NEW ISSUE RATING: S&P A+

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1 NEW ISSUE RATING: S&P A+ In the opinion of Calfee, Halter & Griswold LLP, Special Counsel, under existing law, assuming continuing compliance with certain covenants and the accuracy of certain representations, interest on the Certificates is excluded from gross income for federal income tax purposes, is not treated as an item of tax-preference for purposes of the alternative minimum tax imposed on individuals and corporations under the Internal Revenue Code of 1986, as amended (the Code ), and is not treated as an adjustment to adjusted current earnings of a corporation under the Code. Interest on, any transfer of, and any profit made on the sale, exchange, or other disposition of, the Certificates are exempt from the Ohio personal income tax, the Ohio corporation franchise tax (to the extent computed on the net income basis) and income taxes imposed by municipalities and other political subdivisions in Ohio. Interest on the Certificates, as is the case with most other forms of interest on debt obligations, is not subject to the Ohio commercial activity tax imposed under Chapter 5751 of the Ohio Revised Code. The City has not designated the Certificates as qualified tax-exempt obligations within the meaning of Section 265(b)(3) of the Code. (For a more complete discussion of tax aspects, see TAX MATTERS. ) Dated: Date of Delivery OFFERING CIRCULAR $13,200,000 CERTIFICATES OF PARTICIPATION Series 2010 (Akron District Energy Project) Evidencing Proportionate Interests in Financing Payments to be Paid by the City of Akron, Ohio Due: December 1, as shown on the inside cover herein Interest on the Certificates is payable on June 1 and December 1 of each year, commencing December 1, The Certificates are deliverable as fully registered certificates without coupons in denominations of $5,000 and integral multiples thereof. Principal of and any premium on the Certificates is payable to the registered owners (as shown on the register on the fifteenth day of the month preceding the Certificate Payment Date) by check or draft mailed by the Trustee. The Certificates will be subject to mandatory sinking fund redemption, optional redemption, extraordinary optional redemption, and extraordinary mandatory redemption prior to stated maturity, as set forth herein. See THE CERTIFICATES OF PARTICIPATION Redemption Provisions herein. The Certificates evidence proportionate interests in Financing Payments to be paid by the City of Akron, Ohio (the City ), a municipality and political subdivision of the State of Ohio, under a Financing Agreement, dated as of November 1, 2010 (the Financing Agreement ), between the City and Akron Energy Systems LLC ( AES ). Pursuant to the Financing Agreement, certain district energy facilities (the System ) will be constructed, improved, equipped, rehabilitated and furnished on the City s behalf and at the City s expense. The System consists of a steam, hot water and chilled water production and distribution system that supplies heating and cooling services to approximately 140 residential, commercial, industrial, and government customers located in the City. Certain of AES s rights and interests under the Financing Agreement, including its rights to receive Financing Payments from the City, will be sold and assigned to The Bank of New York Mellon Trust Company, N.A., as trustee (the Trustee ), pursuant to a Trust Agreement, dated as of November 1, 2010 (the Trust Agreement ), between AES and the Trustee. The initial term of the Financing Agreement expires on December 31, Upon the appropriation of sufficient funds to pay Financing Payments during each renewal term and certification of sufficiency of those appropriations, the Financing Agreement will be renewed by the City for successive renewal terms, each of one year, through December 31, The City is not legally bound to make appropriations in the future to renew the Financing Agreement. If the Financing Agreement is renewed through December 31, 2030, the aggregate of Financing Payments is designed to be sufficient in both time and amount to pay when due the principal of and interest on the Certificates payable from those sources. RENEWALS OF THE FINANCING AGREEMENT AND THE OBLIGATION OF THE CITY TO MAKE FINANCING PAYMENTS AFTER DECEMBER 31, 2010 ARE SUBJECT TO AND DEPENDENT UPON LAWFUL ANNUAL APPROPRIATIONS BEING MADE FOR THAT PURPOSE AND CERTIFICATION OF THE SUFFICIENCY OF THOSE APPROPRIATIONS. THE CERTIFICATES, THE FINANCING AGREEMENT, AND THE OBLIGATION TO MAKE FINANCING PAYMENTS DO NOT REPRESENT OR CONSTITUTE A DEBT OF, OR A PLEDGE OF THE FAITH AND CREDIT OF, THE CITY. NEITHER THE GENERAL CREDIT NOR THE TAXING POWER OF THE CITY IS PLEDGED TO PAYMENT OF THE PRINCIPAL OF OR PREMIUM, IF ANY, OR INTEREST ON THE CERTIFICATES, AND THE CITY HAS NO OBLIGATION TO PROVIDE FUNDS FOR THE PAYMENT OF PRINCIPAL OF AND INTEREST ON THE CERTIFICATES, EXCEPT TO THE EXTENT THAT FUNDS HAVE BEEN PREVIOUSLY APPROPRIATED FOR A FISCAL YEAR. The Certificates are offered when, as and if executed and delivered by the Trustee and received by the Underwriter, subject to prior sale, and to the approval of legality by Calfee, Halter & Griswold LLP, Special Counsel to AES, and certain other conditions. Certain legal matters will be passed upon for AES by its special counsel, Calfee, Halter & Griswold LLP, and for the Underwriter by its counsel, Bricker & Eckler LLP. This Offering Circular has been prepared by the City in connection with the original offering for sale of the Certificates. See INTRODUCTORY STATEMENT for a discussion of the City s Annual Informational Statement that is incorporated by reference and is to be used as part of this Offering Circular. This cover page contains certain information for general reference only. It is not a summary of the provisions of the Certificates. Investors must read the entire Offering Circular to obtain information essential to the making of an informed investment decision. It is expected that delivery of the Certificates in definitive form will be made on or about November 3, The date of this Offering Circular is October 26, 2010, and the information herein speaks only as of that date. BAIRD

2 Maturity Date $13,200,000 CERTIFICATES OF PARTICIPATION Series 2010 (Akron District Energy Project) Evidencing Proportionate Interests in Financing Payments to be Paid by the City of Akron, Ohio Principal Maturing PRINCIPAL MATURITY SCHEDULE $440,000 SERIAL CERTIFICATES Interest Rate Yield Price CUSIP December 1, 2012 $440, % 1.800% % CP1 $1,895, % TERM CERTIFICATES MATURING DECEMBER 1, 2016, YIELD 3.000%, PRICE % CUSIP CT3 + $10,865, % TERM CERTIFICATES MATURING DECEMBER 1, 2030, YIELD 4.700%, PRICE % CUSIP CZ9 + No person has been authorized to give any information or to make any representations other than those contained in this Offering Circular in connection with the offering made hereby, and if given or made, such information or representations must not be relied upon as having been authorized by the City of Akron, Ohio or Robert W. Baird & Co. Incorporated, as the Underwriter (the Underwriter ). This Offering Circular does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Certificates by any person, in any jurisdiction in which it is unlawful for such person to make an offer, solicitation or sale. The information set forth herein has been obtained from the City and other sources, which are believed to be reliable, but is not guaranteed as to accuracy or completeness and is not to be construed as a representation by the Underwriter. The delivery of this Offering Circular at any time does not imply that the information herein is correct as of any time subsequent to its date.

