12-96 Service Garage Improvement Bonds $95,000

Home Browse Search

alternative minimum, environmental and branch urcfits taxes imposed on certain corporations, and to a tax imposed ~n excess net ua~sive ' income of certain S corporations. For a more complete discussion of ~ax aspects, see the enclosed Preliminary Cffi~ia! S~atemenn. The Notes are to be issued in anticipation of bonds for the purpose of acquiring motorized equipment for various departments of the City, improving certain streets in the City cf Lakewood, Ohio by removal, where necessary, of the existing surface course, by grading and replacement, where necessary, of the base~ and by resurfacing with asphaltic concrete, inc!udin= the necessary replacement and resetting of castings togenher w~th the necessary appurtenances thereto and by installing curbs, aprons and sidewalks, renovating the service garage by repairing t~e rccf and installing air conditioning, constructing imorovements ~o the City's water system, acquiring motor vehicles an~ related equipment for use in carrying out functions of various departments of the 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 properties 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 cr xerographicaily 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 wil! 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 de!ivery ou=side the State of Ohio at the expense of the original purchaser may be made. It is anticipated that delivery will be made aDoroximate!y on May 9, 1996. The original purchaser must pay for ~e Notes on the date 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 240.15c2-12 ("Rule 15c212") of ~he General Rules and Regulations, Securities and Exchange Act of 1934. The City will furnish ~he 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 ~o 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 to 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), Qhich 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, ~he original purchaser will be required to provide to the City, prior to the delivery of the Notes, the yield on the Notes, being that yield which, when used in computing present value cf all payments of principal and interest to be paid on the Notes, produces an amount -2-