38-91 $273,000 Motorized Equip. Notes

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paying the property owners' portion and the City's portion of the cost of improving certain streets and sidewalks. 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 be made approximately on June 26, 1991. The original purchaser must pay for the Notes on the date of delivery in Federal Reserve Funds of the United States of America. The City deems the enclosed Preliminary Official Statement to be final as of its date within the meaning of paragraph (b)(1) of Section 240.15c2-12 ("Rule 15c2- 12") of the General Rules and Regulations, Securities and Exchange Act of 1934. The City will furnish the original purchaser within seven business days of June 12, 1991 twenty (20) copies of the final Official Statement, and the original purchaser is authorized to reproduce and circulate at its expense such final Official Statement in sufficient quantity to comply with paragraphs (b)(3) and (b)(4) of Rule 15c2-12 and the rules of the Municipal Securities Rulemaking Board. 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 sold to the public at or below the initial offering prices or (2) the Notes were purchased by the original purchaser for holding for its account, as the case may be, and (c) certifying that the yield supplied to the City is that yield which, when used in computing the present value of all payments of principal and interest on the Notes, produces an amount equal to the issue price. In the event that, prior to their delivery, the interest on the Notes should by any act of Congress or otherwise become subject to federal income tax, or any act of Congress should provide that the interest income on the Notes shall be taxable at a future date for federal income tax purposes, Whether directly or indirectly, the original purchaser may refuse to accept delivery. The City will furnish the transcript of proceedings and a certificate that to the knowledge of the signers no litigation or administrative action or proceedi.ng is pending or threatened at the time of initial delivery to restrain or enjoin, or seeking to restrain or enjoin, the issuance and delivery of the Notes, or the levy and collection of the taxes for their payment, or to contest or question the proceedings and authority under which the Notes have been authorized, issued, sold executed or delivered or the validity of th~ Notes. ' -2-