05/21/1985 Meeting Minutes - Laserfiche WebLink

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Council Minutes of 5/21/85 -2- Law Director Gareau reported: 1) Submitted a brief last Friday in the Burger King Case presently pending in Common Pleas Court. 2) Has received a communication from the insurance company with respect to the recent case of Minnie Crumbley versus the City of North Olmsted; defense of this matter is being taken up by the insurance company. Finance Director Boyle reported: 1) For the past two weeks, has been working on the bonded portion of the 1986 budget and the revisions to be made for 1985. Has been working primarily on the Wastewater Treatment Plant. On November 1st, will retire $685,000 of the outstanding $5,315,000 note. Will be bonding $4,630,000 - $1,700,000 on short term and the rest are regular GO's. Is seriously considering reducing the life down to 20 years, which would mean approximately $65,100 in savings and interest charges for next year and approximately $2,000,000 in savings and interest charges over its life. On December 1st, will be retiring the mortgage revenue bonds that were passed in 1960. These can be retired out of existing funds that date back to 1960, an escrow fund that was established with Citizens' Trust Bank of Toledo through that original. mortgage issue. This will save the city approximately $88,000 over the next five years. Mr. Wilamosky, Chairman Finance Committee as well as Streets and Drainage Committee reported: 1) Finance Committee met on May 15th and discussed with Safety Director Petre and Chief Marsh a request for an inter-transfer of funds within the Police Department. Committee determined that a transfer of $5,8.00 could be made and the transfer is documented in Ordinance No. 85-48. 2) Committee discussed the intent of Ordinance No. 85-65, providing fifteen additional days accumulated sick leave for former Police Chief Taylor and has no objection. 3) Committee also commenced work on the organizational salary range charts; ex- pected to have legislation on the agenda this evening. Mayor indicated this evening that there will be legislation on the agenda at the next council meeting. 4) Asked the Mayor or the Finance Director for clarification with respect to entering into an expenditure relating to the Treatment Plant. When the city issued notes in anticipation of the construction,. of the $460,000, construction/rehabili- tation amounted to $312,000; technical services/equipment rehabilitation amounted to $148,000. Based on the language of the note, can it be used for SSES improve- ment or not? Mr. Wilamosky's understanding was that the original intent for the $460,000 was to be applied to the SSES portion to accomplish the goals set forth in the terms of the grant. Finance Director Boyle replied that according to the passed note issue, no money could be spent on SSES. Does not know if the language was unclear due to McDonald and Company or Squire, Sanders and Dempsey, because the figures do cover both the wastewater treatment and the transmission line. The re-issue in November will be worded so that money can be used for both rehabilitation and the transmission line. The original three notes, passed in May and November of 1984 and May of 1985 DO NOT cover wastewater treatment but the AMOUNT does. The roll-over on November 1st of 1985 will be reworded correctly. 5) Water tower legislation is on the agenda this evening: $41,500 will cover $36,000 for construction, a contingency of $3,600 and administrative and legal fees in the amount of $1,900. 6) Other legislation on the agenda covers funding of public safety equipment for Police and Fire Departments in the amount of $122,050. 7) In the area of street improvements, legislation will be introduced covering Gessner Road, Barton Road and Olmsted Colony Subdivision in the amount of $490,000; this will include capitalized interest as well as contingency and administrative costs.