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expense of the original purchaser may be made. It is anticipated that <br />delivery will be made approximately on December 15, 1988. The original <br />purchaser must pay for the Notes on the date of delivery in Federal <br />Reserve Funds of the United States of America. <br /> <br />If the original purchaser has purchased the Notes for reoffering to the <br />public, the original purchaser will be required to provide to the City, <br />prior to the delivery of the Notes, the initial offering price of each <br />maturity of the Notes to the public (excluding bondhouses, brokers and <br />other intermediaries), which prices shall be expressed as a dollar <br />amount (the "initial offering prices"). Regardless of whether the <br />original purchaser has purchased the Notes for reoffering or for holding <br />for its account, the original purchaser will be required to provide to <br />the City, prior to the delivery of the Notes, the yield on the Notes, <br />being that yield which, when used in computing present value of all <br />payments of principal and interest to be paid on the Notes, produces an <br />amount equal to the issue price of the Notes, the "issue price" being <br />(a) the aggregate of the initial offering prices plus accrued interest, <br />if any or (b) if the Notes are purchased by the original purchaser for <br />holding for its account, the price paid to the City by the original <br />purchaser, including any accrued interest. The original purchaser will <br />also be required to execute a certificate prepared by Bond Counsel and <br />dated the closing date (a) setting forth the issue price, (b) stating <br />that (1) 10% or more in par amount of each maturity of the Notes was <br />sold to the public at or below the initial offering prices or (2) the <br />Notes were purchased by the original purchaser for holding for its <br />account, as the case may be, and (c) certifying that the yield supplied <br />to the City is that yield which, when used in computing the present <br />value of all payments of principal and interest on the Notes, produces <br />an amount equal to the issue price. <br /> <br />In the event that, prior to their delivery, the interest on the Notes <br />should by any act of Congress or otherwise become subject to federal <br />income tax, or any act of Congress should provide that the interest <br />income on the Notes shall be taxable at a future date for federal income <br />tax purposes, whether directly or indirectly, the original purchaser may <br />refuse to accept delivery. The City will furnish the transcript of <br />proceedings and a certificate that to the knowledge of the signers no <br />litigation or administrative action or proceeding is pending or threa- <br />tened at the time of initial delivery to restrain or enjoin, or seeking <br />to restrain or enjoin, the issuance and delivery of the Notes, or the <br />levy and collection of the taxes for their payment, or to contest or <br />question the proceedings and authority under which the Notes have been <br />authorized, issued, sold, executed or delivered or the validity of the <br />Notes. <br /> <br />Any questions concerning the Notes should be addressed to: Leonard A. <br />Mikula, Director of Finance, City of Lakewood, 12650 Detroit Avenue, <br />Lakewood, Ohio 44107, Telephone: 521-7580, Area Code: 216. <br /> <br />Dated: November 23, 1988 <br />134S30/142820 <br /> <br />-3- <br /> <br /> <br />