09/11/2000 Meeting Minutes - Laserfiche WebLink

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MINUTES OF THE PUBLIC HEARING NORTH OLM5TED CITY COUNCIL SEPTEMBER 11, 2000 Present: Council President Saringer, Council Members Gareau, Kasler, Limpert, McKay, Miller, Nashar, O'Grady Also Present: Finance Director Copfer, Clerk of Council Seman Council President Saringer called the public hearing to order at 7:03 p.m. in Council Chambers, 5200 Dover Center Road, North Olmsted, Ohio. President Saringer announced that the public hearing was being held with regard to Resolution No. 2000-109, a resolution adopting the budget of the City of North Olmsted for the fiscal year beginning January 1, 2001 and submitting the same to the County Auditor. AUDIENCE PARTICIPATION Jim Burns, 3978 Dover Center Road, made comments and asked a series of questions: • Noted that the income tax is pegged at a 2% increase and commented that would allow for some flexibility as most studies are indicating that wages are going to increase by approximately 4% in the coming year. The property taxes are set at a 15% increase, and that is what was indicated by the county as generally what the increase would be. Finance Director Copfer noted that new construction has not been estimated yet, so she wanted to give some room because of some of the renovations that have gone on in the strip plazas that will have increased the value. She didn't want to cut it short. • Noted that the interest rate for the bonds to be issued this year was pegged at 5 1/2%. Finance Director Copfer commented that the bonds were sold last week at something less than that. Once she gets the final figure, it will be changed. • Asked if the first interest payment would be in June of 2001 or is there going to be an interest payment in December, 2000. Finance Director Copfer said no, but it is semi- annual and there would be one in December, 2001. • Noted that the note principal is being paid by the bond issue and wondered what would pay the issue costs. Finance Director Copfer said that the note principal will cover the issuance costs. There is $310,000 in cash that is budgeted throughout the 2000 budget that is going to pay down aportion--it is like an equity. She was going to pay the notes down with it if we didn't go out to bonds. • Noted that the bond retirement fund shows a transfer in from other sources at a $3,545,000 figure, and the schedule of the bonds themselves indicates a figure of $3,493,000. Finance Director Copfer said she would look into it as she did not have the debt schedules with her and they were just estimates at the time. Any changes that are necessary will be made with the final issuance. Hopefully by next week, and before passage of the legislation, she will be able to amend it to include the actual cost. ,. ~x~.,.~,~..,,,~. ~ .~ . -~~ ~, ,:.a