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reftmding the portion of the Various Purpose General Obligation Bond <br />Anticipation Notes, Series 2006B of the City related to the improvement of the <br />City's sewer system; and (iii) paying certain costs of issuance; and the last maturity <br />permitted by law is July 1, 2046 (the "Outstanding 2006 Sewer Bonds "); and <br />(iv) Water System Revenue Bonds, Series 2006, dated August 30, 2006, originally <br />issued in the aggregate principal amount of $10,285,000 for the propose of (i) the <br />reconstruction of water mains and water service connections, together with the <br />necessary appurtenances and work incidental thereto, in various streets during 2006 <br />and thereafter; (ii) refunding a portion of the Various Purpose General Obligation <br />Bond Anticipation Notes, Series 2006B related to the improvement of water lines; <br />and (iii) paying financing costs of issuance; and the last maturity permitted by law <br />is July 1, 2046 (the "Outstanding 2006 Water Bonds "). <br />Therefore, the maximum maturity of the portion of the Bonds issued to refund the respective prior <br />issue cannot be later than December 1 of the year of the final maturity of each such issue. <br />Dated: February 1, 2016 <br />Dire or of Finance <br />City Lakewood, Ohio <br />98547750 <br />