11-96 Furnishings & Equip Bonds $316,800

Home Browse Search

alternative minimum, environmennal and branch crcfius naxes imuosed on certain corporations, and tca tax imposed on excess net passive income of cerzain S corporations. For a more comp!ere discussion of tax aspects, see the enclosed Preliminary Official Statement. The Notes are to be issued in anticipauion of bonds for the purpose of acquiring motorized equipment for various departments cf 5he City, improving certain streets in the City of Lakewood, Ohic by removal, where necessary, of the existing surface course, by grading and replacement, where necessary, of the base, and by resurfacing with asphaltic concrete, including the necessary replacement and resetting of castings together with the necessary appurtenances thereto and by installing curbs, aprons and sidewalks, renovating the service garage by repairing the rccf and installing air conditioning, constructing improvements to 5he City's water system, acquiring motor vehicles and related equipment for use in carrying out functions of various departments cf nhe City, acquiring motorized vehicles for various departments of the City, improving certain streets by installing traffic signalization devices, improving the Refuse Garage and the parking lot therefor, improving various sites, improving streets and municipal propernies by clearing, trimming and planting trees and preparing an inventory thereof, and acquiring furnishings and equipment for various departments of the City. The Notes, unless paid from other sources and subject to the provisions of federal bankruptcy law and other laws affecting creditors' rights, are to be paid from the proceeds of the levy of ad valorem taxes on all property subject to ad valorem taxes levied by the City, which taxes are within the ten-mill limitation imposed by law. Any fees of the Ohio Municipal Advisory Council shall be the responsibility of the successful bidder. The Notes will be prepared in typewritten or xerographically reproduced form at the expense of the City. If the original purchaser requests printed Notes, the original purchaser must pay the expense of printing. Delivery will be made without charge at such place in the State of Ohio as the original purchaser shall designate, provided that other mutual satisfactory arrangements for delivery outside ~he State of Ohio at the expense of the original purchaser may be made. It is anticipated that delivery will be made approximately on May 9, 1996. The original purchaser must pay for the Notes on the da~e of delivery in Federal Reserve Funds of the United States of America. The City deems the enclosed Preliminary Official Statement to be final as of its date within the meaning of paragraph (b) (!) of Section 240.15c2-!2 ("Rule 15c2!2") of the General Rules and Regulations, Securities and Exchange Act of 1934. The City will furnish the original purchaser within seven business days of April 23, 1996, twenty (20) copies of the final Official Statement, and the original purchaser is authorized to reproduce and circulate at its expense such final Official Statement in sufficient quantity to comply with paragraphs (b) (3) and (b)(4) of Rule 15c2-12 and the rules of the Municipal Securities Rulemaking Board. If the original purchaser has purchased the Notes for reoffering tc the public, the original purchaser will be required to provide to the City, prior to the delivery of the Notes, the initial offering price of each maturity of the Notes to the public (excluding bondhouses, brokers and other intermediaries), which prices shall be expressed as a dollar amount (the "initial offering prices"). Regardless of whether the original purchaser has purchased the Notes for reoffering or for holding for its account, the original purchaser will be required to provide to the City, prior tc the delivery of the Notes, the yield on the Notes, being tha~ yield which, when used in computing present value of all payrnen~s of principal and interest to be paid on the Notes, produces an amount -2-