3 REGARDING THIS OFFERING CIRCULAR This Offering Circular does not constitute an offering of any security other than the original offering of the Certificates of Participation (the Certificates ) identified on the cover and the inside cover hereof. No person has been authorized by the City of Akron, Ohio (the City ) to give any information or to make any representations other than those contained in this Offering Circular, and if given or made, such other information or representation must not be relied upon as having been given or authorized by the City. Statements contained in this Offering Circular which involve estimates, forecasts, or matters of opinion, whether or not expressly described herein, are intended solely as such and are not to be construed as representations of facts. This Offering Circular includes the front cover page and all Appendices hereto, including the City s 2010 Annual Informational Statement, dated June 1, See INTRODUCTORY STATEMENT herein. The information and expressions of opinions herein are subject to change without notice and neither the delivery of this Offering Circular nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the City since the date hereof. UPON EXECUTION AND DELIVERY, THE CERTIFICATES WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAW OF ANY STATE, AND WILL NOT BE LISTED ON ANY STOCK OR OTHER SECURITIES EXCHANGE. THE CERTIFICATES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION, NOR HAS ANY OTHER FEDERAL, STATE, MUNICIPAL OR OTHER GOVERNMENTAL ENTITY OR AGENCY, PASSED UPON THE ACCURACY OR ADEQUACY OF THIS OFFERING CIRCULAR OR APPROVED THE CERTIFICATES FOR SALE. THIS OFFERING CIRCULAR DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY, AND THERE SHALL NOT BE ANY SALE OF, THE CERTIFICATES BY ANY PERSON IN ANY JURISDICTION IN WHICH IT IS UNLAWFUL TO MAKE SUCH OFFER, SOLICITATION OR SALE. IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY OVERALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE CERTIFICATES AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. THE UNDERWRITER MAY OFFER AND SELL THE CERTIFICATES TO CERTAIN DEALERS AND DEALER BANKS AND BANKS ACTING AS AGENT AT PRICES LOWER THAN THE PUBLIC OFFERING PRICE STATED ON THE COVER PAGE HEREOF AND SAID PUBLIC OFFERING PRICE MAY BE CHANGED FROM TIME TO TIME BY THE UNDERWRITER. CUSIP data on the inside cover page hereof has been provided by Standard & Poor s CUSIP Service Bureau, a division of the McGraw-Hill Companies, Inc. The CUSIP data is being provided solely for the convenience of the owners of the Certificates only at the time of issuance of the Certificates, and the City does not make any representation with respect to such data or undertake any responsibility for its accuracy now or at anytime in the future. The CUSIP data for a specific maturity is subject to being changed after the issuance of the Certificates as a result of procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Certificates. Certain information in this Offering Circular is attributed to the Ohio Municipal Advisory Council ( OMAC ). OMAC compiles information from official and other sources. OMAC believes the information it compiles is accurate and reliable, but OMAC does not independently confirm or verify the information and does not guarantee its accuracy. OMAC has not reviewed this Offering Circular to confirm that the information attributed to it is information provided by OMAC or for any other purpose. i

4 ISSUE SUMMARY The information contained in this Issue Summary is qualified in its entirety by the entire Offering Circular which should be reviewed in its entirety by potential investors. Issue: Dated Date: Interest Payment Dates: Maturity Dates: Capitalized Interest Period: $13,200,000 Certificates of Participation, Series 2010 (Akron District Energy Project) Evidencing Proportionate Interests in Financing Payments to be Paid by the City of Akron, Ohio Date of Delivery Interest on the Certificates will be paid each June 1 and December 1, beginning December 1, As set forth on the page following the cover page of this Offering Circular. Interest on the Certificates will be paid through December 1, 2011, out of amounts on deposit in the Capitalized Interest Account of the Project Fund. Redemption: Mandatory Sinking Fund Redemption. The Certificates maturing on December 1, 2016 and on December 1, 2030 are subject to mandatory sinking fund redemption prior to stated maturity at a redemption price equal to 100% of the principal amount to be redeemed plus accrued interest to the date of redemption. (See THE CERTIFICATES OF PARTICIPATION Redemption Provisions Mandatory Sinking Fund Redemption herein.) Optional Redemption. The Certificates maturing on or after December 1, 2021 are subject to redemption at the option of AES or the Trustee, exercised at the direction of the City, either in whole or in part, in such order as the Trustee shall determine by lot, at the direction of the City, on any date on or after December 1, 2020, at a redemption price equal to 100% of the principal amount to be redeemed plus accrued interest to the date fixed for redemption. (See THE CERTIFICATES OF PARTICIPATION Redemption Provisions Optional Redemption herein.) Extraordinary Optional Redemption. The Certificates are subject to extraordinary optional redemption prior to stated maturity, either in whole or in part, in such order as the Trustee shall determine, at a redemption price equal to 100% of the principal amount to be redeemed plus accrued interest to the date fixed for redemption, (i) on the next succeeding Interest Payment Date in the event that there are proceeds remaining in the Project Fund upon completion of the Project, (ii) on the next succeeding Interest Payment Date in the event that there are proceeds remaining in the Project Fund on or after June 1, 2013, or (iii) on any date in the event that there are insurance or other proceeds as a result of the damage, destruction, loss or condemnation of the System. (See THE CERTIFICATES OF PARTICIPATION Redemption Provisions Extraordinary Optional Redemption herein.) Extraordinary Mandatory Redemption. The Certificates are subject to extraordinary mandatory redemption prior to stated maturity, either in whole or in part, in such order as the Trustee shall determine, on any date, at a redemption price equal to 100% of the principal amount to be redeemed plus accrued interest to the date fixed for redemption upon the deposit into the Certificate Fund of all the proceeds received as a result of the sale or other disposition of the System by the City. (See THE CERTIFICATES OF PARTICIPATION Redemption Provisions Extraordinary Mandatory Redemption herein.) ii

