10/07/1997 Meeting Minutes - Laserfiche WebLink

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Council Minutes of 10/7/97 fire inspection and building inspection. We are setting up his right to appeal to Columbus ~~: in order to have variances issued for having occupancy in asingle-family dwelling which is really multi-family. 2) With respect to Parcel E, we have filed a criminal complaint in Rocky River Court regarding the removal of certain trees and the violation of our urban forest ordinance. In response to that, Mr. Biskind's lawyer has filed a motion to dismiss claiming that our tree ordinance is unconstitutional. A hearing was held today, and a brief was submitted. The court will take that into consideration. 3) As earlier reported, Mr. Fattlar lost his action in the Court of Appeals. He has now appealed his case to the Supreme Court. The action is presently pending, and we have not yet received his brief. Finance Director Burns: 1) Copies of the annual information filing have been placed in Council's mailboxes. The documents lists depositories that we are required now to place financial information into so that investors have an access to information on the resale or the continuing holding of their securities. This document is a little less than an annual information statement that we used to do when we did our bond issues. It is his personal opinion that what the SEC is trying to ultimately get us to is to filing quarterly and annual reports similar to the 10 Q's and 10 K's that corporations are required to file now. The report includes the 1996 financial statements for the City of North Olmsted, which are the same that will be issued by the Auditor of State when his report is issued. Now that the annual information filing has been released, we have been in contact with Moody's in New York City and asked to have our rating reviewed. Currently, they are trying to put together a conference call for this coming Friday for discussions with the analyst in New York. At that time, we are hopeful that our rating may be increased. 2) The city has received $60,852 from Accordia, which is the group worker's comp agency that we use for our group rating through the municipal treasurer's association. In the past, we have experienced premiums that have been approximately one-half to two-thirds the normal premium that we would have been paying. This year, in addition to the premium savings, they also gave us a refund of the $60,000. This program has worked out very well for the city. Anthem Blue Cross and Blue Shield is the agency that handles the worker's comp claims for the city. They are a related company to Accordia. Mr. Nashar asked the Finance Director whether the bonds and notes presently held by the city would be affected by a change in the city's rating. Mr. Burns replied that we have some older issues that are still subject to Moody's rating. However, the newer issues in the 1980's and 1990's were all insured and are AAA in the initial offering and also in the secondary market. President Pro Tem Saringer made the following announcements: Ordinance No. 97-82 will be passed under suspension of the rule this evening; a public hearing regarding Ordinance No. 97-73 will be held at 7 p.m. on October 21; Intra-Governmental Relations and Legislation; Long-Range Planning Committee Chairperson O'Grady will hold a Council-as-a-Whole meeting at 6:30 p.m. on October 14 regarding Ordinance 97-90, which is a resolution supporting the referendum effort against the worker's compensation 2 --~,. . rr,Y~.~.,x.~~r