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023 Financing IPlan New Money(see project list below) $ 16,410,000 Retire Series 2022 Various Purpose Income Tax Revenue Notes 21,285,000 (Dated,3/17/22-Maturity:3/16/23) Total 2023 Financing $ 37,695,000 Credit Rating City Facility Repairs $ 8,390,000 Park Improvements 5,370,000 Street Improvements 2,000,000 Sidewalk Improvements 650,000 Total $ 16,410,000 -1.1.11 111111 1-9 IIIA Lakewood's CireditIRating Lakewood's CireditIRating(rrou7h nuued) •The City of Lakewood maintains a Aa2 rating from Moody's,just above the national median for U.S.Cities cf Aa3.Both Lakewood has a strong credit position.Notable credit factors include a robust financial position..slightly above average demographic ratings are strong and allow for full access to the capital markets in almost all economic conditions at a low cost of funds. statistics and a sizable tax base. Moody's most recently reaffirmed the City's Aa2 rating on 12/15/22. -Listed below are highlights from Moody's credit opinion published March 4,2021. •The City's credit rating provides an independent evaluation to investors about a government entity's future ability and willingness to make fully and timely payments of principal and interest on a debt issue. 11"N Moody's n V �IIIIIIIIIIIIIIIIIIIIIIII !I willingness r, 1 Ii •Moody's Investors Service,Standard and Poor's and Fitch Ratings are the primary rating agencies serving the municipal Moodysexpect,me cayto meintainassoundfinancial Pmfite Dsmandfor Lak—.o ,ralestateexp.ctedtosupportsteady bond market. d..tcmanag.menPsclose fiscal oversight and commitmentto tax have eppmciat,cn(her grown at 4 o%over past s years) maintaining strong reserves Close proximity to dmntown Clevaand coupled wrl,rays •Listed below are the range of investment grade,long-term fixed rate rating eatego des,and a history of the City's credit Fund balance as a gement of operating revenues(bas%is well cwn strong msta want and mtail presence make Lakewood ratings. above other peer cgres. attractive to younger residents. �I • Ir Citys cash posy cn kelytc mme n strong. Vdhrcat's pcpulat cn hes d.cfned s nce the 1880's,a pp.lne of new r.sd.nts-s begnring to offset that tmnd YK6^ ffEM1GtlF I3nke VtnliaVp AAA AAA 12/152022 Aa2 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII w H �IIIIIIIIIII Aai AA+ AA+ 3/23/2021 Aa2 Debt&pension fiabilaies ere somewhat elevated overall and ere Aa2 AA AA 3272019 Aa2 a weakness in relation to the assigned rating cfAa2 Aa3 AA- AA- 9/52018` Aa2 Net d-dd.bt tcfull value(57%)surpasses the US median At A* A* 4/52016 Aa2 A2 A A 4/12014 Aa2 Mootlys c nsiders the COys unf.nd.d pension liabilities in as 9262012 A A3 A A rating calculations a2 Baai 888* 888* 11/102010 Aa2 III IIIpI��p ��n�' 1 �i�l�r��IIwo h��=Rt, IIIIIIIIIIIIIIIIIIII�fl��I r.1I n� °'Hirer nl�l�V� � Baa2 888 888 5/82001 Aa3 hAlMll��l P o li III r Baa3 888- 888- 5/102005 Aa3 Significant mck erabun cfd.bt and pension Reduction in reserves d..to cns{ime uses or liabilaies operational imbalance 1232004 kaz ............................................................................................................................................................. 4/19/2003 Aa2 • Incr.ese in debt entl/or pension burden 4/11/2001 Aa3 '�. ,o,, ,,�r omm*n �.ma2M14.111, IIIA