11/07/1984 Meeting Minutes - Laserfiche WebLink

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Council Minutes of 11/7/84 _~_ Finance Director Boyle reported: 1) On Monday, November 5th, City received its Mig 1 rating for the $5,315,000 note issued for sewer renovation; received con- firmation from Moody's. On November 1st, this was sold, through McDonald and Company, at 7.15y. It is an issue through May 1st and will cost $190,011.25 in interest for this period. Finance Director contacted Squire, Sanders and Dempsey, as well as McDonald and Company, about. the re-issue in May and was informed it would depend on the results of the November 6th election. The increase back to 3 mills was passed so Finance Director again contacted Squires, McDonald and Dalton, Dalton and Newport. Squires is waiting for McDonald to come up with the figures on the pay-down. Dalton will report to Finance Director, by next week, on a pay-down with Cedar Bay. McDonald will get together with them on new rates. Council will be receiving new rate legislation prior to the end of this billing period. Billing period is a three month period starting November 1st. 2) The City's inheritance tax for the second half of 1984 has been received in the amount of $58,277 and is $70,200 above budget. 3) Received final payment from F.PA of $46,000 on Step I and will be closing that fund before the end of the year. Mr. Wilamosky asked what effect the potential reduction in revenues from Federal Revenue Sharing would have on the appropriations based on the fact that the City has appropriated and spent a good portion of that money already. Mr. Boyle advised that the City's expenses and encumberances so far this year should still be within the amount of money that will be received. A few items won't come up until next year and will have it's largest impact in 1985's appropriations as opposed to 1984. Mr. Wilamosky asked if the City had appropriated close to the total of $203,000 of Federal Revenue Sharing monies. Mr. Boyle agreed that the amount would be around $203,000 and any reduction in line items, to stay within this amount, should come from the administration. Mr. Wilamosky asked the Mayor if he intends to pro- vide Council, or at Least the Finance Committee, with recommendations as to what line items within Federal Revenue Sharing will be reduced to meet the reduction in antici- pated revenues. Mayor replied that he will have his recommendations in about a week at the most. Mr. O'Grady, Chairman Public Safety, Health and ?welfare Committee reported: 1) Moved Council have no objection to the transfer of a D5 liquor permit from West Hog, Incorporated, dba Elegant Hog Saloon, 23135 Lorain Road, to And Var Corporation, 23135 Lorain Road, second by Mrs. Saringer, unanimously approved. 2) Advised Council that Mr. Bammerland of the Ohio Department of Transportation will meet on November 14th with the Safety Director and City Engineer to discuss the Porter Road issue for speed reduction. Mrs. Petrigac, Chairman Recreation, Public Parks and Buildings as well as Transportation Committee reported: 1) Memorial Committee has had several meetings with the last one scheduled for tomorrow night. One more name has been added to the list of casualties from the Vietnam War; have not had any report of casualties from the Korean War. The memorial stones will be place in North Olmsted Park tomorrow morning at 10 on the bases made by the Service and Engineering Departments. Thanked Craig Gorsuch and .Toe Schaller for the fine work they did in constructing the bases. Dedication service will be held at 2 p.m. Sunday with a reception at North Olmsted Party Center following immediately thereafter. Everyone is invited to attend. 2) Ad Hoc Planning Committee has held several meetings; have worked on the last section of goals and will be ready to discuss findings with Council soon. 3) Landmarks Commission met and discussed the 1985 budget. This will be finalized and given to the Finance Committee before the end of the year so it can be considered in the 1985 budget.