02/05/2013 Meeting Minutes - Laserfiche WebLink

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Council Minutes of 02-OS-2013 thanked the employees for their participation in the process as well as Directors Copfer, Farver and Thomas. • The city is scheduled for a jury trial in the matter of Eugene Dzambasow vs. Brian Bielozer the week of Monday, March 11, 2013. Director of Finance Copfer: • The trip to Moody's and the hard work behind the presentation were very fruitful as the City of North Olmsted's AA2 Bond rating was assigned to the Bond issue currently in the market with and was affirmed on the city's outstanding debt. This is no small accomplishment as many municipalities in Ohio and around the country have been downgraded in the last year as the recession, depressed property values and the state reductions further exacerbated the already reduced resources, thus increasing risk in the eyes of Moody's (usually). Moody's analysts commented that they had not seen a city as proactive and successful at adjusting the budget in the recession and its aftermath and that they were impressed that management acted with a plan and followed through on it, which gives them confidence that we would act appropriately if the resources adjust downward again. She sent all of council and the administration a copy of the presentation booklet they gave at Moody's, the preliminary offering statement that was circulated in the market and a copy of the Moody's credit opinion. • They had Munis training on the dashboard application and TCM for all Munis users. They are moving forward on several of the modules with analysis and implementation plans in place throughout 2013. • The budget hearings that were held Saturday were very productive. She thanked the administration for being prepared in their presentations and Council for sacrificing an entire Saturday and staying on task. • OPERS is trolling for additional contributions and in the pension legislation that became effective January 7, 2013, a little known requirement was added that looks to add certain contract services and or independent contractors to being OPERS eligible. Research still needs to be done. • The city sold Bonds today. Interest costs ended at 2.016526%, which was lower than estimates from October when the city passed the legislation to even 20 basis points from yesterday afternoon and 10 basis points from this morning before the sale. The city had over 3 times as many orders for the bonds as they had bonds to sell, which made it able to go down even further than the starting offer this morning. The underwriter was impressed with the volume of interest in the issue and cited the strong AA2 rating and solid track record that brought out a lot of smaller investors too. Councilwoman Williamson, Chairwoman of the Public Safety, Health and Welfare Committee; The Public Safety Committee met Tuesday, January 22, 2013 at 7:15 p.m. Present were committee members Williamson and Schumann; Council members Barker, Brossard, and Orlowski; Mayor Kennedy, Safety/Service Director Thomas, Chief Gallagher, Chief 'may Klecan and guests. h~s_ 2