1/17/2017 Meeting Minutes - Laserfiche WebLink

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Council Minutes of 1-17-2017 thought the case might be worth and what she thought the case might be worth. Accordingly, I have directed our Worker's Compensation Council together with the Law Department to dispute and litigate the issue as far as necessary considering the amount of dollars involved. A couple of weeks ago, I reported the City would be commencing litigation to shut down the massage establishment at 23132 Lorain Road for noncompliance with City Code. That action has been filed. The City filed an injunction against the massage establishment together with the landlord and several other individuals associated with the business. The City has a potential pretrial hearing coming up and I will continue to update you as this goes along. Finance Director Copfer: • Council received the Moody's Investors Service Credit Opinion on the debt. Moody's assigned our current Aa2 rating, which is the highest the City has ever had, to the bond issuance and also reaffirmed it on all of our outstanding debt. They recognized our strong financial management and proactive approach to monitoring the budget and quickly addressing issues when needed. • The City went to the Bond Market on Thursday, January 12 and got a 25 basis point cost reduction from favorable market adjustments from the two days prior to the sale. There was a strong response from the market and many of our annual maturities were oversold by two to three times, which is really good. There were seven or eight different companies and entities bidding. Both refunding's did make sense in the current environment and generated a combined net present value debt service savings of $360,440.00 and it is not extending any of the debt further than the existing final year maturity. The average coupons are 3% on the unlimited tax refunding and 3.39% on the limited tax refunding and new money debt. But the net interest costs were 1.804% and 2.865% respectively. Coupons are a stated rate, but one pays a premium to get the coupons. The net interest cost is what one looks at as the overall costs of the deal. The par values were $3,065,000.00 for the library refunding and the $11,765,000.00 for the other bond issue. • The permanent appropriations will be introduced at the next meeting. The bond sale, closing the books for the year and adjusting the appropriations to the final unencumbered balances does take time. I did not want to adjust the permanent appropriations twice early on, so it will be presented in the same form as the ordinances for adjustments to the appropriations during the year in an adjustment column. That will be all we need to discuss and it will be clearly identified. Council President Jones addressed Council: • Director Glauner asked that Council be made aware of an award one of our firefighters received. Jerry Cifranic was nominated earlier last year as our Firefighter of the Year for North Olmsted. His name was submitted by the VFW to the County and he won the County Fireman of the Year award. His name was placed into the state nomination and he was named the Firefighter of the Year for the State from the VFW. He is not here today, however, Council would like to recognize this accomplishment. The state VFW did donate $300 in his name to Cassidy's Hope Foundation. On behalf of City Council, congrats to Jerry Cifranic. 2