15-96 Refuse Garage Improvement Bond $50,000

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equal to the issue price of the Notes, the "issue orice" beinc (a) the aggregate of the initial offering prices plus a~crued interest, if any, or (b) if the Notes are purchased by the original purchaser for holding for its account, the price paid ~c the City by nhe original purchaser, including any accrued interesn, The oricina! purchaser will also be required to execute a certificate prepared by Bond Counsel and dated the closing date (ai set~ing forth the issue price, (b) stating that (1) 10% or more in par amount of each maturity of the Notes was sold to the public az or below the initial offering prices or (2) the Notes were purchased by the original purchaser for holding for its account, as the case may be, and (c) certifying that the yield supplied to the City is than 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 i5c2-12 promulgated by the Securities and Exchange Ccmmission, 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 restrain or enjoin, the issuance and delivery of the Notes, or the levl; 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 Nobi!io, Fiscal Officer, City of Lakewood, 12650 Detroit Avenue, Lakewood, Ohio 44107, Telephone: 521-7580, Area Code: 216. Dated: April 16, 1996 134~!4282EBA. 81D -3-