3/2/2021 Meeting Minutes - Laserfiche WebLink

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MINUTES OF THE MEETING OF THE COUNCIL OF THE CITY OF NORTH OLMSTED MARCH 2, 2021 Present: Council President Jones, Council Members Brossard, Glassburn, Hemann, Kelly, Limpert Schumann & Williamson Also Present: Mayor Kennedy, Director of Finance Copfer, Director of Human Resources Gallo, Director of Law Gareau, Director of Planning & Community Development Lieber and Clerk of Council Massarolo Council President Jones called the meeting to order at 8:00 p.m. through GoToMeeting. Due to the meeting being a virtual meeting, Council President Jones requested if any member of the public using a computer wished to address Council to notify the Clerk via the chat feature in GoToMeeting and they would be called on later in the meeting. For those dialing in via phone, the lines would be unmuted during the appropriate portion of the meeting. The Council Meeting Minutes of February 16, 2021 were approved as written. The following legislation will be considered for passage under suspension of the rules this evening: First Reading: Resolution 2021-20. REPORTS Mayor Kennedy: • No Report. Director of Law Gareau: • The public records case Council was updated on several meetings ago went to mediation, which was not successful. A motion to dismiss is about to be filed by the City. The City believes it is in full compliance with the public records law and the case should no longer be on the docket. Director of Finance Copfer: • The City sold its bonds on Wednesday, February 17th for an interest cost price of 1.13% after all costs of issuance are considered. These monies will complete the strategy of converting the short-term interest notes done over several years to a long-term 10 year fixed yield rate. This is an incredibly low cost to borrow money at. The City entered the marketplace at a very opportune time as in the days since the sale the rates have increased about 30 basis points, which would add about an additional $210,000 in interest expense. • Today the January 2021 financial statements summary and detail reports to Council, Administration and others. One month does not make a trend, however, the income tax collections remained steady though they are less than what they were in January of last year. Property taxes are a little behind, but the County had moved the deadline back to the last week of January, so the advance was lower.