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<br />The Notes, unless paid from other sources and subject to the provisions of federal bankruptcy
<br />law and other laws affecting creditors' rights, are to be paid from the proceeds of the levy of ad
<br />valorem taxes on all property snbject to ad valorem taxes levied by the City, which taxes are
<br />within the ten-mill limitation imposed by law. .
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<br />The Notes will be prepared in typewritten or xerographically reproduced form at the expense of
<br />the City. If the original purchaser requests printed Notes, the original purchaser must pay the
<br />expense of printing.
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<br />Delivery will be mad" without charge at such place in the State of Ohio as the original purchaser
<br />shall designate, provided that other mutual satisfactory arrangements for delivery outside the State
<br />of Ohio at the expense of the original purchaser may be made. It is anticipated that delivery will
<br />be made approximately on October 9, 1992. The original purchaser must pay for the Notes on
<br />the date of delivery in Federal Reserve Funds of the United States of America.
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<br />The City deems the enclosed Preliminary Official Statement to be final as of its date within the
<br />meaning of paragraph (b)(I) of Section 240.15c2-12 ('Rule 15c2-12") of the General Rules and
<br />Regulations, Securities and Exchange Act of 1934. Tbe City will furnish the original purchaser
<br />within seven business days of October 1, 1992 twenty (20) copies of the final Official Statement,
<br />and the original purchaser is authorized to reproduce and circulate at its expense such final
<br />Official Statement in sufficient quantity to comply with paragraphs (b)(3) and (b)(4) of Rule
<br />15c2-12 and the rules of the Municipal Securities Rulemaking Board.
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<br />If the original purchaser has purchased the Notes for reoffering to the public, the original
<br />purchaser will be required to provide to the City, prior to the delivery of the Notes, the initial
<br />offering price of each maturity of the Notes to the public (excluding bondhouses, brokers and
<br />other intermediaries), which prices shall be expressed as a dollar amount (the "initial offering
<br />prices"). Regardless of whether the original purchaser has purchased the Notes for reoffering
<br />or for holding for its account, the original purchaser will be required to provide to the City, prior
<br />to the d"livery of the Notes, the yield on the Notes, being that yield which, when used in
<br />computing present value of all payments of principal and interest to be paid on the Notes,
<br />produces an amount equal to the issue price of the Notes, the 'issue price' being (a) the
<br />aggregate of the initial offering prices plus accrned interest, if any. or (b) if the Notes are
<br />purchased by the original purchaser for holding for its account, the price paid to the City by the
<br />original purchaser, including any accrued interest. The original purchaser will also be required
<br />to execute a certificate prepared by Bond Counsel and dated the closing date (a) setting forth the
<br />issue price, (b) stating that (I) 10% or more in par amount of each maturity of the Notes was
<br />sold to the public at or below the initial offering prices or (2) the Notes were purchased by the
<br />original purchaser for holding for its account, as the case may be, and (c) certifying that the yield
<br />supplied to the City is that yield which, when used in computing the present value of all
<br />payments of principal and interest on the Notes, produces an amount equal to the issue price.
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<br />In the event that, prior to their delivery, the interest on the Notes should by any act of Congress
<br />or otherwise become subject to federal income, tax, or any act of Congress should provide that
<br />the interest income on the Notes shall be taxable at a future date for federal income tax purposes,
<br />whether directly or indirectly, the original purchaser may refuse to accept delivery. The City
<br />will furnish the transcript of proceedings and a certificate that to the knowledge of the signers
<br />nO litigation or administrative action Or proceeding is pending or threatened at the time of initial
<br />delivery to restrain or enjoin, or seeking to restrain or enjoin, the issuance and delivery of the
<br />Notes, or the levy and coliection of the taxes for their payment, or to contest or question the
<br />proceedings and authority under which the Notes have been authorized. issued, sold, executed
<br />or delivered or the validity of the Notes.
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<br />Any questions concerning the Notes should be addressed to: Gale W. Fisk, Director of Finance,
<br />City of LakewOOd, 12650 Detroit Avenue, LakewOOd, Ohio 44107, Telephone: 521-7580, Area
<br />Code: 216,
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<br />Dated: September 22, 1992
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<br />39/14282DXA,81D
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