22-88 1984 Street Improvement BAN $90,000

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general laws of the State of Ohio and by virtue of certain ordinances and proceedings of the Council of the City with respect thereto for the purpose of paying the property owners' portion, in anticipation of the levy and collection of special assessments, and the City's portion of the costs of reconstructing and repairing certain concrete sidewalks in the City of Lakewood, Ohio, and to pay and retire outstanding notes issued in anticipation thereof. I0. The 1988 Sidewalk Improvement Bond Anticipation Notes are issued in anticipation of the issuance of a like principal amount of general obligation bonds of the City under authority of the general laws of the State of Ohio and by virtue of certain ordinances and proceedings of the Council of the City with respect thereto for the purpose of paying the property owners' portion, in anticipation of the levy and collection of special assessments, and the City's portion of the costs of reconstructing and repairing certain concrete sidewalks in the City of Lakewood, Ohio. The Notes, unless paid from other sources and subject to the provisions of federal bankruptcy law and other laws affecting creditors' rights, are to be paid from the proceeds of the levy of ad valorem taxes on all property subject to ad valorem taxes levied by the City, which taxes are within the ten-mill limitation imposed by law. The Notes will be prepared in typewritten or xerographically reproduced form at the expense of the City. If the original purchaser requests printed Notes, the original purchaser must pay the expense of printing. Delivery will be made without charge at such place in the State of Ohio as the original purchaser shall designate, provided that other mutual satisfactory arrangements for delivery outside the State of Ohio at the expense of the original purchaser may be made. It is anticipated that delivery will be made approximately on May 13, 1988. The original pur- chaser must pay for the Notes on the date of delivery in Federal Reserve Funds of the United States of America. The original purchaser agrees to provide to the City and Bond Counsel information as to bona fide initial offering prices to the public and sales of the Notes appropriate for determination of yield on the Notes under the Code, as and at the time requested by Bond Counsel. In the event that, prior to their delivery, the interest on the Notes should by any act of Congress or otherwise become subject to federal income tax, or any act of Congress should provide that the interest income on the Notes shall be taxable at a future date for federal income tax purposes, whether directly or indirectly, the original purchaser may refuse to accept delivery. The City will furnish the transcript of proceedings and a certificate that to the knowledge of the signers no litigation or administrative action or proceeding is pending or threa- tened at the time of initial delivery to restrain or enjoin, or seeking to restrain or enjoin, the issuance and delivery of the Notes, or the levy and collection of the taxes for their payment, or to contest or question the proceedings and authority under which the Notes have been -5-