4/21/2020 Meeting Minutes - Laserfiche WebLink

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Please read the following during public comments/ letters at the next meeting of Council whenever that is: "To all of council, the Mayor, and specifically to the Finance Director. Unfortunately, council had no meeting at the beginning of April for my comments to be read. None the less, here are my thoughts. At the beginning of this Pandemic crisis, the Federal Reserve announced the lowering of interest rates -- I think below I%). These interest rates were to stimulate the economy by offering lower rates for borrowers who needed the money to off -set the effects of this Virus emergency. Of course, that money was offered to lending institutions so that they would have ample cash reserves for this emergency. In traveling North Olmsted, the retail and food services are almost non- existent. Retail sale and the income taxes from employment are the life blood of this city. Even corporations like Moen most likely have furloughed most of their employees. I noted the finance director's concern and her statement last March. It is my belief that this is the time to borrow money need to maintain basic city services and move North Olmsted ahead during this crisis and I don't mean borrowing from the lending institutions. I mean, borrowing directly from the Federal Reserve as an institution that city government is. At least an effort must be made to do so. This municipality in the first plac otae. ��ywhy et yFederal Reserve decided to lower interest ur priorities in order and Finance Director, explore the path to the money that is being offered by the Federal Reserve. You maybe oyt surprised eat what a bargain of an opportunity this unfortunate time turn Dennis Lambert 25057 Carey Ln."