12/20/1994 Meeting Minutes - Laserfiche WebLink

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~,~ rmvvTES OF MEETIlVG OF cauxcrL ol~ crrY OF NoR~ OI~~En DECEMBER 20,1994 Present: Council Fret Bolter, Cotmcil Members Bahas, Lit~ert, McKay, Musial, Nashar, Sari#tger Also Present: Finance. Director Bums, Law Director Gareau (arrived at 8:30 p.m), Clerk of Council Seman Absent: Council Member Lind Council President Boehrr~r callat the meeting to order at 8:03 p.m. in Council Chambers, 5200 Dover Center Road, North Oht~ed, Ohio. Members of the audience were invited to join Council in reciting the Pledge of Allegiance to the Flag. The minutes of the meeting of December 6, i 994 were approved as written. The minutes of the special rtt~ting of December 12, 1994 were approved as written. President Boehmer auacmnced that Ordinance Nos. 94-165, 94-180 and Resohrtion No. 94-177 would be passed under suspension of the rule. REPORTS Finance Director Burns reported: 1) In 1986, the State of Ohio revised the law pertaining to pofice and firefighter pension benefits. Included in this revision was the determination that banked overtime, overtime paid at a later date than when earned, is not sad~ect to pension. In 1992, it was detern~ed that the North Ohn~ed Fire Departm~t had been paid banked overtime space the change in the law. Therefore, the city applied for a refimd and has received a check for $115,977 which will be credited to the C~ateral Fund. In addition, a check for $47,561 refund for the firefighters has been received. A portion of this money will be taxable to the firefighters. 2) Because of the publicity of Cuyahoga County's SAFE program, Moody's Investors of New York have called to inquire about the city's investment policy. North Olmsted does not participate in any derivative type investment and did not participate in the SAFE program The city has three types of investment: 1. Short term, which is defined as three days or less and is used for investament in batik repurchase agreements overnight or through the weekend; 2. Intermediate term, which is three days to two weeks and is used. ~, for investment in CD's; 3. Long-term, which is defined as fourteen days to two years and ,, is used for investment in CD's, Treasury Bonds or Federal agencies.