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by them on January 18, 2022. This is a great opportunity for Lakewood. It covers <br /> half the cost of a $7 million watermain project for Gladys and Andrews Avenues. <br /> This allows us to borrow less, which is great. This has been voted on and voted to <br /> be recommended for approval to the full Council. <br /> The rest, was a presentation about our debt by Catherine Swartz ofBrickler& <br /> Eckler and JeffRink ofKey Bank. We learned that we are in pretty good shape. <br /> Items #248 on the Finance Committee agenda were all voted for approval to the <br /> full Council. Essentially, we are maintaining our Aa2 bond rating from Moody's. <br /> Lakewood is unique among our peer cities in that we do not take our funding from <br /> our operational budget or our general fund budget to pay for the servicing of our <br /> debt. We have dedicated lines offunding from our property taxes and user fees <br /> from our enterprise funds. So, we have dedicated funding to service our debt, <br /> which puts us in great shape, especially with the rising property valuations. For <br /> our 2022 financing plan for new capital improvement, that is going to be <br /> around$14 million that we are taking a one-year note on. We are going to retire <br /> our series 2021 note which is about$9.2 million,for a total new financing this <br /> year of$23,285,000 that should be going to market and closing around March. <br /> Hopefully we will not see interest rates rise before then, although that is priced <br /> into municipal bonds. Due to our credit rating and responsible stewardship of our <br /> finances, we did get a good price on the loans we take out. <br /> Motion by Councilmember Shachner, seconded by President O'Malley to receive and file the <br /> communication. All members voted in favor. Motion passed. <br /> 5. RESOLUTION 2021-61 - A RESOLUTION to take effect immediately provided it <br /> receives the affirmative vote of at least two thirds of the members of Council, or otherwise <br /> to take effect and be in force after the earliest period allowed by law, authorizing the Mayor <br /> or her designee to enter into an agreement to accept a grant in the amount of $3,280,000 <br /> from the Ohio Department of Development for the City's 2022 Watermain Replacement <br /> Project. (Referred to PWS & Finance 12120121; recommended for adoption by PWS <br /> 1118122) <br /> Motion by President O'Malley, seconded by Vice President Litten to adopt Resolution 2021-61. <br /> All members voted in favor. Motion passed. Resolution 2021-61 adopted. <br /> Motion by President O'Malley, seconded by Vice President Litten to suspend the rules to allow <br /> for the consecutive reading of items 45-412. <br /> 3 <br />