5 Purpose: Security: Certificate Reserve Fund: Tax Matters: Bank Qualification: Legal Opinion: Book-Entry Only System: Delivery and Payment: Contact: The Certificates are issued for the purpose of acquiring, constructing, improving, equipping, rehabilitating and furnishing a district energy system (the System ), including the reimbursement to the City of certain qualifying costs previously incurred by the City for such purposes. The System is comprised of a steam, hot water and chilled water production and distribution system that supplies heating and cooling services to approximately 140 residential, commercial, industrial, and government customers located in the City. The Certificates are secured by proportionate interests in the right to receive Financing Payments made by the City under the Financing Agreement. The Certificates are secured under the Trust Agreement and by certain rights of the Trustee, as owner of the rights to receive Financing Payments required to be made by the City under the Financing Agreement. Payment of principal of and interest on the Certificates is secured by amounts on deposit in the Certificate Reserve Fund, which initially equals maximum annual debt service (excluding the final year s debt service) on the Certificates. In the opinion of Special Counsel, under existing law and assuming compliance with certain covenants, interest on the Certificates is excluded from gross income for federal income tax purposes, is not treated as an item of tax preference for purposes of the alternative minimum tax imposed on individuals and corporations under the Internal Revenue Code of 1986, as amended (the Code ), is not treated as an adjustment to adjusted current earnings of a corporation under the Code, and is exempt from certain taxes imposed by the State of Ohio. See TAX MATTERS herein. The City has not designated the Certificates as a qualified tax exempt obligation within the meaning of Section 265(b)(3) of the Code. Calfee, Halter & Griswold LLP, Cleveland, Ohio The Certificates are being issued as fully registered certificates in book-entry form only and book-entry interests therein will be available for purchase in amounts of $5,000 and integral multiples thereof. Owners of book-entry interests will not receive physical delivery of the Certificates. The Depository Trust Company ( DTC ) or its nominee will receive all payments with respect to the Certificates from the Trustee. DTC is required by its rules and procedures to remit such payments to its participants for subsequent disbursement to owners of the book-entry interests. It is expected that delivery of the Certificates in definitive form will be made through DTC on or about November 3, The Certificates will be delivered to the Underwriter against payment in federal funds. Questions concerning the Offering Circular should be directed to Diane L. Miller-Dawson, Director of Finance, City of Akron, Municipal Building, 166 South High Street, Akron, Ohio 44308; telephone ; or Timothy P. Long; Robert W. Baird & Co. Incorporated, 10 West Broad Street, Suite 2500, Columbus, Ohio 43215; telephone (614) iii

6 TABLE OF CONTENTS REGARDING THIS OFFERING CIRCULAR... i ISSUE SUMMARY...ii TABLE OF CONTENTS... iv INTRODUCTORY STATEMENT... 1 STRUCTURE OF THE FINANCING... 2 INVESTMENT CONSIDERATIONS... 3 Renewals Subject to Appropriation of Funds... 3 Taxability of Interest Payments... 3 System Revenue Considerations... 3 No Lien on System... 4 No Lien on Scheduled Improvement Fund... 4 Possibility of Future Sale of the System by the City... 5 THE CERTIFICATES OF PARTICIPATION... 5 General Provisions... 5 Redemption Provisions... 6 ESTIMATED SOURCES AND USES OF FUNDS... 8 SECURITY FOR AND SOURCES OF PAYMENT OF THE CERTIFICATES... 8 Certificate Reserve Fund... 9 Financing Agreement Term; Financing Agreement Renewal Terms and Non- Appropriation; Effect on Tax Status Certification of Appropriations Additional Certificates Financing Payments; Deferrals City Bankruptcy THE SYSTEM Description of the System Operation and History of the System Description of the Project AES FINANCING AGREEMENT Financing Agreement Terms Application of Proceeds of Certificates; Project Fund Scheduled Improvement Fund Financing Payments Use, Maintenance and Alterations Damage or Destruction Property Insurance Assignment and Sale Taxes Events of Default Remedies Amendments TRUST AGREEMENT Security Receipts Fund and Certificate Fund Certificate Reserve Fund Project Fund Rebate Fund Scheduled Improvement Fund iv

7 Investment of Funds Events of Default Remedies Indemnification Rights of Certificate Owners Amendments of Trust Agreement Defeasance Amendments of Financing Agreement Non-Presentment of Certificates; Return of Moneys The Trustee UNDERWRITING LITIGATION RATING LEGAL MATTERS TAX MATTERS General BOOK-ENTRY ONLY SYSTEM Revision of Book-Entry Only System - Replacement Certificates TRANSCRIPT AND CLOSING DOCUMENTS CONTINUING DISCLOSURE CONCLUDING STATEMENT APPENDIX A City of Akron, Ohio 2010 Annual Informational Statement...A-1 APPENDIX B Form of Approving Legal Opinion of Calfee, Halter & Griswold LLP... B-1 APPENDIX C Continuing Disclosure Certificate... C-1 v

