08/20/1991 Meeting Minutes - Laserfiche WebLink

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r'a"'> "q w Council Minutes of 8/20/91 Finance Director Burns reported: 1) In June, the Council authorized issuance of $4.2 million in bonds for the use of sanitary sewer rehabilitation, street repair, and the purchase of a Vac-A11; these rues were sold on July 25 for 5.05%. 2) Met with National City Bank to discuss the cost of doing an advance re-furxii.ng of the Recreation Center bonds. These bonds are due in the year 2002; they have an interest rate of 12 3/8%. The boruis also have a stipulation that they cannot be called until 1997. Since current interest rates are lower, we could issue replacement bonds at approximately 6%Z~. By borrowing the funds now to do the call in 1997 and paying them off in the year 2002, the City could save between four hundred to six hundred thousand dollars in c~bt service. We have begun the process of preparing the legislation and documents required and hope to take care of this issue next February. Mr. McKay, Chairperson of the Environmental Control Committee reported: 1) The West Shore Solid Waste Advisory Committee met on July 17 at the Fairview Park City Hall. New officers elected were: Chairperson, Ed ColmPr of Fairview; Vice- Chairman, Pam Gorsky of Lakewood. A consulting firm has reviewed the bids for the recycling facility and the committee will meet with the consu,7aants on August 23. The mayors of the West Shore communities will have final say as to whether the facility will be built. Mr. Tallon, Chairperson of the Finance Committee reported: 1) Ordinance 91-117 will be passed under suspension tonight. This ordinance will fund the Recreation Center and a portion of the General Fund out of new revenue obtained from County use of our jails and user fees at the Rec Center. 2) Resolution 91-107 will also be passed under suspension; this will authorize the Service Director to advertise for bids for salt. Mrs. Bahas, Chairperson of the Tntra-Goverrnm?ntal Relations and Legislative and the Recreation Committees reported: 1) Recent contributors to the renovation of Town Hall are: North Olmsted High School PTA, Welcome Wagon, West Park-Forest Ridge Civic Association, Dover Playhouse, Bretton Ridge Women's Club, and the North Olmsted Junior Women's Club. 2) Brochures for the fall and winter programs at the Rec Center will be available at Homecoming. Two popular programs begun in the spring will be continued-- Puppetry and Music Man Ltd. 3) The new playground equipment at Barton-Bradley Park has been installed and there will be a plaque recognizing Halleen Chevrolet's sponsorship. 4) The North Olmsted Tennis Tournament concludes tomorrow at the Rec Center. With over 150 entries, it was one of the largest tournaments held i.n the Cleveland area this summer. Mr. Leonard, Chairperson of the Public Safety, Health and Welfare Committee reported: 1) Moved that Council accept the transfer of a Cl, C2, and D6 liquor permit from William S. Lindsay, Beverage Lane, 4695 Great Northern Blvd. to F & S Salem, Inc., Beverage Lane, 4695 Great Northern Blvd.; second by Mr. Nashar; passed unanimously. 3