51-91 $4,750,000 Water System Mortgage Revenue Bonds

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INVITATION FOR BIDS Sealed bids for the purchase'of $ Water System Mortgage Revenue Bonds, Series 1991, (the "Series 1991 Bonds") of the City of Lakewood (the "Issuer"), in the County of cuyahoga and State of Ohio, will be received by the undersigned fiscal officer, of the Issuer (the "Fiscal Officer,,) at the main office of National City Bank, financial advisor to the Issuer, 1900 East N~nth Street, 34th Floor, Cleveland, Ohio 44114-3484, Attention Public Finance Department, until 2:00 p.m. Eastern Daylight Saving Time, on July 30, 1991, at which time the bids will be opened and read publicly. Bids for the Series 1991 Bonds, authorized by the legislation enacted on July 15,'1991, shall be sealed and endorsed "Bid for $ Water System Mortgage Revenue Bonds, Series 1991" and each bid shall be made only for all or none of the Series 1991 Bonds, and for purchase at not less than 97% of the par value thereof and accrued interest. Words and terms used in this Invitation for Bids as defined words and terms and not otherwise defined herein shall have the meanings given them in the Preliminary Official Statement dated July 16, 1991 relating to the issuance of the Series 1991 Bonds (the "Preliminary Official Statement") and accompanying this Invitation for Bids. The Series 1991 Bonds, authorized by an ordinance passed by the Council of the Issuer on July 15, '1991 (the "Bond Legislation',) are being issued for the purpose of making improvements to the City's water system as more fully described in the Preliminary Official Statement. The series 1991 Bonds are being issued pursuant to Article XVIII, Section 12 of the Ohio Constitution, the Issuer's Charter, the Bond Legislation and the Indenture of Mortgage, dated as of August 1, 1991 (the "Indenture") between the Issuer and The Huntington National Bank, Cleveland, Ohio, as trustee (the "Trustee") thereunder. The Series 1991 Bonds will initially be dated August 1, 1991, and will bearinterest payable semi-annually on January I and July i (each an "Interest Payment Date") of each year, beginning January 1, 1992. The Series 1991 Bonds will mature on July I in each of the following years in the following principal amounts: -1-