8 INTRODUCTORY STATEMENT This Offering Circular is provided to furnish information with respect to the original sale and delivery of $13,200,000 Certificates of Participation, Series 2010 (Akron District Energy Project) (the Certificates ). This Offering Circular includes the City s 2010 Annual Informational Statement (the Annual Statement ), dated June 1, 2010, attached hereto as APPENDIX A. The City intends that the Offering Circular and the Annual Statement, taken together, serve as the Offering Circular for the Certificates. All financial and other information presented in this Offering Circular and in the Annual Statement has been provided by the City from its records, except for information expressly attributed to other sources. The presentation of information, including tables of receipts from taxes and other sources, is intended to show recent historic information, and is not intended to indicate future or continuing trends in the financial position or other affairs of the City. No representation is made that past experience, as might be shown by such financial and other information, will necessarily continue or be repeated in the future. Certain statements contained in this Offering Circular, including, without limitation, statements containing the words believes, anticipates, expects and words of similar import, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the City to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, general economic conditions, demographic changes, and existing government regulations and changes in, or the failure to comply with, government regulations. Certain of these factors are discussed in more detail elsewhere in this Offering Circular. Given these uncertainties, readers of this Offering Circular and investors are cautioned not to place undue reliance on such forward-looking statements. This Offering Circular should be considered in its entirety and no subject discussed should be considered less important than any other subject by reason of its location in the text. Reference should be made to laws, reports or documents referred to for more complete information regarding their contents. As used in this Offering Circular, cover or cover page means the cover page and the inside cover. State or Ohio means the State of Ohio. OMAC means Ohio Municipal Advisory Council, a data clearing house organization supported by investment banking firms active in Ohio. Annual Statement means any Annual Informational Statement provided by the City. References herein to provisions of Ohio law, whether codified in the Ohio Revised Code (the Revised Code ) or uncodified, the Ohio Constitution, or federal law, are references to such provisions as they presently exist. Provisions of the Ohio law and Constitution and federal law may in the future, and from time to time, be amended, repealed or supplemented. [Balance of Page Intentionally Left Blank] 1

9 STRUCTURE OF THE FINANCING The Certificates represent proportionate interests of the registered owners (the Owners ) thereof in certain financing payments (the Financing Payments ) to be made by the City of Akron (the City ), a municipality and political subdivision of the State of Ohio, as payments for improvements to certain district energy facilities (the System ) comprising a steam, hot water and chilled water production and distribution system that supplies heating and cooling services to approximately 140 residential, commercial, industrial, and government customers located in the City. As used herein the Project refers to proposed capital improvements to the System to be financed with the proceeds of the Certificates. The Project is located on land owned by the City for use by the City. The System is operated by Akron Energy Systems LLC ( AES ) pursuant to an Interim License and Operating Agreement between the City and AES dated November 1, 2007 (the Operating Agreement ). Capitalized terms used but not defined herein have the meaning assigned to them in the Trust Agreement (as defined herein). The City and AES will enter into a Financing Agreement, dated as of November 1, 2010 (the Financing Agreement ), pursuant to which AES will agree to construct, improve, furnish, rehabilitate and equip the Project and the City will agree to make the Financing Payments. The Financing Agreement provides for 20 one-year renewal terms (each, a Renewal Term ), the last of which Renewal Terms will run from January 1, 2030 through December 31, Pursuant to a Trust Agreement, dated as of November 1, 2010 (the Trust Agreement ), AES has sold and assigned to The Bank of New York Mellon Trust Company, N.A., as trustee (the Trustee ), all of its rights, title and interests under the Financing Agreement and in the Project except for certain unassigned rights of AES relating to (i) the acquisition and construction of the System, (ii) the ongoing maintenance and repair of the System, and (iii) certain additional payments (the Additional Payments ) to AES made by the City (collectively, the Unassigned Grantor s Rights ). The rights of AES to receive Financing Payments from the City under the Financing Agreement are among those rights sold and assigned to the Trustee. The Certificates will be executed and delivered by the Trustee pursuant to the Trust Agreement. The City is authorized to enter into the Financing Agreement and to approve the Trust Agreement pursuant to an ordinance passed by the City Council of the City on July 26, 2010 and signed by the Mayor of the City on August 2, AES adopted a resolution on October 7, 2010, authorizing the execution of the Financing Agreement and the Trust Agreement. AES has agreed under the Financing Agreement to use the proceeds from the sale of the Certificates to reimburse the City for a portion of the costs of certain capital improvements to the System already incurred by the City and to complete Project improvements in accordance with schedules (each, a Schedule ) of proposed capital improvements (each a Scheduled Improvement and collectively, the Project ) and copies of the estimated costs of Scheduled Improvements from Project contractors selected by AES (each, an Estimate ), and the other construction terms of the Financing Agreement. The Financing Payments scheduled to be paid by the City under the Financing Agreement, including amounts available from the proceeds of the Certificates, is designed to be sufficient in both time and amount to pay when due the principal of and interest on the Certificates (the Certificate Payments ). The renewal of the Financing Agreement and the obligation of the City to make Financing Payments after December 31, 2010 are subject to and dependent upon lawful annual appropriations being made by the City for that purpose and certification of the sufficiency of the appropriations by the Director of Finance of the City. The City s payment of Financing Payments 2

10 is expected to serve as the primary source of payment of the Principal Component and Interest Component on the Certificates. The Certificates, the Financing Agreement, and the obligation to make Financing Payments under the Financing Agreement do not represent or constitute bonded indebtedness, a debt of, or a general obligation of, the City, the State of Ohio, or any other political subdivision of the State of Ohio, and neither the full faith and credit nor the taxing power of the City, the State of Ohio or any political subdivision thereof is pledged to secure the Certificates. For a further discussion of these and related matters, see SECURITY FOR AND SOURCES OF PAYMENT OF THE CERTIFICATES. SPECIAL COUNSEL EXPRESSES NO OPINION AS TO TREATMENT FOR FEDERAL INCOME TAX PURPOSES OR FOR OHIO STATE AND LOCAL INCOME TAX PURPOSES OF MONEY RECEIVED BY THE OWNERS OF CERTIFICATES FOLLOWING TERMINATION OF THE FINANCING AGREEMENT AS A CONSEQUENCE OF AN EVENT OF NONAPPROPRIATION. SEE TAX MATTERS HEREIN. Renewals Subject to Appropriation of Funds INVESTMENT CONSIDERATIONS The renewal of the Financing Agreement and the obligation of the City to make Financing Payments are subject to and dependent upon lawful annual appropriations being made by the City for that purpose and certification of the sufficiency of the appropriations by the Director of Finance of the City. The City s payment of Financing Payments is expected to serve as the primary source of payment of the Principal Component and Interest Component on the Certificates. In the event that sufficient moneys are not so appropriated or the Director of Finance of the City does not so certify, the Financing Agreement will terminate at the end of the then-current Financing Agreement Term (as defined under the caption SECURITY FOR AND SOURCES OF PAYMENT OF THE CERTIFICATES Financing Agreement Term; Financing Agreement Renewal Terms and Non- Appropriation; Effect on Tax Status ) and the City will have no further obligation to pay Financing Payments. The Trustee, as owner of the rights to receive Financing Payments required to be made by the City under the Financing Agreement, will have certain remedies under the Financing Agreement, but the Trustee will not have the right to take possession of the Project for the remainder of the term of the Financing Agreement, which may extend if renewed for successive annual terms through December 31, Taxability of Interest Payments As described below under the caption TAX MATTERS and in the form of opinion of Special Counsel attached hereto as APPENDIX B, Special Counsel makes no representation and expresses no opinion as to whether the interest on the Certificates paid (i) from sources other than the Financing Payments or (ii) after termination of the Financing Agreement will be excludable from gross income for federal income tax purposes or from certain taxes in Ohio. See TAX MATTERS for more information regarding the tax consequences of ownership of the Certificates. System Revenue Considerations The City currently establishes its own rates for the System, for both chilled water and steam 3

