05-90 Real Estate Acquisition Bond $485,000

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EXHIBIT 1 INVITATION FOR PROPOSALS $485,000 CITY OF LAKEWOOD, OHIO REAL ESTATE ACQUISITION BOND ANTICIPATION NOTES - 1990 RENEWAL DUE: October 12, 1990 The City of Lakewood, Ohio (the "City") contemplates the issuance of $485,000 Real Estate Acquisition Bond Anticipation Notes - 1990 Renewal (the "Notes"), as more fully described in the enclosed Preliminary 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 Standard Time, on March 14, 1990, at the office of the Director of Finance of the City at the address stated below. Split rate proposals will not be considered. The 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 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 March 28, 1990 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 March 14, 1990, 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. 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 Notes are delivered to it. That opinion will include an opinion, based upon and assuming compliance with covenants and the accuracy of repre- sentations and certifications of the City, that under the existing law (a) the interest on the Notes (i) is excluded from gross income for federal income tax purposes under the Internal Revenue Code of 1986, as