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EXHIBIT 1 <br /> <br /> INVITATION FOR PROPOSALS <br /> $2,772,500 CITY OF LAKEWOOD, OHIO <br />VARIOUS PURPOSE GENERAL OBLIGATION BOND ANTICIPATION NOTES - <br /> SIX ISSUES <br /> <br />$940,000 Sewer System Improvement Bond <br /> Anticipation Notes - 1989 Renewal <br /> <br />'$1,020,000 Foster Pool Improvement Bond <br />Anticipation Notes - 1989 Renewal <br /> <br />$32,000 Traffic Signalization Bond <br />Anticipation Notes - 1989 Renewal <br /> <br /> $240,000 1988 Sidewalk Improvement Bond <br />Anticipation Notes - Series B - 1989 Renewal <br /> <br />$280,500 1989 Motorized EqUipment Bond <br /> Anticipation Notes <br /> <br />$260,000 1989 Sewer Improvement <br />Bond Anticipation Notes <br /> <br />DUE: August 24, 1990 <br /> <br />The City of Lakewood, Ohio (the "City") contemplates the issuance of <br />$2,772,500 Various Purpose General Obligation Bond Anticipation Notes - <br />Six Issues (hereinafter collectively referred to as the "Notes"), as <br />more fully described in the enclosed Preliminary Official Statement. <br />The City is inviting written proposals, or oral proposals, communicated <br />by telephone, for the purchase, at not less than par and accrued inter- <br />est, of £he Notes. Proposals will be received by the Director of <br />Finance of the City until 11:00 a.m. Eastern Daylight Saving Time, on <br />August 9, 1989, at the office of the Director of Finance of the City at <br />the address stated below. Split rate proposals or proposals for less <br />than all of the Notes will not be considered. Each proposal shall <br />specify =i~e rate of interest which the Notes are to bear and may specify <br />a rate of interest after maturity different than the rate prior to <br />maturity, but no rate specified shall exceed the maximum interest rate <br />per annum of 15% determined by Council. Oral proposals should be <br />promptly confirmed in writing to the undersigned by the bidders. THE <br />NOTES ARE NOT "QUALIFIED TAX-EXEMPT OBLIGATIONS" FOR PURPOSES OF <br />SECTION 265(b)(3) OF THE INTERNAL REVENUE CODE OF 1986. <br /> <br />The Notes will be dated August 25, 1989 and will mature on August 24, <br />1990, with no option in the City to redeem the Notes prior to matu¥ity. <br />The Notes will bear interest (computed on a 360-day per year basis) from <br />their date payable at maturity; will be issued in such denominations'~as <br />requested by the original purchaser; and will be payable at banks or: <br />trust companies, as determined by the Director of Finance, without <br />deduction for exchange, collection or service charges. On August 9, <br />1989, the Director of Finance will consider the proposals submitted and <br />will award the Notes on the basis of the proposal resulting in the sale <br />of the Notes at the lowest net interest cost to the stated maturity. <br />The lowest net interest cost will be determined by taking the amount of <br />interest from the date of the Notes to the stated maturity date and <br />deducting therefrom the amount of any premium. In the event of tie <br />proposals based on the lowest net interest cost to the stated maturity, <br />the Director of Finance will award the Notes to the bidder submitting <br />the tie proposal who bids the lowest interest rate after maturity, and <br /> <br /> <br />