10/05/1993 Meeting Minutes - Laserfiche WebLink

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Council Minutes of 10/5/93 Audience Partici tion (continued) sewers. The question en 'scussed in the Engineering De~tment this past week, aaxi it had been decided to put them back in. We will be monitoring the effectiveness of the hydro-brakes. Mr. Donovan asked that one of the concrete posts at the street island be replaced as it had been ed during street repair. Mr. Bohlmann stated that the area had been videotaped, so any damage that was done will be repaired. Tom Stroh, 6279 Stafford Drive, asked Finance Director Burns the rate on the non- recallable 1985,bonds and the outstanding principal. Mr. Burns replied that the rate was 9~X, and the range of the principal want is between $i million to $1.2 million. Mr. Stroh asked what the rate on the new bonds would have been if the old bonds could have. been recalled. Mr. Burns said it would have been between 5%~ and 6%. Mr. Stroh also asked when the 1985 ba~3s were due, and Mr. Burns said in the year 2005. Mayor Boyle commented that the beds were issued when the city retained McDonald & Company Securities as t~ bond consultant; arid, as Finance Director, he was instrumental in replacing them. Mir. Burns tad that because of the economic climate in 1985, the beds had to have a non- callable feature in order for the city to get a decent interest rate soul yield on the investment. LEGISLATION. Or i~nance No. 93-107 introduced by Mayor Boyle was given its third reading. An ordinance amending the traffic control of the City of North Olmsted by providing for the restriction of parking on various streets during; school days, and. declaring an emergency as amended. Mr. McKay moved for adopted; second. by Mrs. Saringer; motion passed unanimously. Ordinance No. 93-107 adopted. Ordinance No. 93-113 introduced by Mayor Boyle was given its third reacli.ng. An ordinance authorizing and directing the Mayor of the City of North Olmsted to enter into an agreement with Western Reserve Engineering & Surveying Compaary to provide engineering services far pavement widening at Butterrnxt Ridge Road at the intersection of Kennedy Ridge Road, and declaring an emergency. Mr. McKay moved for adoption; second by Mr. Lind; motion passed misnimously. Ordinance No. 93-113 adopted. Ordinance No. 93-115 introduced by Mr. Lind was given. its third reading. An ordinance amending the traffic control file of the City of North Olmsted to provide for the installation of two "No Right Turn on Red" signs at the intersection of Maple Ridge Road and Clague Road where the same intersects with Clague Road thereby controlling vehicles traveling in an easterly direction on Maple Ridge. Road and also controlling vehicles traveling in a southerly direction on Clague Road where the wane intersects with Maple Ridge Road, and declaring an emergency. Mr. Lind moved for adoption; second by Mrs. Saringer; motion passed unanimously. Ordinance No. 93-115 adopted. Ordinance No. 93-117 introduced by Mayor Boyle was given its third reading. An ordinance amending Section 1501.2501 of the Codified Otdinances for the City of North Olmsted, concerning the Board of Review. Mr. Lind moved for adoption; second by Mrs. Saringer; motion passed unanimously. Ordinance No. 93-117 adopted. 6