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DocuSign Envelope ID: D1 D7BO29-ODBD-4276-9A2E-BOA56F6EO688 <br />BE IT ORDAINED BY THE CITY OF LAKEWOOD, OHIO: <br />Section 1. Issuance of the Bonds. It is hereby declared necessary to issue bonds of the City in <br />the principal sum of not to exceed $41,000,000, or such lesser amount as shall be determined by the Director <br />of Finance and certified to this Council, which bonds shall be shall be designated "City of Lakewood, Ohio <br />Various Purpose Improvement Bonds, Series 2024," or as otherwise determined by the Director of Finance <br />(the "Bonds"), for the purpose described in the title of this Ordinance. The Bonds may be issued in one or <br />more series. <br />Section 2. Terms of the Bonds. The Bonds shall be issued as fully registered bonds in book -entry <br />form only, in denominations of $5,000 or any integral multiple thereof; shall be numbered consecutively from <br />R-1 upward, as determined by the Director of Finance; shall be dated the date determined by the Director of <br />Finance and set forth in the Certificate of Fiscal Officer provided for hereinbelow; and shall bear interest, <br />payable semiannually on such dates as shall be determined by the Director of Finance and set forth in the <br />Certificate of Fiscal Officer, until the principal sum is paid or provision has been duly made therefor. Interest <br />shall be calculated on the basis of a 360-day year of twelve 30-day months. <br />Section 3. Certificate of Fiscal Officer Relating to Terms of Bonds. The Director of Finance is <br />hereby authorized and directed to execute of behalf of the City a Certificate of Fiscal Officer Relating to <br />Terms of Bonds (the "Certificate of Fiscal Officer") setting forth the aggregate principal amount and the final <br />terms of the Bonds, which aggregate principal amount and terms, subject to the limitations set forth in this <br />Ordinance, shall be as determined by the Director of Finance. The Certificate of Fiscal Officer shall indicate <br />the dated date for the Bonds, the dates on which interest on the Bonds is to be paid (the "Interest Payment <br />Date"), the purchase price for the Bonds (which shall be not less than 97% of the aggregate principal amount <br />thereof), the maturity schedule for the Bonds (provided that the maximum maturity of the Bonds shall not <br />exceed 27 years), the interest rates for the Bonds (provided that the true interest cost for all Bonds in the <br />aggregate shall not exceed 6.00% per annum, the optional and mandatory redemption provisions, if any, and <br />such other terms not inconsistent with this Ordinance as the Director of Finance shall deem appropriate. <br />Section 4. Redemption Provisions of the Bonds. The Bonds shall be subject to optional and <br />mandatory redemption prior to stated maturity, as provided in the Certificate of Fiscal Officer. If optional <br />redemption of the Bonds at a redemption price exceeding 100% is to take place on any date on which a <br />mandatory redemption of the Bonds of the same maturity will take place, the Bonds to be redeemed by <br />optional redemption shall be selected by the Bond Registrar (as defined hereinbelow) prior to the selection of <br />the Bonds to be redeemed at par on the same date. <br />When partial redemption is authorized, the Bond Registrar shall select Bonds or portions thereof by <br />lot within a maturity in such manner as the Bond Registrar may determine, provided, however, that the portion <br />of any Bond so selected shall be in the amount of $5,000 or any integral multiple thereof unless otherwise <br />determined by the Director of Finance. <br />The notice of the call for redemption of Bonds shall identify (i) by designation, letters, numbers or <br />other distinguishing marks, the Bonds or portions thereof to be redeemed, (ii) the redemption price to be paid, <br />(iii) the date fixed for redemption, and (iv) the place or places where the amounts due upon redemption are <br />payable. From and after the specified redemption date interest on the Bonds (or portions thereof) called for <br />redemption shall cease to accrue. Such notice shall be sent by first class mail at least 30 days prior to the <br />redemption date to each registered holder of Bonds to be redeemed at the address shown in the Bond Register <br />(as defined hereinbelow) on the 15th day preceding the date of mailing. Failure to receive such notice of any <br />defect therein shall not affect the validity of the proceedings for the redemption of any Bond. <br />190017990 4 <br />