17-96 Water System Improvement Bond $400,000

Home Browse Search

equal to the issue price of the Notes, the "issue ~rice" beLn~ (a~ the aggregate of the initial offering prices ~ius a~crued inse~es~, if any, or (b) if the Notes are purchased by 2~= ori~inal purchaser for holding for its account, the price paid ~c Eke City by the original purchaser, including any accrued interest. The original purchaser will also be required to execute a c--~ficate or=Da~e~ by Bond Counsel and dated the closing date !a) sez5ing forzh ~he issue price, (b) stating tha~ (!) 10% or more in par amoun5 of each maturity of the Notes was sold to the public at 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 Zo 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 15c2-!2 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 Rulemaking Board and to the appropriate s~aue information depository, if any, designated by the Sta~e, notice of the occurrence of certain events deemed material with resoect 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 interes~ 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 transcrip~ 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 levy and collection of the taxes for their payment, or to contest or question the proceedings and authority under which the No~es have been authorized, issued, sold, executed or delivered or the validi=y 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: 2i6. Dated: April 16, 1996 134~i4282EBA. 81D -3-