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approximately on October 4, 1996. The original purchaser must pay for the
<br /> Notes on the date of delivery in Federal Reserve Funds of the United States of
<br /> America.
<br />
<br /> The City deems the enclosed Preliminary Official Statement to be final as of
<br /> its date within the meaning of paragraph (b) (1) of Section 240.15c2-12 ("Rule
<br /> 15c212") of the General Rules and Regulations, Securities and Exchange Act of
<br /> 1934. The City will furnish the original purchaser within seven business days
<br /> of September 17, 1996, twenty (20) copies of the final Official Statement, and
<br /> the original purchaser is authorized to reproduce and circulate at its expense
<br /> such final Official Statement in sufficient quantity to comply with paragraphs
<br /> (b) (3) and (b) (4) of Rule 15c2-12 and the rules of the Municipal Securities
<br /> Rulemaking Board.
<br />
<br /> If the original purchaser has purchased the Notes for reoffering to the public,
<br /> the original purchaser will be required to provide to the City, prior to the
<br /> delivery of the Notes, the initial offering price of each maturity of the Notes
<br /> to the public (excluding bondhouses, brokers and other intermediaries), which
<br /> prices shall be expressed as a dollar amount (the "initial offering prices,').
<br />Regardless of whether the original purchaser has purchased the Notes for
<br />reoffering or for holding for its account, the original purchaser will be
<br />required to provide to the City, prior to the delivery of the Notes, the yield
<br />on the Notes, being that yield which, when used in computing present value of
<br />all payments of principal and interest to be paid on the Notes, produces an
<br />amount equal to the issue price of the Notes, the "issue price,, being (a) the
<br />aggregate of the initial offering prices plus accrued interest, if any, or (b)
<br />if the Notes are purchased by the original purchaser for holding for its
<br />account, the price paid to the City by the original purchaser, including any
<br />accrued interest. The original purchaser will also be required to execute a
<br />certificate prepared by Bond Counsel and dated the closing date (a) setting
<br />forth the issue price, (b) stating that (1) 10% or more in par amount of each
<br />maturity of the Notes was sold to the public at or below the initial offering
<br />prices or (2) the Notes were purchased by the original purchaser for holding
<br />for its account, as the case may be, and (c) certifying that the yield supplied
<br />to the City is that yield which, when used in computing the present value of
<br />all payments of principal and interest on the Notes, produces an amount equal
<br />to the issue price.
<br />
<br />In the event that, prior to their delivery, the interest on the Notes should by
<br />any act of Congress or otherwise become subject to federal income tax, or any
<br />act of Congress should provide that the interest income on the Notes shall be
<br />taxable at a future date for federal income tax purposes, whether directly or
<br />indirectly, the original purchaser may refuse to accept delivery. The City
<br />will furnish the transcript of proceedings and a certificate that to the
<br />knowledge of the signers no litigation or administrative action or proceeding
<br />is pending or threatened at the time of initial delivery to restrain or enjoin,
<br />or seeking to restrain or enjoin, the issuance and delivery of the Notes, or
<br />the levy and collection of the ~axes for their payment, or to contest or
<br />question the proceedings and authority under which the Notes have been
<br />authorized, issued, sold, executed or delivered or the validity of the Notes.
<br />
<br />Any questions concerning the Notes should be addressed to: Yvette Ittu, Fiscal
<br />Officer, City of Lakewood, 12650 Detroit Avenue, Lakewood, Ohio 44107,
<br />Telephone: 521-7580, Area Code: 216.
<br />
<br />Dated: September 9, 1996
<br />
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