11 customers. Approximately 70% of the steam and 75% of the chilled water revenues are derived from individual contracts that have been negotiated with large volume customers. The balance of the System revenues are from customers who pay tariff rates, with the last change effective on April 1, System revenues are ultimately limited to those rates that reflect the competitiveness of the System, compared to customers installing their own equipment and making their own steam and/or chilled water on site using natural gas and/or electricity as the energy source. Future changes such as fuel-cost differentials, the imposition of environmental controls, and improvements to the thermal efficiency of on-site equipment could make on-site building systems more advantageous than district energy systems, such as the System. Although there can be no assurance that the Project improvements will be placed in service in a timely manner, it is expected that the Project improvements will substantially improve the reliability and operation of the System and will enable AES or the City to operate the System in a profitable manner. No Lien on System Neither the Trustee nor the Owners of the Certificates have any lien on System assets, including System revenues. The Certificates represent proportionate interests in the right to receive Financing Payments made by the City under the Financing Agreement and are secured under the Trust Agreement and by certain rights of the Trustee, as owner of the rights to receive such Financing Payments. The renewal of the Financing Agreement and the obligation of the City to make Financing Payments are subject to and dependent upon lawful annual appropriations being made for that purpose by the City and certification of the sufficiency of the appropriations by the Director of Finance of the City. In the event the Financing Agreement is terminated due to nonappropriation, the City is under no obligation to make any future Financing Payments. Under such circumstances the Trustee will have all legal and equitable rights and remedies set forth under the Financing Agreement, but will not have any right to take possession of the System or any part thereof. No Lien on Scheduled Improvement Fund Moneys in the Project Fund established by the Trust Agreement will be used to reimburse the City for certain capital improvements previously made to the System and to transfer funds to the Scheduled Improvement Fund established by the Trust Agreement as contracts are entered into between AES and third-party vendors or contractors. AES will present to the City from time to time a Schedule of proposed capital improvements and a copy of the Estimate for such Schedule from qualified third-party vendors or contractors for the Project selected by AES. Upon approval by the Director of Public Service of the City of each Schedule and Estimate, AES will forward a copy of such approved Schedule and Estimate to the Trustee along with a disbursement request form, and the Trustee will then disburse the amount of the Estimate from the Project Fund and transfer such amount to a separate account in the Scheduled Improvement Fund established for that Scheduled Improvement. Upon deposit of any amount in the Scheduled Improvement Fund, such amount is released from the lien created by the Trust Agreement and must be used by AES to pay the costs of the Scheduled Improvements. While amounts on deposit in the Project Fund are pledged under the Trust Agreement as a special trust fund for the benefit of the Certificate Owners, the Trust Agreement does not pledge the Scheduled Improvement Fund as a special trust fund for the benefit of the Certificate Owners. Moneys on deposit in the Scheduled Improvement Fund are not subject to the lien created by the Trust Agreement and are not pledged to the payment of Certificate Payments. Moneys in the Scheduled Improvement Fund may be used solely to pay the costs of Scheduled Improvements and any amounts in the Scheduled Improvement Fund not used to pay the costs of Scheduled Improvements are to be transferred back to the Project Fund. 4

12 Possibility of Future Sale of the System by the City Section 64 of the City s Charter currently prohibits the sale, transfer, and lease of the System by the City without the approval of a majority of the voters of the City at a general election following an official action taken by the City to sell, transfer, or lease the System. However, the voters of the City will consider an amendment to Section 64 of the City s Charter on November 2, 2010 that would permit the lease of the System by the City without further voter approval. If local law changes to permit the lease of the System by the City and the City actually leases the System, or if the voters of the City actually approve a sale, transfer, or lease of the System, the City must deposit all of the proceeds of such sale, transfer, or lease into the Certificate Fund pursuant to the Financing Agreement, and the Trustee must exercise the extraordinary mandatory redemption provisions set forth in the Trust Agreement to redeem the Certificates with such proceeds at a redemption price equal to 100% of the principal amount to be redeemed plus accrued interest to the date fixed for redemption. See THE CERTIFICATES OF PARTICIPATION Redemption Provisions Extraordinary Mandatory Redemption herein. While a sale, transfer, or lease of the System by the City is currently prohibited without further voter approval, there can be no guarantee that local law will not change to permit the sale, transfer, or lease of the System by the City or that the City will retain title to the System until the Certificates reach final maturity. There can be no guarantee that, if the City sells, transfers, or leases the System, the proceeds of the City s disposition of the System will be sufficient to redeem all outstanding Certificates. General Provisions THE CERTIFICATES OF PARTICIPATION The Certificates are dated as of their date of delivery, will be issued in fully registered form, and will mature on December 1 in the years and in the principal amounts, and those principal amounts will bear interest from the date of delivery of the Certificates at the rate per annum, as shown on the cover page. Interest will be payable on the Certificates on June 1 and December 1 of each year beginning December 1, 2010 (the Certificate Payment Dates ). Principal and any premium are payable at maturity or upon redemption, as the case may be, upon presentation and surrender of the Certificate at the designated trust office of the Trustee. Interest is payable on the Certificate Payment Dates by check or draft mailed by the Trustee to the Owner as shown on the Certificate Register on the fifteenth day of the month preceding the Certificate Payment Date. The Certificates will be issued in denominations of $5,000 or any integral multiple thereof, provided that, so long as the Certificates shall be in book-entry form and held by a depository, each maturity will be evidenced by a single Certificate, and will be numbered consecutively from R-1 upward. The Certificates may be exchanged or transferred at the designated corporate trust office of the Trustee. The exchange or transfer will be without charge except that the Trustee may make a charge sufficient to reimburse it for any tax, fee or other governmental charge required to be paid with respect to the exchange or transfer. The Certificates may be exchanged for Certificates of the same maturity of other authorized denominations, upon surrender together with a written instrument satisfactory to the Trustee executed by the Owner or the Owner s authorized attorney. The Certificates are transferable only upon the Certificate Register maintained by the Trustee 5

