05/14/1997 Meeting Minutes - Laserfiche WebLink

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~~.. MINUTES OF THE SPECIAL MEETING OF THE COUNCIL ~~~ OF THE CITY OF NORTH OLMSTED WEDNESDAY, MAY 14, 1997 Present: Council President Boehmer, Council Members Limpert, Lind, McKay, Musial, Nashar, O'Grady, Saringer Also Present: Mayor Boyle, Finance Director Burns, Clerk of Council Seman Council President Boehmer called the special meeting to order at 6:50 p.m. in Council Chambers, 5200 Dover Center Road, North Olmsted, Ohio. FINANCE COMMITTEE REPORT Mr. Lind, Chairperson of the Finance Committee: 1) The Finance Committee met on April 21. Present were committee members McKay, Musial, Lind; Council Members O'Grady, Saringer, Limpert, Nashar; Finance Director Burns; Service Director Bohlmann; Safety Director Kasler; Recreation Commissioner Dolansky; several residents of Forest Ridge. The following items were discussed: a. Ordinance 97-42, which is the issuance and sale of notes in anticipation of bonds for the addition and improvement to the Police Station. The intent is to keep this as a note and not issue the bonds. This will provide the flexibility to pay the amount of the principal down as desired. It could possibly be paid off over 10 years instead of the maximum life of 20 years for the issue. It is anticipated that the approximate interest rate is going to be 4.6%. This will not be impacted by the BAA rating that the city currently has. The committee recommended approval. b) Ordinance 97-43, which is the issuance and sale of $200,000 notes for the purpose of constructing and reconstructing storm sewers throughout the city. The intent of this one is to issue bonds in the future but pay down the note principal before it goes to bonding. The committee recommended approval. Regarding Ordinance 97-42, Mr. Limpert asked that it be clarified that the reason why we will be able to pay that down is we are going to be tapping the hoteUmotel tax as opposed to the general fund. As to Ordinance 97-43, part of that is supposed to be realized from money that was not expended on other projects but cannot be directly transferred. Essentially this should not incur new additional long-term debt to the city. Mr. Lind agreed with Mr. Limpert's comments.