19-12 BAN to refund Series 2003 GO Bonds $6,025,000

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possible as set forth in Article III, Sections 10 and 13 of the Second Amended Charter of the City of Lakewood (the "Charter"), and that it is necessary for the immediate preservation of the public property, health and safety, and to provide for the usual daily operations of municipal depaz4ments and further to allow the City to issue the notes with other notes to be issued by the City into a consolidated issue and obtain savings in the issuance of the notes. Now, Therefore, BE IT ORDAINED by the City of Lakewood, Ohio that: Section 1. It is necessary to issue bonds of this City in the principal amount of $6,025,000 (the "Bonds") to pay costs of the Improvement. Section 2. The Bonds shall be dated approximately October 1, 2012, shall bear interest at the now estimated rate of 5-1/2% per year, payable semiannually until the principal amount is paid, and are estimated to matrrre in 10 annual principal installments on December 1 of each year that are in such amounts that the total principal and interest payments on the Bonds in any year in which principal is payable are substantially equal. The first principal payment of the Bonds is estimated to be December 1, 2012. Section 3. It is necessary to issue and this Council determines that notes in the principal amount of $6,025,000 (the "Notes") shall be issued in anticipation of the issuance of the Bonds, to rethe, together with other moneys available to the City, the Refunded Bonds. The Notes shall be dated the date of their issuance and shall mature not less than six months and not more than twelve months from the date of their issuance to be established by the Director of Finance in the certificate providing certain terms for the Notes in accordance with this Ordinance (the "Final Terms Certificate"). The Notes shall bear interest at a rate or rates not to exceed 5% per year (computed on the basis of a 360-day year consisting of twelve 30-day months), payable at maturity and until the principal amount is paid or payment is provided for. The rate of interest on the Notes shall be determined by the Director of Finance in the Final Terms Certificate. Section 4. The principal of and interest on the Notes shall be payable in lawful money of the United States of America and shall be payable, without deduction for services of the City's paying agent, at the principal corporate trust office of The Huntington National Bank located in Columbus Ohio (the "Paying Agent"). Section 5. The Notes shall be signed by the Mayor and the Director of Finance, in the name of the City and in their official capacities, provided that one of those signatures may be a facsimile. The Notes shall be issued in the denominations and numbers as requested by KeyBanc Capital Markets Inc. (the "Original Purchaser") and approved by the Director of Finance, provided that the Notes shall be issued in denominations of not less than $100,000. The entire principal amount may be represented by a single note, may be issued as fully registered securities (for which the Duector of Finance will serve as note registrar), and may be issued in book entry or other uncertificated form in accordance with Section 9.96 and Chapter 133 of the Revised Code if requested by the Original Purchaser it is determined by the Director of Finance that issuance of fully registered securities or in book-entry or other uncertificated form will facilitate the sale and delivery of the Notes. The Notes shall not have coupons attached, shall be numbered as determined by the Director of Finance and shall express upon their faces the purpose, in summary terms, for which they are issued and that they are issued pursuant to this Ordinance. 2