10/6/2015 Meeting Minutes - Laserfiche WebLink

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Council Minutes of 10-06-2015 • Discussed were Ordinances 2015-81 through 2015-88 (Refunded Bonds Ordinances). Ordinances 2015-81,82 and 88 are refunding opportunities of existing bonds originally issued in 2006. These bonds will be callable in December 2016, allowing for an advance refunding. With current and projected market conditions, this refunding will reduce the total cost of the remaining 2006 bonds by refinancing at a lower interest rate while not extending the final due date of the existing debt. As of October 5, 2015 this savings including all the cost of issuance is estimated to be $340,000. If market conditions change and it no longer makes financial sense, then the city won't refund at this time. Ordinances 2015-83 through 87 are one year notes (BANs) that will mature February 3, 2016 but were able to be called any time after August 3, 2015. These notes are from the 2014 and 2015 capital projects we borrowed for. The market conditions suggest that rates may increase starting next year, so they want to lock in at the current lower rates for the remaining life of the project debt. The city bonds out our BANs every few years when the market makes sense and it helps for planning so they lock into a fixed debt schedule. The current estimated interest rate including all costs of issuance for the 2015 bonds is 2.4%. Finance Director Copfer reiterated that the estimates are just that and can change when they go to the market. The city wants the legislation passed on second reading to allow the most time available to sell the bonds before the notes come due. There are no new money capital projects included in this bond issue. The committee voted 3-0 to recommend approval of Ordinances 2015-81 through 2015-88 with suspension. Councilwoman Williamson, Pro-tem, Committee of the Whole: The Committee of the Whole met Tuesday, September 22, 2015 at 7:30 p.m. Present were Council members Williamson, Barker, Brossard, Hemann, Kearney, Limpert and Schumann; Mayor Kennedy, Law Director Gareau, Safety/Service Director Glauner, Jeff Westerfield from the Ohio Dept. of Natural Resources and guests. • Discussed was Ordinance 2014-64 which is an Ordinance amending Section 505.10 of the General Offenses Code of the City of North Olmsted entitled "Hunting Prohibited" to allow the city and private citizens to manage the white- tailed deer population within the City of North Olmsted, as amended. Law Director Gareau explained that at the previous meeting, some members of Council had requested an alternative method for controlling the deer population. The additional language requested was a city-sponsored program utilizing firearms rather than bow hunting. The proposed program would be conducted with firearms trained personnel on both public and private property so long as the owner(s) of the property grant permission to do so. The Chief of Police would then make a determination that it could be conducted safely on the property without any harm to adjacent property owner(s). The armed person would be employed by a federal, state or local law enforcement agency, and the activity would be approved by the Ohio Department of Natural Resources. Two members of Council were in favor of keeping the archery component in the legislation while five members of Council were in favor of its removal. A motion was made to have the Law Director create a substitute Ordinance to remove the archery component and incorporate the sharpshooter provision utilizing local, state and/or federal law enforcement agents to manage the city's deer population at the 3