11/06/1996 Meeting Minutes - Laserfiche WebLink

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MINUTES OF THE MEETING OF THE COUNCIL ~~ OF THE CITY OF NORTH OLMSTED NOVEMBER 6, 1996 Present: Council President Boehmer, Council Members Limpert, McKay, Musial, Nashar, O'Grady, Saringer Also Present: Mayor Boyle, Law Director Gareau, Finance Director Burns, Clerk of Council Seman Absent: Council Member Lind Council President Boehmer called the meeting to order at 8 p.m. in Council Chambers, 5200 Dover Center Road, North Olmsted, Ohio. Members of the audience were invited to join Council in reciting the Pledge of Allegiance to the Flag. Mr. McKay moved to approve the minutes of the Council meeting of October 15, 1996. The motion was seconded by Mr. O'Grady and unanimously passed. Mr. Boehmer announced that Ordinance 96-175 and Resolution 96-177 were being added to the agenda. Also, Ordinance 96-175 would be passed under suspension of the rule. REPORTS Mayor Boyle: 1) Mayor Boyle, Law Director Gareau, Finance Director Burns, Mr. Larson from Squire, Sanders & Dempsey and Mr. Petty from National City recently went to New York to make presentations to the bond rating agencies, Moody's and Standard & Poor's & Poor's, and several insurance underwriters. The presentation made to Standard & Poor's was informational and will not result in a bond rating. The city will receive its bond rating from Moody's. The bond rating will also affect the cost of insurance should the city choose to insure the bond issues. The presentations included a history of the city for approximately twenty years and gave an overview of the development of the city. Points covered in the presentations included the following: • Various ways the city responded to the problems of deteriorating streets and sewers and city-wide flooding. These problems have been addressed through a "healthy" $43 million bond issue, grants, loans and income tax and sewer rate increases. It was demonstrated that sewer rates are stable, the city has sufficient money to operate and that fund balances are improving. The city has corrected the sewer problem that caused flooding of in excess of four thousand homes in 1989.