26-89 Anticipation Notes - $80K 1988 Sidewalk Improvements

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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 o~nerst portion, in anticipation of the levy and collection of special assessments, and the Cityts 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. 9. The 1988 Sidewalk Improvement Bond Anticipation Notes - 1989 Renewal 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 cost of reconstructing and repairing certain concrete sidewalks in the City of Lakewood, Ohio, and to pay and retire outstanding notes issued in anticipation thereof. 10. The 1989 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 cost 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 he made approximately on May 12, 1989. The original pur- chaser must pay for the Notes on the date of delivery in Federal Reserve Funds of the United States of America. If the original purchaser has purchased the Notes for reoffering to the public, the original purchaser will be required to provide to the City, prior to the delivery of the Notes, the initial offering price of each maturity of the Notes to the public (excluding bondhouses, brokers and other intermediaries), which prices shall be expressed as a dollar amount (the "initial offering prices"). Regardless of whether the original purchaser has purchased the Notes for reoffering or for holding for its account, the original purchaser will be required to provide to the City, prior to the delivery of the Notes, the yield on the Notes, being that yield which, when used in computing present value of all payments of principal and interest to be paid on the Notes, produces an amount equal to the issue price of the Notes, the "issue price" being (a) the aggregate of the initial offering prices plus accrued interest, if any, or (b) if the Notes are purchased by the original purchaser for holding for its account, the price paid to the City by the original purchaser, including any accrued interest. The original purchaser will also be required to execute a certificate prepared by Bond Counsel and dated the closing date (a) setting forth the issue price, (b) stating that (1) 10% or more in par amount of each maturity of the Notes was -4-