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where necessary, of the base, and by resurfacing with asphaltic concrete,
<br />including the necessary replacement and resetting of castings, together with the
<br />necessary appurtenances thereto, installation of traffic si~nalization 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, installing traffic signalization devices,
<br />improving sites for off-street parking of motor vehicles and making improvements
<br />to, and acquiring certain machinery and equipment :for the City's water system and
<br />any ancillary systems thereto.
<br />
<br />The Notes, unless paid from other sources and subject to the provisions of
<br />federal bankruptcy law and other laws affecting creditors' rights, are to be paid
<br />from the proceeds of the levy of ad valorem taxes on all property subject to ad
<br />valorem taxes levied by the City, which taxes are within the ten-mill limitation
<br />imposed by law.
<br />
<br />The Notes will be prepared in Typewritten or xero§raphically reproduced format
<br />the expense of the City. If the original purchaser requests printed Notes, =he
<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 that other mutual satisfactory
<br />arrangements for delivery outside the State of Ohio at the expense of the
<br />~riginal purchaser may be made. It is anticipated that delivery will be made
<br />approximately on May 25, 1993. The original purchaser must pay for the Notes on
<br />the date of delivery in Federal Reserve. Funds of the United States of America.
<br />
<br />The City deems the enclosed Preliminary Official Statement to be final as of its
<br />date within the meaning of paragraph (b)(1) of Section 240.15c2-12 ('Rule 15c2-
<br />12') of the General Rules and Re§ulations, 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 to reproduce and circulate at .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 M~mictpal Securities Rulemaking
<br />Board.
<br />
<br />If the original purchaser has purchased the Notes for reoffering to the 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 Notes
<br />to the public (excluding bondhouses, brokers and other intermediaries), which
<br />prices shall be expressed as a dollar amount (the 'initial offeriog 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 to the delivery of the 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 to be paid on the Notes, produces an amount
<br />equal to the issue price oft he Notes, the '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, the price
<br />paid to the City by the original purchaser, including any accrued interest. The
<br />original purchaser will also be required to execute a cer=ificate prepared by
<br />Bond Counsel and dated the closing date (a) setting forth the issue price,
<br />(b) stating that (1) 10% or more tn 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
<br />purchased by the 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 yieldwhich,
<br />when used in computing the present value of all payments of principal and
<br />interest on the Notes, produces an amount equal to the issue price.
<br />
<br />In the event that, prior to their delivery, the interest on the Notes should by
<br />any act of Congress or otherwise become subject to federal income tax, or any act
<br />of Congress should provide that the interest income on the Notes shall be taxable
<br />at a future date for federal income tax purposes, whether directly or indirectly,
<br />the original purchaser may refuse to accept delivery. The Ctty will furnish the
<br />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
<br />the time of initial delivery to restrain or enjoin, or seeking to restrain or
<br />enjoin, the issuance and delivery of the Notes, or the levy and collection of the
<br />taxes for their payment, or to contest or question the'proceedings and authoriTy
<br />under which the Notes have been authorized, issued, sold, executed or delivered
<br />or the validity of the Notes.
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