02/16/2006 Meeting Minutes - Laserfiche WebLink

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MINUTES OF THE SPECIAL MEETING OF THE COUNCIL OF THE CITY OF NORTH OLMSTED FEBRUARY 16, 2006 Present: President of Council Kennedy, Council Members Barker, Gareau, Dailey Jones, Miller, Orlowski, Tallon Also Present: Mayor O'Grady, Law Director Dubelko, Clerk of Council Seman Absent: Council Member Ryan President Kennedy called the special Council meeting to order at 6:33 p.m. in Council Chambers, 5200 Dover Center Road, North Olmsted, Ohio. FINANCE COMMITT~, E EPQRT Councilman Tallon, chairperson of the Finance Committee: 1) The Finance Committee meeting was held on Tuesday, February 14. In attendance were all of Council, the Mayor, Finance Director, Service Director and Human Resources Director. Finance Director Copfer invited John Larson, bond counsel from Squires, Sanders & Dempsey, and two representatives from the investment bank to answer any questions about the bond ordinances. The ordinances were divided into three categories: refinanced bonds; notes in anticipation of bonds; new money issues. Mr. Larson explained the reasons for rebonding and the stipulations and limits to rebonding. The investment bankers presented and explained spreadsheets with information on the savings to be realized by doing the rebonding now. There is a possibility, if the market cooperates, of a savings of approximately one million dollars for the city. After a lengthy and educational discussion, the committee unanimously recommended passage of Ordinances 2006-1R through 2006-43. LEGISLATION Ordinance No. 2006-18 introduced by Mayor O'Grady was given its second reading. An ordinance providing for the issuance and sale of bonds in the maximum aggregate principal amount of $6,815,000 for the purpose of refunding at a lower interest cost the $6,815,000 of the city's outstanding library improvement bonds, series 2001, dated as of May 1, 2001 and stated to mature on December 1 in 2011, 2012, 2014, 2016 and 2020, which were issued for the purpose of constructing, furnishing, equipping and otherwise improving a free public library building and acquiring, preparing, landscaping and otherwise improving its site; authorizing and directing the call for optional redemption on December 1, 2010 of all of the refunded bonds; authorizing the execution and delivery of a bond registrar agreement and a bond purchase agreement with respect to the refunding bonds. and an escrow agreement with respect to the refunding of refunded bonds, and declaring an emergency.