02/04/2003 Meeting Minutes - Laserfiche WebLink

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Council Minutes of 2/4/2003 Charles Dial, 27959 Gardenia Drive Asked Finance Director Copfer why she is forced to do everything on a cash basis rather than an accrual basis. Mrs. Copfer said the city operates on a cash basis because we are required to do so. At the end of the year, we do a GAAP conversion which converts the cash basis financials to a GAAP basis financials, which is a modified accrual. ^ Has anyone looked into whether or not there is a possibility of reducing interest on the city debt by refinancing? Mrs. Copfer answered that she has talked to bond counsel and has a call into the investment banker whom the city has worked with for many years. None of the 1996 debt is recallable, and that is the largest chunk of it. In 2001, we refunded a portion of the 1992 bonds. You only have an opportunity to do that once. So, even if the rates are lower naw, you still can't do that again. LEGISLATION Resolution No. 2003-6 introduced by Mayor Musial was given its third reading. A resolution authorizing the Mayor of the City of North Olmsted to enter into an agreement with LDMI Telecommunications, Inc., providing for long distance telephone services for the city for atwo-year term, and declaring an emergency. Councilman McKay moved for adoption. The motion was seconded by Councilman Limpert and passed unanimously. Resolution No. 2003-6 adopted. Resolution No. 2003-8 introduced by Councilman McKay on behalf of Mayor Musial was given its second reading. A resolution authorizing the Director of Public Service to make emergency purchases of road salt to supplement the existing contract for the purchase of road salt for use on city streets, without public bidding, and declaring an emergency. Resolution No. 2003-9 introduced by Councilman Limpert on behalf of Mayor Musial was given its second reading. A resolution authorizing the Director of Public Service to receive proposals and authorizing the Mayor to enter into an agreement for the design and preparation of drawings for the repair of the Bradley Road and Windsor Drive culverts, and declaring an emergency. Ordinance No. 2003-11 introduced by Council Member Kasler was given its second reading. An ordinance amending Section 1701.18 and enacting new Section 1701.27 of the Fire Prevention Code in order to define fire alarms systems and to assess monetary charges for false fire alarms and declaring an emergency. Ordinance Na. 2003-12 was introduced and placed on first reading by Mayor Musial. An ordinance to make appropriations for current expenses and other expenditures for the City of North Olmsted for the year ending December 31, 2003 . 14