13 upon surrender of the Certificates to be transferred together with a written instrument satisfactory to the Trustee executed by the Owner or his authorized attorney. Upon transfer, the Trustee will provide, in the name of the transferee, a new Certificate or Certificates of the same maturity in the same aggregate unpaid principal amount as the surrendered Certificates. Redemption Provisions Mandatory Sinking Fund Redemption The Term Certificates maturing on December 1, 2016 are subject to mandatory sinking fund redemption at a redemption price of 100% of the principal amount to be redeemed, plus accrued interest to the date of redemption, on December 1 in the years and in the respective principal amounts as follows: Year Principal Amount to be Redeemed 2013 $455, , ,000 The remaining principal amount of such Term Certificates ($495,000) will be paid at stated maturity on December 1, The Term Certificates maturing on December 1, 2030 are subject to mandatory sinking fund redemption at a redemption price of 100% of the principal amount to be redeemed, plus accrued interest to the date of redemption, on December 1 in the years and in the respective principal amounts as follows: Year Principal Amount to be Redeemed 2017 $505, , , , , , , , , , , , ,000 The remaining principal amount of such Term Certificates ($1,895,000) will be paid at stated maturity on December 1, Optional Redemption The Certificates maturing on or after December 1, 2021 are subject to redemption at the option of AES or the Trustee, exercised at the direction of the City, either in whole or in part, in such order as the 6

14 Trustee shall determine by lot, at the direction of the City, on any date on or after December 1, 2020, at 100% of par amount of the Certificates redeemed plus, in each case, accrued interest to the date fixed for redemption. Extraordinary Optional Redemption The Certificates are subject to redemption by the Trustee, either in whole or in part, in such order as the Trustee shall determine, prior to stated maturity at a redemption price equal to 100% of the principal amount to be redeemed plus, in each case, accrued interest to the date fixed for redemption upon any one of the following occurrences: (a) on the next succeeding Interest Payment Date in the event that the City delivers to AES and the Trustee a certificate executed by the Director of Public Service of the City to the effect that the City does not expect to use the amount of proceeds in the Project Fund stated in such certificate for the Project, in which case the Certificates shall be redeemed in the amount stated in such certificate; (b) on the next succeeding Interest Payment Date in the event that any amount remains on deposit in the Project Fund on or after June 1, 2013; or (c) on any date in the event that the Trustee has received proceeds from insurance or other proceeds for any damage, destruction, loss or condemnation of the System. Extraordinary Mandatory Redemption The Certificates are subject to redemption prior to stated maturity, either in whole or in part, in such order as the Trustee shall determine, on any date at a redemption price equal to 100% of the principal amount to be redeemed plus, in each case, accrued interest to the date fixed for redemption upon sale or other disposition of the Project by the City, in which case the City shall deposit all the proceeds from such sale or disposition into the Certificate Fund pursuant to the Financing Agreement for use by the Trustee to call the Certificates. When partial redemption is authorized, the Certificates or portions thereof will be selected in the order directed by the City. The notice of the call for redemption of the Certificates shall identify (i) by designation, letters, numbers or other distinguishing marks, such Certificates or portions thereof to be redeemed, (ii) the redemption price to be paid, (iii) the date fixed for redemption, and (iv) the place or places where the amounts due upon redemption are payable. From and after the specified redemption date, interest on such Certificates (or portions thereof) called for redemption shall cease to accrue. Such notice shall be sent by first class mail to each such registered holder at the address shown in the Certificate registration records at least 30 days prior to the redemption date. Failure to receive such notice or any defect therein shall not affect the validity of the proceedings for the redemption of any such Certificate. [Balance of Page Intentionally Left Blank] 7

15 ESTIMATED SOURCES AND USES OF FUNDS The aggregate proceeds to be received from the sale of the Certificates (exclusive of accrued interest) and certain income estimated to be received from the investment of the Certificate Fund (as described under the caption TRUST AGREEMENT Certificate Fund ) are to be applied as follows: Sources Par Value of the Certificates $13,200, Reoffering Premium 243, Total Sources $13,443, Uses Deposit to the Project Fund $10,249, Reimbursement to the City 1,027, Deposit to Capitalized Interest Account of Project Fund 661, Deposit to Certificate Reserve Fund 1,052, Costs of Issuance 452, Total Uses $13,443, Includes Underwriter s discount and structuring fee, Trustee fees, legal fees, printing and recording costs, and certain miscellaneous expenses. SECURITY FOR AND SOURCES OF PAYMENT OF THE CERTIFICATES Each Certificate represents a proportionate interest in the right to receive Financing Payments paid by the City under the Financing Agreement. Pursuant to the Trust Agreement, AES has sold and assigned its right to receive Financing Payments to the Trustee for the benefit of the Owners of the Certificates. As discussed in detail below, the renewal of the Financing Agreement and the obligation of the City to make Financing Payments are subject to and dependent upon lawful annual appropriations being made for that purpose by the City and certification of the sufficiency of the appropriations by the Director of Finance of the City. The City s payment of Financing Payments is expected to serve as the sole source of payment of the Principal Component and Interest Component on the Certificates. The Certificates, the Financing Agreement, and the obligation to make Financing Payments do not represent or constitute bonded indebtedness, a debt of, or a general obligation of, the City, the State of Ohio, or any political subdivision thereof. SPECIAL COUNSEL EXPRESSES NO OPINION AS TO TREATMENT FOR FEDERAL INCOME TAX PURPOSES OR FOR OHIO STATE AND LOCAL INCOME TAX PURPOSES OF MONEY RECEIVED BY THE OWNERS OF CERTIFICATES FOLLOWING TERMINATION OF THE FINANCING AGREEMENT AS A CONSEQUENCE OF AN EVENT OF NONAPPROPRIATION. SEE TAX MATTERS HEREIN. 8

