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where necessary~ of =he base, and by resurfacing with asphaltic concrete,
<br />including =he necessary replacement and reset=lng of castings, together with =he
<br />necessary appurtenances thereto, installation of traffic signalization devices,
<br />constructing and improving recreational facilities, renovating existing buildings
<br />used for utility and other municipal purposes, constructing a fire station and
<br />furnishing and equipping fire stations, ins=ailing traffic signalization devices,
<br />improving si=es for off-street parking of mo=or vehicles and making improvements
<br />to, and acquiring certain machinery and equipment for =he City's wa=er system and
<br />any ancillary systems =hereto.
<br />
<br />The No=es, unless paid from other sources and subject to =he provisions of
<br />federal bankruptcy law and other laws affecting creditors' rights, are =o be paid
<br />from the proceeds of =he levy of ad valorem =axes on all property subject =o ad
<br />valorem =axes levied by =he City, which =axes are wi=bin =he ten-mill limitation
<br />imposed by law.
<br />
<br />The Notes will be prepared in typewritten or xerographtcally reproduced form at
<br />the expense of the City. If the original purchaser requests prim=ed Notes, the
<br />original purchaser must pay the expense of printing.
<br />
<br />Delivery will be made without charge at such place in the State of Ohio as the
<br />original purchaser shall designate, provided t~at other mutual satisfactory
<br />arrangements for delivery outside the State of Ohio at the expense of the
<br />original purchaser may be made. It is anticipated that delivery will be made
<br />approximately on May 25, 1993. Theoriginal purchaser must pay for the Notes on
<br />the date of delivery in FederalReserve Funds of the United States of America.
<br />
<br />The City deems the enclosed Preliminary Official Statement =o be final as of its
<br />date within =he meaning of paragraph (b)(1) of Sec=ion 240.15c2-12 ("Rule 15c2-
<br />12") of the General Rules and Regulations, Securities and Exchange Act of 1934.
<br />The City will furnish the original purchaser within seven business days of May
<br />11. 1993. twenty (20) copies of the final Official Statement. and the original
<br />purchaser is authorized =o reproduce and circu]ta=e a= its expense such final
<br />Official Statement in sufficient quantity to comply with paragraphs (b)(3) and
<br />(b)(4) of Rule 15c2-12 and the rules of the Municipal Securities Rulemaking
<br />Board.
<br />
<br />If=he original purchaser has purchased the Notes for reoffering =o =he public,
<br />the original purchaser will be required to provide to the City,'prior to the
<br />delivery of the Notes, the initial offering price of each maturity of the No=es
<br />=o the public (excludingbondhouses, brokers and other intermediaries), which
<br />prices shall be expressed as a dollar amount (=he "initial offerimg prices").
<br />Regardless of whether the original purchaser has purchased the Notes for
<br />reoffering or for holding for its account, the original purchaser will be
<br />required to provide to the City, prior 2o the delivery of =he Notes, the yield
<br />on the Notes, being that yield which, when used in computing present value of all
<br />payments of principal and interest =o be paid on =he Notes, produces an amount
<br />equal =o the issue price of the Notes, =he "issue price" being (a) the aggregate
<br />of the initial offering prices plus accrued interest, if any, or (b) if the.Notes
<br />are purchased by the original purchaser for holding for its account, =he price
<br />paid =o the City by =he original purchaser, including any accrued interest. The
<br />original purchaser will also be required to execute a certificate prepared by
<br />Bond Counsel and dated the closing date (a) setting forth the issue price,
<br />(b) stating that (1) 10% or more in par amount of each maturity of the Notes was
<br />sold to the public a= or below the initial offering prices or (2) the Notes were
<br />purchased-by =he original purchaser for holding for its account, as the case may
<br />be, and (c) certifying that the yield supplied to the City is that yield which,
<br />when used in computing the present value of all payments of principal and
<br />interest on the Notes, produces an amount equal =o the issue price.
<br />
<br />In the event that, prior =o their delivery, the interest on =he Notes should by
<br />any act of Congress or otherwise become subject to federal income =ax, or any ac=
<br />of Congress should provide =ha= the interest income on the Notes shall be taxable
<br />ac a future dace for federal income tax purposes, whether directly or indirectly,
<br />the original purchaser may refuse to accept delivery. The City will furnish the
<br />transcript of proceedings and a certificate that =o =he knowledge of the st~ners
<br />no litigation or administrative action or proceeding is pending or threatened at
<br />the time of initial delivery =o restrain or enjoin, or seeking =o restrain or
<br />enjoin, the issuance and delivery of the Notes, or the levy and collection of the
<br />taxes for their payment, or =o contest or question the proceedings and authority
<br />under which the No=es have been authorized, issued, sold, executed or delivered
<br />or =he validity of the No=es.
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