17-96 Water System Improvement Bond $400,000

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alternative minimum, environmental and branch profits taxes imposed cn certain corporations, and to a tax imposed cn excess net passive income of certain S corporations. For a more complete discussion of tax aspects, see the enclosed Preliminary OffiCial Statement. 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 of Lakewood, Ohio by removal, where necessary, of the existing surface course, bQ grading and replacement, where necessary, cf the base, and b{' resurfacing with asphaltic concrete, including the necessary; replacement and resetting of castings together with the necessar~ appurtenances thereto and by installing curbs, aprons and sidewalks, renovating the service garage by repairing t~e roof and installing air conditioning, constructing improvements to the City's water system, acquiring motor vehicles an~ related equipmen~ for use in carrying out functions of various departments of ~he 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 affectinc creditors' rights, are to be paid from the proceeds of the levy o~ ad valorem ~axes 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 xerographical!y reproduced form at the expense of the City. If the original purchaser requests printed Notes, the original purchaser must pay the expense of printing. Deiivery will be made without charge at such place in the State of Ohio as ~he original purchaser shall designate, provided that other mutual satisfactory arrangements for delivery outside the 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 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) (I) of Section 240.15c2-12 ("Rule 15c212") 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 !5c2-12 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 (exc!udin~ 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 to the delivery of ~he Notes, the yield on the Notes, being that yield which, when used in computing present value of all payments of principal and interest to be paid on the Notes, produces an amount -2-