16 If at the end of any Financing Agreement Term (as defined under the caption SECURITY FOR AND SOURCES OF PAYMENT OF THE CERTIFICATES Financing Agreement Term; Financing Agreement Renewal Terms and Non-Appropriation; Effect on Tax Status ), the City has not exercised its right of renewal, or the Financing Agreement is not reinstated within 30 days after the end of such Financing Agreement Term, the Financing Agreement will terminate without penalty to the City or further obligations to the City to make Financing Payments. Upon such termination or in the event of any failure to make any Financing Payments under the Financing Agreement, the primary security for and source of payment of the Certificates is the Trustee s right to exercise its rights and remedies under the Financing Agreement. In any such event, the Certificate owners may look only to the moneys, if any, then in the Certificate Fund (described under the caption TRUST AGREEMENT Certificate Fund ). It may be difficult for the Trustee to effectively exercise its remedies. No assurance is given that the proceeds received from the exercise of any remedies, together with any moneys then remaining in the Certificate Fund, will be sufficient to pay all principal of and accrued interest on the Certificates outstanding at the time. RENEWALS OF THE FINANCING AGREEMENT AND THE OBLIGATION OF THE CITY TO MAKE FINANCING PAYMENTS AFTER DECEMBER 31, 2010 ARE SUBJECT TO AND DEPENDENT UPON LAWFUL ANNUAL APPROPRIATIONS BEING MADE FOR THAT PURPOSE AND CERTIFICATION OF THE SUFFICIENCY OF THOSE APPROPRIATIONS. THE CERTIFICATES, THE FINANCING AGREEMENT AND THE OBLIGATION TO MAKE FINANCING PAYMENTS DO NOT REPRESENT OR CONSTITUTE A DEBT OF, OR A PLEDGE OF THE FAITH AND CREDIT OF, THE CITY, THE STATE OF OHIO, OR ANY POLITICAL SUBDIVISION THEREOF. NEITHER THE GENERAL CREDIT NOR THE TAXING POWER OF THE CITY IS PLEDGED TO PAYMENT OF THE PRINCIPAL OF OR PREMIUM, IF ANY, OR INTEREST ON THE CERTIFICATES, AND THE CITY DOES NOT HAVE ANY OBLIGATION TO PROVIDE FUNDS FOR THE PAYMENT OF PRINCIPAL OF AND INTEREST ON THE CERTIFICATES, EXCEPT TO THE EXTENT THAT FUNDS HAVE BEEN PREVIOUSLY APPROPRIATED FOR A FISCAL YEAR. Certificate Reserve Fund The Certificates are secured in part by a lien on amounts held by the Trustee in the Certificate Reserve Fund. The Trustee will deposit an amount, equal to maximum annual debt service (excluding the final year s debt service) on the Certificates, in the Certificate Reserve Fund from the proceeds of the sale of the Certificates, which amount represents the Reserve Requirement. The Reserve Requirement is an amount equal to the maximum annual Certificate Payments due on the Certificates, excluding the Certificate Payments due in year 2030, which amount equals $1,052, In the event that moneys in the Interest Account or moneys in the Principal Account are insufficient on any Certificate Payment Date to pay interest on, or principal of and any premium on, respectively, any outstanding Certificates, the Trustee will, after first withdrawing any moneys in the Capitalized Interest Account of the Project Fund, and applying them to such purpose, withdraw from the Certificate Reserve Fund the moneys necessary to make up the deficiency and shall transfer those moneys first to the Interest Account and then to the Principal Account. 9

17 Financing Agreement Term; Financing Agreement Renewal Terms and Non-Appropriation; Effect on Tax Status The initial term of the Financing Agreement commences on November 3, 2010 and will terminate on December 31, 2010 (the Initial Term ). The Financing Agreement provides for 20 one-year renewal terms (each, a Renewal Term ), the last of which renewal term will run from January 1, 2030 through December 31, The Initial Term of the Financing Agreement and each Renewal Term during which the Financing Agreement is in force, including any Renewal Term of less than one year, is referred to individually and not collectively, as a Financing Agreement Term. The Financing Agreement provisions for Renewal Terms are consistent with the provisions of the Ohio law that no appropriation by the City may be made for a period longer than one fiscal year. The City operates on the basis of a fiscal year ending on December 31 for its appropriations and expenditures. The City will be deemed to have exercised its right of renewal for each succeeding Renewal Term if, prior to, or within 30 calendar days following the expiration of the then current Financing Agreement Term, appropriations are made of sufficient funds enabling the payment of all Financing Payments due during the next Renewal Term. In the case of Renewal Term 20 (January 1, 2030 through December 31, 2030), sufficient funds means an amount which, on the business day preceding January 1, 2030, will be sufficient for the payment of all Financing Payments due during Renewal Term 20. In the event there is no draw on the Certificate Reserve Fund and the aggregate amount on deposit in the Certificate Reserve Fund is at least equal to the principal amount of the then-outstanding Certificates together with the interest due on the Certificates through the next Certificate Payment Date, the Trustee will use the amounts therein to make Certificate Payments. See SECURITY FOR AND SOURCES OF PAYMENT OF THE CERTIFICATES Certification of Appropriations. In the event that sufficient moneys are not so appropriated or the Director of Finance of the City does not so certify, the Financing Agreement will terminate at the end of the then current Financing Agreement Term and the City will have no further obligation to pay Financing Payments. The Financing Agreement will be renewable for a succession of Financing Agreement Terms of one year each if there are lawfully appropriated funds from which Financing Payments can be paid for each succeeding Financing Agreement Term, certified as to sufficiency by a certificate of the Director of Finance of the City (the Fiscal Officer Certification ). This provision of the Financing Agreement is intended to permit renewal for a Financing Agreement Term of no more than a single fiscal year, consistent with the City s budgetary process. The City represents in the Financing Agreement that the System is essential to the proper, efficient and economic operation of the City, and that it is the intent of the City to make the Financing Payments for all Financing Agreement Terms if funds are appropriated for that purpose. The City agrees in the Financing Agreement to direct the Director of Finance of the City (or any other officer in charge of formulating budget proposals) to include in each annual budget proposal submitted to City Council of the City items for all Financing Payments required for the next succeeding Financing Agreement Term. The recitals and covenants described in this paragraph and in the Financing Agreement do not create a pledge, lien or encumbrance on funds to be available to the State or the City, do not legally bind the State or the City, and do not represent or constitute an obligation of, or a pledge of the faith and credit of, the City, the State, or any political subdivision of the State. The obligation of the City to make payments of Financing Payments during any Financing Agreement Term during which the Financing Agreement is in effect and for which money has been 10

