04/07/1959 Meeting Minutes - Laserfiche WebLink

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MINUTES OF A MEETING OF THE COUNCIL OF THE CITY OF NORTH OLMSTED, OHIO APRIL 7, 1959 - 8:10 P.M. Present were Paul J. Gareau, Mayor; Ralph A. Hazelton, President of Council; Evelyn Hinkel, Eddie Hixson, Wmm. H. Krmer, Mary Alice Lynch, Brace MacDonald, Francis O'Neill, and Jmss T. Wilson. Also present were Lloyd ~. Barnes, Service Director and Acting Safety Director; C. J. Oviatt, Solicitor; Alex Kanareff, Engineer; and E. M. Christman, Clerk. Absent: Alice Dobbins. The mminntea of the regular meeting of Council March 17th and the Special Meeting of March 31st were read and approved as corrected. The Mayor issued the following proclamations: The mmonth of April, 1959 - Industrial Safety Promotion Month. The week of May 2nd through May 10th - Clean-Up-Week. The week of April 12th through the 18th - Realtor Week. June 6th - All Scouts Day. The Mayor reported the resignation of W. G. Andrews, Civil Defense Director for the City of North Olmsted. A replacemment will be appointed at the next Council mmeeting. The Mayor read a communication from the North Olmsted Jaycees, Inc., advising of a Teen-age Driving Road-e-o to be held May 3rd, at the Great Northern Shopping Canter. The Mayor reported the Board of Elections advised that primmary or special election, or both, will be held in North Olmsted on Tuesday, May 5th fromm 7:30 A. M. to 7:30 P. M. The Mayor read a commmunication frog the North Olmsted Citizens League congratulating City Officials for their interest and foresight in passing the contractors license and bonding law xhich was proposed by the League in 1958, and also making further recommmendations for con- sideration. The communication was directed to the Chairman of the Safety Committee for perusal by the Committee. The Service Director reported relative to the survey for street lights on Lorain between the school and Brookpark Road. Committee met to consider the installation of mmercury lights. The cost for these lights would amount to X90.00 per year each. The 400 candle power lights now used cost $41.40 per year each. It was recommended the candle power be changed to 1,000 at a cost of X64.08 per year each, and install three additional lights. This was referred back to the Finance Committee for further study. The Service Director reported relative to meetings with Fiscal Agents, and upon a review of their proposals, Hayden, Miller and Co., presented the most acceptable terms for our purposes. Their letter, dated March 31st, 1959 read as follows: "In regard to the proposed issue of North Olmmsted, Ohio, Sanitary Sewer Bonds in the approximate mount of X8,000,000, it is our understanding that you desire to emmploy Investment Bankers to act as your Fiscal Agents in the preparation of the necessary material incidental to the sale of the li~onds. We also understand that this financing may include any or all of (1) Federal Aid (2) Direct General Obligation Bonds, either voted or unvoted Councilmatic Bonds (3) Special Assessment Bonds (4) Sewer Revenue Bonds, which would be a lien against the earnings only, and would involve the preparation of a Trust Indenture. It has been stated you wish financial counsel on the type and amount of the bonds to be issued, as described above, and advice on the issuance of these securities in the proper mounts.