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Eckler, the Finance Department team and the administration in the fall of each year to start planning for the next one, examining capital needs and what debts are being paid off. The city has a very strong AA2 rating from Moody's, which is above the norm across the country. Lakewood has been at that level for a number of years and wants to make sure to maintain its rating. There are no refinance options for the city this year or next one. Bond issuance may be considered in 2024 upon further market research. The processes for interest rate locks and pricing notes were discussed. Interest rates on the city's debt are typically locked in 2 weeks before the note purchase agreement closes in the second week of March. Pricing the note involves setting the interest rate and getting orders from investors. Future rate increases get programmed into the market. The bond counsel brings the lock times a couple days forward each year, as these processes started in April in years past. Credit Rating Discussion Mr. Rink stated that the City of Lakewood has received a AA2 credit rating from Moody's. Only 1 credit rating is necessary for a city of Lakewood's size and how often it issues bonds. Mr. Rink reported that Moody's has been fine to deal with and that they have kept the city at a AA2 rating since 2010,noting it hasn't been easy to maintain that rating. Cities, like most organizations, have good years financially and bad ones alike (like in the pandemic years when all governments suffered). Moody's rating complements the systems and strong financial management of the city. A good rating is critical for inner ring cities that are fully built out, since development comes from redevelopment. The rating is also a reflection of Lakewood's investment in its housing stock and economic development programs for the business community. The city also has reserves in place for when revenue takes a dip. All of these factors are compiled into a report by Moody's, and investors view it based on the previous year or when the last bond issue took place. The state pension system's effect on municipalities credit ratings was then discussed, along with improved property valuations effect on the city's debt. Typically, any gains made on the triennial property tax valuation are eaten up by Lakewood's capital needs. Mr. Rink emphasized that considering Lakewood's capital needs and older infrastructure, Moody's needs to see the type of appreciation and strong financial management that the city has demonstrated in order to keep its good credit rating. Ms. Swartz and Mr. Rink then discussed the various debt-related and financial maneuvers the city could take to afford it more flexibility to save. Councilmembers then reviewed that the city's current debt is not eligible for refinance due to it being aggressive in that area over the last 2 years. A lock out period follows refinances. Councilmembers encouraged bond counsel to get involved with rating agency professional associations, citing that development can take place outside of the traditional greenfield model that negatively affects the environment and heavily relies on government subsidy. ORDINANCE 53-2021 —AN ORDINANCE to take effect immediately provided it receives the affirmative vote of at least two thirds of the members of Council, or otherwise to take effect and be in force after the earliest period allowed by law, authorizing the issuance of special obligation income tax revenue notes in the amount of not to exceed $2,050,000 in anticipation of the issuance of bonds; to pay the costs of improving parks within the City, 3