73-89 Anticipation Notes $300K Off-street Parking

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INVITATION FOR PROPOSALS $950,000 CITY OF LAKEWOOD, OHIO VARIOUS PURPOSE GENERAL OBLIGATION BOND ANTICIPATION NOTES - FOUR ISSUES $75,000 PARK IMPROVEMENT BOND ANTICIPATION NOTES - 1989 RENEWAL $300,000 OFF-STREET PARKING IMPROVEMENT BOND ANTICIPATION NOTES - 1989 RENEWAL $215,000 1988 SEWER IMPROVEMENT BOND ANTICIPATION NOTES - 1989 RENEWAL $360,000 FIRE TRUCK ACQUISITION BOND ANTICIPATION NOTES DUE: October 12, 1990 The City of Lakewood, Ohio (the "City") contemplates the issuance of $950,000 Various Purpose General Obligation Bond Anticipation Notes - Four Issues (the "Notes"), as more fully described in the enclosed Pre- liminary Official Statement. The City is inviting~-ritten 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 1I:00 a.m. Eastern Standard Time, on December 5, 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 15I 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, 1989 and will mature on October 12, 1990, 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 payable at banks or trust companies, as determined by the Director of Finance, without deduction for exchange, collection or service charges. On December 5, 1989, the Director of Finance wtll 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. Legal matters incident to the issuance of the Notes and with regard to the tax-exempt status' of the interest thereon are subject to the approv- ing legal opinion of Calfee, Halter & Griswold, Bond Counsel, which will be furnished without cost to the original purchaser at the time the