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Moody’s. They explained even though the Pension system operates at a state level, Moody’s views them as long-term obligations of the City versus a current year expense. Both Mr. Rink and Director Rancatore are of the opinion that Moody’s stance is mistaken. In closing, Mr. Rink reviewed the proposed timeline for the 2024 debt issuance, with the goal of closing both the bonds and notes on March 13, which is the day before the current notes come due. In response to a question from Councilmember Rader, Mr. Rink explained the rationale behind the timeline and why it seems to be moving back each year. In response to a question from Chair Shachner, Mr. Rink clarified that the point of the note th pricing after the March 4General Council meeting is to determine how to size the notes based on whether or not the ARPA legislation is adopted. I n response to a question from Councilmember Bullock, Mr. Rink confirmed that the city budget savings could be as high as $4.8 million if the Treasury decides to update ARPA directions. Chair Shachner made a motion to substitute proposed Ordinance 46-2024 in place of Ordinance 46-2023. Seconded by Councilmember Bullock. All in favor, motion passed. C hair Shachner made a motion to recommend for approval Ordinances 43-2023 through Ordinance 47-2023, with Ordinance 46-2023 as substituted, to the full Council. Seconded by Councilmember Bullock. All in favor, motion passed. RESOLUTION 2023-74 - A RESOLUTION 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, approving the City of Lakewood’s Financial Internal Controls.(Referred to Finance Committee 12/18/23) Resolution 2023-74 deferred. Meeting adjourned at 6:50 p.m. Approved: Jason Shachner, Chair Finance Committee Maureen M. Bach, Clerk of Council 4