06/20/2006 Meeting Minutes - Laserfiche WebLink

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Council Minutes of 6/20/2006 3) He has completed the first round of interviews for the Assistant Law Director position and hopes to make a decision by July 1. It will take a little longer to complete the RFP process for the outside counsel but hopes to get that done by early August. Finance Director Copfer: 1) She attended the NOCOP board meeting on June 7. The opportunities for riders have expanded for the NOCOP cities with the use of the scheduling software. Even though NOC4P increased the drivers' wages to be snore competitive with the other entities within FIRST, the software integrating with the other communities' trips has made NOCOP have less driver hours necessary. That in turn is saving the cities of NOCOP monies. The target was originally June 30 to merge NOCOP into FIRST, but that will not occur now until later in the year. NOCOP is still paying the FIRST and STC dispatchers and getting reimbursed, but they will begin to directly pay those employees in July of this year. FIRST is developing what our costs would be under the new model merged into that entity, and we will have a better indication later this summer of what the costs will be to North Olmsted. 2) The City of North Olmsted did jump into a narrow window of opportunity on Tuesday, June 13, 200b, and refunded $19,b4S,000 of limited tax bonds from 199b, 2000 and 2001 bond issues and $6,795,000 in unlimited tax bonds from the 2001 library levy. A summary describing the savings has been presented to City Council. The city was able to move quickly with the dedication of bond counsel John Larson, the staff of Squire, Sanders & Dempsey, and underwriters NatCity Investments' John Petty and his staff and their pricing desk. A cash savings was achieved of approximately $1,070,000 over the remaining life of the bonds, with the Net Present Value savings percentage of 3.24% after all costs are considered. The True interest costs on the refunding bonds were 4.173% for the limited tax and 4.2771 % for the unlimited tax. $y late Wednesday of last week, the market had turned out of our favor by at least 15 basis points. As was discussed in caucus this evening, when final pricing was happening, the legislation on this particular piece of the issue had lower caps on the level of debt to be issued as they were set considering the market favored premiums. The city gat a good offer from a buyer who wanted a discount, which required the city to issue more debt ($15,004), creating greater cash savings for the longest and smallest piece. Ordinance No. 2006-13b is before Council this evening far passage so as to approve the change. John Petty, representative of NatCity Investments, said that by doing it in this manner it saved an additional $5,000 for the City of North Olmsted. 3) She chaired the City Records Commission meeting yesterday in Mrs. Farver's absence. A great power point presentation was given by law clerk Erika Schindler. The Law Department RC-2 was approved which sets the retention schedule of their records and will be forwarded to the Ohio Historical Society for approval. The Commission set a goal to complete a draft of a template for all divisions and departments that have like records and will have that for the next meeting. Councilman Ryan questioned the Finance Director about the report from the Rocky River Court. Mrs. Copfer said she hoped to have the court research completed when Council returns from vacation. 4