12/01/1992 Meeting Minutes - Laserfiche WebLink

Home Browse Search

Council Mirnates of 12/1/92 Finance Director Burns reported: 1) Maintaining the A-1 bond rating is i~,aortant to the city in terms of the interest cost to issue bor~ls. The city also main- tained the MIG-1 rating for notes. The $5.1 million two~year note rollover will carry an interest rate of 3.97X; the $11.085 millic~ band issue will carry an interest rate of 6.04X; the $3.2 million bond issue will have an interest rate of 5.25X. The favorable bond rating will save the city ap~proxi.mately $25,000 in insurance premiums and approtely $300.,000 in interest ewer a ten-year period. 2) Ordinance 92-169, which will be passed mixer suspension of the rules., will allow the Regional Income Tax Agency to deduct court costs for our delinquent tax collection program. Eventually, this program will be self-supporting with the delinquent taxpayers paying the court costs. Mr. McKay, Chairperson of the Public Safety, Health and Welfare Cc~ittee, moved to approve a C-1 liquor permit to Dave Stancher and Frank Cisterino, DBA Lorain- Clauge Shell, 23385 Lorain Road. The motion was seconded by Mr. Leonard and was passed taianimously. Mr. Lim, Chairperson of the Finance Committee, reported: 1) The ccx~mittee met on Monday, November 30, and. in attendance were committee members Saringer, Leonard and Lind, Finance Director Burns and Personnel & Administrative Director Wilamosky. Agenda items were as follows: a. Ordinance 92-162, which is a Recreation Department request for a transfer of appropriations. The committee had no objections and recaame~.ed approval. b. Ordinance 92-169, which authorizes RITA to deduct court costs from the city's disbursement checks relating to the delinquent tax recovery program. Initially, it will cost us approximately $50; however, the grogram will eventually become self-funding. The co~mittee recaYmended approval. Audience Partici a~nrao~n Margaret. y, 51~/ Columbia Road, recognized the ladies of the Deerfield Homeowners' Association for decorating the Christmas tree in the outer lobby of city Hall. Bonnie Link, 25475 Country Club Blvd., presented a petition with 153 signatures requesting a traffic light be installed at the intersection of Ker~iedy Ridge and Butternut Ridge Roads. The residents of this area feel that the volume of traffic on Butternut Ridge and limited sight distance from Kenne~ciy Ridge onto Butternut Ridge make it difficult to merge into traffic. LEGISLATION Or~cinance No. 92-155 introduced by Mr. Leonard was given its third reading. An ordinance accepting a traffic control equipment easement located on property owned by Manners Investment Limited Partnership grid designated as Permanent Parcel No. 232-26-3 by Cuyahoga County maps and records, said easement shown on Exhibit "B", and declaring an emergency. Mr. Leonard moved for adoption; second by Mr. McKay; motion passed unanimously. Ordinance No. 92-155 adopted. 2 i