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<br />The Notes, unless paid from other sources and subj ect to the provisions of
<br />federal bankruptcy law and other laws affecting creditors t rights, are to be paid
<br />from the proceeds òf 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 xerographically reproduced form at
<br />the expense of the City. If the original purchaser requests printed Notes, the
<br />original purchaser must pay the expense of printing.
<br />
<br />Delivery will be made without charge at stich place in the State of Ohio as the
<br />original purchaser shall designaté, provided that 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 October 8, 1993. The original purchaser must pay for the Notes
<br />on 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.l5c2-l2 ("Rule l5c2-
<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
<br />September 28, 1993, twenty (20) copies of the final Official Statement, and the
<br />original purchaser is authorized to reproduce and circulate at its expense such
<br />final Official Statement in sufficient quantity to comply with paragraphs (b)(3)
<br />and (b)(4) of Rule 15c2~12 and the rules of the Municipal 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 offering prices").
<br />Regardless of whether the original purcþ'aser 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 of the 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 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 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, aµd (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 to the issue price.
<br />
<br />In the event that, prior to their delivery, the interest on the Notes should by
<br />any actòf 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 City 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.
<br />
<br />Any questions concerning the N~tes B~ould be addressed to: GaléW. Fisk, Fiscal
<br />Office~, City of Lakewood, 12650 Detroit Avenue, Lakewood; Ohio 44107, Telephone:
<br />521-7580, Area Code: 216.
<br />
<br />Dated: September 21, 1993
<br />
<br />134/14282AMA.81D
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