.9 million over into a new Note to be sold on August 3 1St of this year. The interest rate