01-13 Issuance & Sale of Notes for Improvements

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departments and further to allow the City to timely retire the Outstanding Note and thereby preserve its credit. 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 $3,948,000 (the "Bonds") to pay costs of the Improvement. Section 2. The Bonds shall be dated approximately April 1, 2014, 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 mature in 15 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 fiscal year in which principal is payable are substantially equal. The first principal payment of the Bonds is estimated to be December 1, 2014. Section 3. It is necessary to issue and this Council determines that notes in the principal amount of $3,948,000 (the "Notes") shall be issued in anticipation of the issuance of the Bonds, to retire, together with other moneys available to the City, the Outstanding Notes and to pay the fmancing costs of the issuance of the Notes. The Notes shall be dated the date of their issuance and shall mature one year from the date of their issuance, provided, however, that the Director of Finance may, if it is determined to be necessary or advisable for the sale of the Notes, establish a maturity date that is up to 15 days less than one year from the date of the issuance of the Notes by setting forth that maturity date in a fmal terms certificate (the "Final Terms Certificate"). The Notes shall bear interest at a rate or rates not to exceed 5% per year (computed on the basis of a 360 day year consisting of twelve 30-day months), payable at maturity and until the principal amount is paid or payment is provided for. The rate of interest on the Notes shall be determined by the Director of Finance in the Final Terms Certificate. Section 4. The principal of and interest on the Notes shall be payable in lawful money of the United States of America and shall be payable, without deduction for services of the City's paying agent, at the principal corporate trust office of The Huntington Na$onal 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 Director 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 and 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 6