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EXHIBIT 1
<br />
<br />INVITATION FOR PROPOSALS
<br />$1,859,400 CITY OF LAKEWOOD, OHIO
<br />VARIOUS PURPOSE GENERAL OBLIGATION BOND
<br />ANTICIPATION NOTES - 1991 RENEWAL
<br />
<br /> DATED: August 23, 1991
<br /> DUE: August 21, 1992
<br />
<br />The City of Lakewood, Ohio (the "City") contemplates the issuance of $1,859,400
<br />Various Purpose General Obligation Bond Anticipation Notes - 1991 Renewal (the
<br />"Notes"), as more fully described in the enclosed Preliminary Official Statement.
<br />The City is inviting written proposals, or oral proposals, communicated by
<br />telephone, for the purchase, at not less than par and accrued interest, of the
<br />Notes. Proposals will be received by the Fiscal Officer of the City until
<br />11:00 a.m. Eastern Daylight Saving Time, on August 8, 1991, at the office of the
<br />Fiscal Officer of the City at the address stated below. Split rate proposals or
<br />proposals for less than all of the Notes will not be considered. The proposal
<br />shall specify the 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 maturity, but
<br />no rate specified shall exceed the maximum interest rate per annum of 10%
<br />determined by Council. Oral proposals should be promptly confirmed tn writing
<br />to the undersigned by the bidders. THE NOTES ARE NOT "QUALIFIED TAX-EXEMPT
<br />OBLIGATIONS" FOR PURPOSES OF SECTION265(b)(3) OF THE INTERNAL REVENUE CODE OF
<br />1986.
<br />
<br />The Notes will be dated August 23, 1991 and will mature on August 21, 1992, with
<br />no option in the City to redeem the Notes prior to maturity. The Notes will bear
<br />interest (computed on a 360-day per year basis) from their date payableat matur-
<br />ity; will be issued in such denominations as requested by the original purchaser;
<br />and will be payable at banks or trust companies, as determined by the Fiscal
<br />Officer, without deduction for exchange, collection or service charges. On
<br />August 8, 1991, the Fiscal Officer will consider the proposals submitted and will
<br />award the Notes on the basis of the proposal resulting in the sale of the Notes
<br />at the lowest net interest cost to the stated maturity. The lowest net interest
<br />cost will be determined by taking the amount of interest from the date of the
<br />Notes to the stated maturity date and deducting therefrom the amount of any
<br />premium. In the event of tie proposals based on the lowest net interest cost to
<br />the stated maturity, the Fiscal Officer will award the Notes to the bidder
<br />submitting the tie proposal who bids the lowest interest rate after maturity, and
<br />if such an award would result in tie proposals, the successful proposal will be
<br />selected by lot in a manner determined by the Fiscal Officer. Any informality
<br />or failure to conform to the instructions herein contained may be waived by the
<br />Fiscal Officer, and the Fiscal Officer may reject any or all of the proposals
<br />presented.
<br />
<br /> Legal matters incident to the issuance of the Notes and with regard to the tax-
<br /> exempt status of the interest thereon are subject to the approving legal opinion
<br /> of Calfee, Halter & Griswold, Bond Counsel, which will be furnished without cost
<br /> to the original purchaser at the time the Notes are delivered to it. That
<br /> opinion will include an opinion, based upon and assuming compliance with
<br /> covenants and the accuracy of representations .and certifications of the City,
<br /> that under the existing law (a) the interest on the Notes (i) is excluded from
<br /> gross income for federal income tax purposes under the Internal Revenue Code of
<br /> 1986, as amended (the "Code"), (ii) is not treated as an item of tax preference
<br /> for purposes of the alternative minimum tax imposed on individuals and
<br /> corporations by the Code, and (iii) is exempt from the Ohio personal income tax
<br /> and excluded from the net income base of the Ohio corporate franchise tax, and
<br /> (b) the Notes are not "private activity bonds" as defined in the Code. Under the
<br /> Code, the interest may be subject to alternative minimum, environmental, and
<br /> branch profits taxes imposed on certain corporations, and to a tax imposed on
<br /> excess net passive 'income of certain S corporations. For a more complete
<br /> discussion of tax aspects, see the enclosed Preliminary Official Statement.
<br />
<br /> The Notes are to be issued in anticipation of bonds for the purpose of paying the
<br /> costs of reconstructing and repairing sidewalks, reconstructing sanitary and
<br /> storm sewer lines, improving swimming pool facilities at Foster Pool, making
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