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Mr. Rink stated that the city plans on issuing $6,465,000 in new debt in 2021. $2,810,000 would also be issued to cover projects that were rolled over from last year, leading to a total of$9,275,000 in 2021 notes for the city of Lakewood. Ms. Swartz explained the rules on how various kinds of debt are to be issued by cities via ordinances. Mr. Rink then briefly reviewed the sources and uses of the funds being discussed. Due to Lakewood having a strong credit rating and being able to borrow on a tax-exempt basis, it will nearly always receive the best interest rates available at the time. The city also stands to gain a million dollars over 8 years by refinancing some of its bonds. Mr. Rink explained the bond rating systems and detailed the city's longtime relationship with Moody's Credit Rating Service. The city has been rated as a AA2,which is the third highest rating, for the better part of the last decade. The median rating across the country for local governments is AA3. He discussed obstacles to obtaining a higher rating, and emphasized protecting the city's already strong rating. Chairman Bullock inquired with committee members on whether they would feel comfortable recommending the legislation for adoption that evening.All members were supportive. ORDINANCE 40-2020 -Authorizing the issuance of special obligation income tax revenue notes in the amount of not to exceed $1,500,000 in anticipation of the issuance of bonds; to pay costs of improving Detroit Road, Hilliard Road and other streets located within the city, between certain termini, by resurfacing and replacing concrete, together with all necessary appurtenances thereto; providing for the pledge of revenues from the city's 1.50% income tax to secure the payment of the principal of and interest on the notes in anticipation of bonds; and approving related matters; and declaring an emergency (Placed on 1st reading and referred to Finance 12/21/20; 2nd reading 1/4/21) Chairman Bullock made a motion,seconded by Councilmember Litten to recommend adoption of Ordinance 40-2020 to the full Council. A roll call vote was taken as follows: Yeas - Bullock, Litten, Neff Nays - None Motion passed. Ordinance 40-2020 was recommended for adoption. ORDINANCE 41-2020 -Authorizing the issuance of special obligation income tax revenue notes in the amount of not to exceed $250,000 in anticipation of the issuance of bonds; to pay costs of replacing or improving the roof of the public works garage and other public buildings, together with all necessary appurtenances thereto; providing for the pledge of revenues from the city's 1.50%income tax to secure the payment of the principal of and interest on the notes in anticipation of bonds; and approving related matters; and declaring an emergency (Placed on 1st reading and referred to Finance 12/21/20; 2nd reading 1/4/21)