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MINUTES OF THE FINANCE COMMITTEE <br /> February 7, 2022 <br /> City Hall Auditorium <br /> Present: Councilmembers Shachner, Bullock, Litten (6:15 p.m.) <br /> Also Present: Councilmembers Kepple, Neff, & Rader, Mayor George, Finance Director <br /> Rancatore, Jeff Rink of Key Bank, Catherine Swartz of Bricker& Eckler LLP, Engineer Papke, <br /> Clerk Bach, & Deputy Clerk Lascu taking minutes <br /> Start time: 6:00 p.m. <br /> AGENDA <br /> Approval of the minutes of the December 20, 2021 meeting of the Finance Committee. <br /> Motion by Councilmember Bullock, seconded by Chairman Shachner to approve the minutes of <br /> the December 20, 2021 Finance Committee meeting minutes. All present(Bullock& Shachner)in <br /> favor. Motion passed. The minutes were approved. <br /> RESOLUTION 2021-61 - A RESOLUTION to take effect immediately provided it receives <br /> the affirmative vote of at least two thirds of the members of Council, or otherwise to take <br /> effect and be in force after the earliest period allowed by law, authorizing the Mayor or her <br /> designee to enter into an agreement to accept a grant in the amount of$3,280,000 from the <br /> Ohio Department of Development for the City's 2022 Watermain Replacement Project. <br /> (Referred to PWS& Finance 12/20/21; recommended for adoption by PWS 1/18/22) <br /> Engineer Papke reviewed the 2022 Watermain Replacement Project, indicating that work would <br /> be completed on Gladys and Andrews. The total cost of the project is about$7 million and $3.28 <br /> million of it would be covered by the grant from the Ohio Department of Development. The <br /> administration is also anticipating $1.8 million in funding from the Ohio Public Works <br /> Commission. <br /> Motion by Chairman Shachner, seconded by Councilmember Bullock to recommend Resolution <br /> 2021-61 for adoption by the full Council. All present (Bullock & Shachner) in favor. Motion <br /> passed. Resolution 2021-61 was recommended for adoption by the full Council. <br /> Bond Ordinances Discussion <br /> Director Rancatore introduced Jeff Rink of Key Bank and Catherine Swartz of Bricker & Eckler <br /> LLP, who serve as the city's Bond Counsel. He also gave credit to Engineer Papke and other <br /> department heads who obtain grants for projects, which enables the city to borrow less money for <br /> its needs. <br /> Jeff Rink spoke to Lakewood's financial operations and its use of various revenue streams. He <br /> noted that Lakewood is unique in a positive way in how the city finances its debt. Many other <br /> 1 <br />