14-96 Site Improvement Bond $121,000

Home Browse Search

equal 50 the issue price of the Notes, the "issue price" bein~ (a) the aggregate of the initial offering prices pZus accrued inzeresz, if any, or (b) if the Notes are purchased by the ori~ina! purchaser for ho!ding for its account, the price paid to the City by the original purchaser, including any accrued interest. The original purchaser will also be required to execute a certificate prepared by Bond Counsel and dated the closing daze (a) setting forth the issue price, (b) stating that (1) 10% or more in par amount cf each maturity of the Notes was sold to the public at or below ~he initial offering prices or (2) the Notes were purchased by the original purchaser for holding for its accoun=, as the case may be, and (c) certifying that the yield supplied to the City is that yield which, when used in computing the present value of all payment:s of principal and interest on the Notes, produces an amount equal to the issue price. In accordance with the requirements' of Rule !5c2-12 promulgated by the Securities and Exchange Commission, the City has covenanted to provide in a timely fashion to each nationally recognized municipal securities information repository or to the Municipal Securities Ru!emaking Board and to the appropriate state information depository, if any, designated by the State, notice of the occurrence of certain events deemed material with respect to the Notes, as more fully described in the enclosed Preliminary Official Statement. In the event that, prior to their delivery, the interest on the Notes should by any act of Congress or otherwise become subject to federal income tax, or any act of Congress should provide that the interest income on the Notes shall be taxable at a future date for federal income tax purposes, whether directly or indirectly, the original purchaser may refuse to accept delivery. The City will furnish the transcript of proceedings and a certificate that to the knowledge of the signers no litigation or administrative action or proceeding is pending or threatened at the time of initial delivery to restrain or enjoin, or seeking to resnrain or enjoin, the issuance and delivery of the Notes, or the levy and collection of the taxes for their payment, or to contest or question the proceedings and authority under which the Notes have been authorized, issued, sold, executed or delivered or the validity of the Notes. Any questions concerning the Notes should be addressed to: Susan Nobilio, Fiscal Officer, City of Lakewood, 12650 Detroit Avenue, Lakewood, Ohio 44107, Telephone: 521-7580, Area Code: 2!6. Dated: April 16, 1996 134~14282EBA.81D -3-