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MINUTES OF THE SPECIAL MEETING OF THE COUNCIL OF THE CITY OF NORTH OLMSTED OCTOBER 23, 2012 Present: President of Council Limpert; Council Members Barker, Brossard, Kearney, Mahoney, Orlowski, Schumann, Williamson Also Present: Mayor Kennedy, Director of Law Gareau, Director of Finance Copfer, Clerk of Council Gallo President Limpert called ,the meeting to order at 8:15 p.m. in Council Chambers, 5200 Dover Center Road, North Olmsted, Ohio. Members of the audience were invited to join Council in the recitation of the Pledge of Allegiance. The following legislation will be considered for passage under suspension of the rules this evening: Second Reading -Ordinances 2012-89 through 2012-96 and Resolution 2012-104. REPORTS Councilman Barker, Chairman of the Finance Committee: The Finance Committee met Tuesday, October 23, 2012 at 7:40 p.m. Present were committee members Barker, Kearney & Schumann; Council President Limpert; Council members Brossard, Mahoney, Orlowski and Williamson; Mayor Kennedy, Finance Director Copfer and Law Director Gareau. • Discussed were Ordinances 2012-89 through 2012-96. This is existing money in which the city is turning into Bonds. The total is approximately $2.9 million. 2012-89 is regarding streets from last year. 2012-94 is regarding Recreation Center improvements. 2012-96 and 2012-92 are for Springvale-related improvements and equipment. Renewal Notes of money the city borrowed earlier this year are for streets, a fire truck, computer software/hardware, sewer vac truck for the Service Dept. and parking lot improvements. Councilman Barker made a motion to recommend approval. The motion was seconded by Councilman Schumann, and the committee voted 3-0 to recommend approval of Ordinances 2012-89 through 2012-96 with suspension of the rule requiring three readings. • Discussed next were Ordinances 2012-97 through 2012-103 which is new money the city is borrowing for the second part of year 2012 and year 2013. That total is approximately $2.6 million. This is including the costs of issuance and additional proceeds. The reason the city is doing this quickly is because there is the opportunity for low interest rates on Bonds right now. Councilman Barker made a motion to recommend approval. The motion was seconded by Councilman Schumann, and the committee voted 3-0 to recommend approval of Ordinances } 2012-97 through 2012-103.