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ML31A <br />? <br />REVISED AS OF MARCH 8,1996 <br />COMMITMENT TO ISSUE A <br />FINANCIAL GUARAloTTY INSURANCE POLICY <br />Application No.: 96-02-1543 <br />Sale Date: March 7, 1996 <br />Program Type: Negotiated DP <br />Re: $3,000,000 Mayfield Village, Ohio, General Obligation (Limited .Tax), Fire Station <br />Construction Bonds <br />(the "Obligations") <br />This commitment to issue a financial guaranty insurance policy (the "Commitment") dated <br />March 8, 1996, constitutes an agreement between MAYFIELD VILLAGE, OHIO the <br />("Applicant") and MBIA Insurance Corporation (the "Insurer"), a stock insurance company <br />incorporated under the laws of the State of New York. <br />Based on an approved application dated February 26, 1996, the Insurer agrees, upon <br />satisfaction of the conditions herein, to issue on the earlier of (i) 120 days of said approval date <br />or (ii) on the date of delivery of and payment for the Obligations, a financial guaranty insurance <br />policy (the "Policy") for the Obligations, insuring the payment of principal of and interest on the <br />Obligations when due. The issuance of the Policy shall be subject to the following terms and <br />conditions: <br />1. Payment by the Applicant, or by the Trustee on behalf of the Applicant, on the date of <br />delivery of and payment for the Obligations, of a nonrefundable premium in the amount of <br />$13,000 [.265% (premium rate) of $4,967,876.25 (total debt service), premium rounded to the <br />nearest thousand. The premium set out in this paragraph shall be the total premium required to <br />be paid on the Policy issued pursuant to this Commitment. <br />2. The Obligations shall have received the unqualified opinion of bond counsel with <br />respect to the tax-exempt status of interest on the Obligations. <br />3. There shall have been no material adverse change in the Obligations or the Resolution, <br />Bond Ordinance, Trust Indenture or other official document authorizing the issuance of the <br />Obligations or in the final official statement or other similar document, including the financial <br />statements included therein. <br />4. There shall have been no material adverse change in any information submitted to the <br />Insurer as a part of the application or subsequently submitted to be a part of the application to the <br />Insurer. <br />5. No event shall have occurred which would allow any underwriter or any other purchaser <br />of the Obligations not to be required to purchase the Obligations at closing. <br />6. A Statement of Insurance satisfactory to the Insurer shall be printed on the Obligations.