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MINUTES OF THE SPECIAL MEETING OF THE COUNCIL <br />OF THE CITY OF NORTH OLMSTED <br />THURSDAY, MARCH 27, 1997 <br />Present: Council President Boehmer, Council Members Lind, McKay, Musial, <br />Nashar, O'Grady, Saringer <br />Also Present: Mayor Boyle, Finance Director Burns, Clerk of Council Seman <br />Absent: Council Member Limpert <br />Council President Boehmer called the special meeting to order at 7:04 p.m. in Council <br />Chambers, 5200 Dover Center Road, North Olmsted, Ohio. <br />REPORT <br />Mr. Lind, Chairperson of the Finance Committee: 1) The committee met this evening to <br />discuss Ordinance No. 97-19, the 1997 appropriations. In attendance were committee <br />members Musial, McKay and Lind; Council Members O'Grady, Nashar and Saringer; <br />Council President Boehmer; Finance Director Burns; Mayor Boyle; Service Director <br />Bohlmann. Originally, the projected carry-over for the bond retirement fund was <br />$500,000. However, due to the urgency of the condition of the storm sewer system in the <br />Allendale/Carey area, the amount of the transfer to the bond retirement fund is being <br />reduced by $300,000. We will borrow $200,000 to cover the balance of the projected <br />cost. The annual cost of the $200,000 borrowing is projected to be $9,500 per year (per <br />$100,000). The committee recommended approval. <br />LEGISLATION <br />Ordinance No. 97-19 introduced by Mayor Boyle was given its second reading as <br />amended. An ordinance to make appropriations for current expenses and expenditures for <br />the City of North Olmsted for the year ending December 31, 1997 as amended. Mr. Lind <br />moved for suspension of the rules requiring three readings; second by Mr. McKay; motion <br />passed unanimously. Mr. Lind moved for adoption; second by Mr. McKay; motion passed <br />unanimously. Ordinance No. 97-19 adopted. <br />Mr. McKay moved to excuse the absence of Mr. Limpert; second by Mr. O'Grady; motion <br />passed unanimously. <br />With the agenda being completed, President Boehmer adjourned the special meeting at <br />7:0 p.m. <br />Barbara L. Seman, C~rk of Council ` ~ James D. Boehmer, President of Council <br /> <br />