86-88 Park improvement BAN $100,000

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INVITATION FOR PROPOSALS $700,000 CITY OFLAK~OOD, OHIO VARIOUS PURPOSE GENERAL OBLIGATION BOND ANTICIPATION NOTES - T~REE ISSUES $100,000 PAI~: IMPROV~ BOND ANTICIPATION NOTES - 1988 RENEWAL $330,000 OFF-STREET PAl{KING IMPROVEMENT BOND ANTICIPATION NOTES - 1988 RENEWAL $270,000 1988 SEW-ER IMPROVEMENT BOI~'D ANTICIPATION NOTES DUE: December 15, 1989 The City of Lakewood, Ohio (the "City") contemplates the issuance of $700,000 Various Purpose General Obligation Bond Anticipation Notes - Three Issues (the "Notes"), as more fully described in the enclosed Pre- liminary Official Statement. The City is inviting written proposals, or oral proposals, communicated by telephone, for the purchase, at not less than par and accrued interest, of the Notes. Proposals will be received by the Director of Finance of the City until 11:00 a.m. Eastern Standard Time, on December 5, 1988, at the office of the Director of Finance of the City at the address stated below. Split rate proposals or proposals for less than all of the Notes will not be considered. Each proposal shall specify the rate of interest which the Notes are to bear and may specify a rate of interest after maturity different than the rate prior to maturity, but no rate specified shall exceed the maximum interest rate per annum of 15% determined by Council. Oral proposals should be promptly confirmed in writing to the undersigned by the bidders. THE NOTES ARE NOT "QUALIFIED TAX-EXEMPT OBLIGATIONS" FOR PURPOSES OF SECTION 265(b)(3) OF THE INTERNAL REVENUE CODE OF 1986. The Notes will be dated December 15, 1988 and will mature on December 15, 1989, with no option in the City to redeem the Notes prior to maturity. The Notes will bear interest (computed on a 360-day per year basis) from their date payable at maturity; will be issued in such denominations as requested by the original purchaser; and will be pay- able at banks or trust companies, as determined by the Director of Finance, without deduction for exchange, collection or service charges. On December 5, 1988, the Director of Finance will consider the proposals submitted and will award the Notes on the basis of the proposal result- Lng in the sale of the Notes at the lowest net interest cost to the stated maturity. The lowest net interest cost will be determined by taking the amount of interest from the date of the Notes to the stated maturity date and deducting therefrom the amount of any premium. In the event of tie proposals based on the lowest net interest cost to the stated maturity, the Director of Finance will award the Notes to the bidder submitting the tie proposal who bids the lowest interest rate