10/04/1988 Meeting Minutes - Laserfiche WebLink

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Council Minutes of 10/4/88 -7- Audience participation: Lillian Kordish, 28541 Alden Drive, congratulated Mr. Wilamosky's on his minority report. Asked if when developers present plans for new buildings, they also show type of constuction, colors or material to be used. Mr. Tallon advised -that they do not; such things are presented when it comes to ARB and Planning Commission. Mrs. Kordish stated she would like to sit in on these meetings; is not happy with what Biskind has built up to this point. Madeline Brookshire, 5140 Hampton Drive, stated that she had heard two public officials refer to Ordinance No. 88-80 as a feasibility study; feasibility study has never been mentioned in this ordinance. If this ordinance is approved by the voters in November, it is a tax issue because someone is going to have to pay for the road and the city has committed to pay everything other than federal funds. She still thinks the proper way to proceed is with a traffic synchroniza- tion system. The city claimed not to have money for this project yet bonds were issued in the amount of $769,000 to put in a road and utilities at the Industrial Park; $160,000 bonds were issued for the Deerfield area; Mayor stated that if Crocker/Stearns Extension. is approved the city has the money for widen- ing and reconsturction of existing Stearns Road. Further, Finance Director Boyle was quoted "in one month we have gone from a bonded indebtedness in the amount of 13.3 million to 11 million in one month". Finance Director Boyle responded that he has NEVER said that the city went .from a bond capacity of 13 million to 11 million. The note issue for the Industrial Park road is a special assessment and does not even get into the calculations of bond indebtedness; it will be paid for by those particular property owners. At this time, the city has a voted capacity of $25,688,341.70 left out of a total capacity of $38,000,000. It has a non-voted capacity of $7.5 million left out of a total capacity of $19.9 million; approximately $1,000,000 of that will be paid on December 1st. City will have an assessed valuation increase right after that which will bring a total capacity of approximately $25.7 million and a non- voted capacity of $7.5 million. With the impact of the reappraisal debt payment, the capacity in 1989 will be greater than $11 million. The city DID NOT issue notes for any streets or sewers in August. It DID issue notes for a judgment entry which does not impact on the bond capacity but which the Finance Committee and Finance Director agreed to use in all calculations since it does impact on the General Fund. City issued $85,000 in notes for police vehicles; that does impact. City issued $170,000 and $130,000, two separate offerings - one issue, that was the Luwanna Cooper Case. Mrs. Brookshire stated that she did not see any objection in the paper by Finance Director that he was misquoted. Further, it took ten days for her to get in- formation from the Finance Department and was given a figure of $13.3 million. Mr. Boyle was quoted in the Chronicle-Telegram as saying that the city had a $20 million capacity and was only $11 million so he advised council that it would be okay to issue bonds for $160,000 for Deerfield. Quite frankly, the record of finances in North Olmsted has not been five star so take it for what it's worth. Finance Director Boyle responded that the City of North Olmsted enjoys an A-1 bond rating and an MIG-1 note rating. There is no higher note rating than an MIG-l. The city is fiscally sound. It has more than doubled its capacity be- cause the bond payment program was brought up in the 1980's. ~.