34-89 Anticipation notes $1,200,000 Water System Improvements

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EXHIBIT 1 INVITATION FOR PROPOSALS $1,700,000 CITY OF LAKEWOOD, OHIO VARIOUS PURPOSE GENERAL OBLIGATION BOND ANTICIPATION NOTES - TWO ISSUES $500,000 1989 STREET IMPROVEMENT BOND ANTICIPATION NOTES $1,200,000 1989 WATER SYSTEM IMPROVEMENT BOND ANTICIPATION NOTES DUE: JUNE 14, 1990 The City of Lakewood, Ohio (the "City") contemplates the issuance of $1,700,000 Various Purpose General Obligation Bond Anticipation Notes - Two 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 Daylight Saving Time, on June 1, 1989, 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 will be dated June 14, 1989 and.will mature on June 14, 1990, with no option in the City to redeem the Notes prior to maturity, unless the original purchaser of the Notes requests that the Notes provide for such redemption, in which case provision shall be made for calling the Notes for redemption upon ten (10) days written notice to the original purchaser or purchasers of the Notes. The Notes will bear interest (computed on a 360-day per year basis) from their date payable at matur- ity; will be issued in such denominations as requested by the original purchaser; and will be payable at banks or trust companies, as deter- mined by the Director of Finance, without deduction for exchange, collection or service charges, on June 1, 1989, the Director of Finance will consider the proposals submitted and will award the Notes on the basis of the proposal resulting 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 after maturity, and if such an award would result in tie proposals, the successful proposal will be selected by lot in a manner determined by the Director of Finance. Any informality or failure to conform to the instructions herein contained may be waived by the Director of Finance, and the Director of Finance may reject any or all of the proposals presented.