18 appropriated and certified will be absolute in all events and will not be subject to any set-off, defense, counterclaim or recoupment, or to delay in payment of Financing Payments, for any reason whatsoever. In the event the Financing Agreement is terminated due to nonappropriation, the City is under no obligation to make any future Financing Payments. Under such circumstances the Trustee will have all legal and equitable rights and remedies set forth under the Financing Agreement, but will not have any right to take possession of the System or any part thereof, including the Project. SPECIAL COUNSEL EXPRESSES NO OPINION AS TO TREATMENT FOR FEDERAL INCOME TAX PURPOSES OR FOR OHIO STATE AND LOCAL INCOME TAX PURPOSES OF MONEY RECEIVED BY THE OWNERS OF CERTIFICATES FOLLOWING TERMINATION OF THE FINANCING AGREEMENT BY AN EVENT OF NONAPPROPRIATION. SEE TAX MATTERS HEREIN. Certification of Appropriations Under Ohio law, the Director of Finance of the City must certify the availability of unobligated appropriated moneys as a condition to validity of each contract involving the expenditure of money. This is essentially a certification that the balance of appropriations not already obligated to pay existing obligations is sufficient to meet obligations under such contract. This certification requirement applies to each Financing Agreement Term. The City will deliver to AES, simultaneously with the execution of the Financing Agreement, a Fiscal Officer Certification relating to the sufficiency of moneys to pay Financing Payments due through December 31, The Financing Agreement imposes a duty on the Director of Finance of the City to provide the Fiscal Officer s Certification if sufficient moneys are appropriated for payment of amounts due under the Financing Agreement. The City agrees in the Financing Agreement to deliver to AES, prior to the commencement of each successive Financing Agreement Term, a Fiscal Officer Certification relating to Financing Payments due during that Financing Agreement Term. Under the Financing Agreement, the City must provide for maintenance and repair of the System and for its repair or replacement in the event of damage or destruction (see FINANCING AGREEMENT Use, Maintenance and Alterations and Damage or Destruction ). Certain additional financial responsibilities of the City may arise if the Financing Agreement is not renewed for a succeeding Financing Agreement Term or if an Event of Default occurs (see FINANCING AGREEMENT Events of Default ). By the express terms of the Financing Agreement, the City will not be liable for these obligations unless there are lawfully appropriated sufficient moneys to pay the obligations payable during a Financing Agreement Term, and the Director of Finance of the City issues an applicable Fiscal Officer Certification. Additional Certificates So long as the Financing Agreement remains in effect, the City may direct the Trustee to sign and deliver Additional Certificates as defined in and pursuant to the terms of the Trust Agreement from time to time to provide funds to pay the costs of refunding outstanding Certificates or to pay the costs of making any modifications or improvements to the Project as the City deems necessary or desirable; provided however, that if an Event of Default under the Trust Agreement or an event of nonappropriation under the Financing Agreement has occurred and is continuing, no Additional Certificates will be signed and delivered by the Trustee. 11

19 Financing Payments; Deferrals Under the Financing Agreement, the City is required to make semi-annual payments of Financing Payments directly to the Trustee each May 15 and November 15 while an applicable Financing Agreement Term is in effect (the Financing Agreement Payment Dates ). Each payment of a Financing Payment is to be in an amount sufficient, together with other money on deposit with the Trustee in the Financing Payment Account to be credited as a Financing Payment, to pay the principal and interest due on the Certificates on the next Certificate Payment Date. In addition, under the Financing Agreement, the City has agreed to make certain Additional Payments, including, without limitation, payment of the ongoing expenses of the Trustee under the Trust Agreement. [Balance of Page Intentionally Left Blank] 12

20 The Financing Agreement Payment Dates and the Certificate Payment Dates are as follows: Financing Agreement Payment Date 1 Certificate Payment Date Principal Component Interest Component Additional Payment/Expenses Total Financing Payment November 15, 2010 December 1, 2010 $ 0.00 $ 47, $ 0.00 $ 47, May 15, 2011 June 1, , , November 15, 2011 December 1, , , , May 15, 2012 June 1, , , November 15, 2012 December 1, , , , , May 15, 2013 June 1, , , November 15, 2013 December 1, , , , , May 15, 2014 June 1, , , November 15, 2014 December 1, , , , , May 15, 2015 June 1, , , November 15, 2015 December 1, , , , , May 15, 2016 June 1, , , November 15, 2016 December 1, , , , , May 15, 2017 June 1, , , November 15, 2017 December 1, , , , , May 15, 2018 June 1, , , November 15, 2018 December 1, , , , , May 15, 2019 June 1, , , November 15, 2019 December 1, , , , , May 15, 2020 June 1, , , November 15, 2020 December 1, , , , , May 15, 2021 June 1, , , November 15, 2021 December 1, , , , , May 15, 2022 June 1, , , November 15, 2022 December 1, , , , , May 15, 2023 June 1, , , November 15, 2023 December 1, , , , , May 15, 2024 June 1, , , November 15, 2024 December 1, , , , , May 15, 2025 June 1, , , November 15, 2025 December 1, , , , , May 15, 2026 June 1, , , November 15, 2026 December 1, , , , , May 15, 2027 June 1, , , November 15, 2027 December 1, , , , , May 15, 2028 June 1, , , November 15, 2028 December 1, , , , , May 15, 2029 June 1, , , November 15, 2029 December 1, , , , , May 15, 2030 June 1, , , November 15, 2030 December 1, ,895, , ,942, Total $13,200, $8,340, $28, $21,569, The City is required to have on deposit with the Trustee the Financing Payment due on each Financing Agreement Payment Date (each May 15 and November 15) while an applicable Financing Agreement Term is in effect. 2 Financing Payment to be funded with amounts then on deposit in the Capitalized Interest Account of the Project Fund. 3 A portion of the final Financing Payment will be funded with amounts then on deposit in the Certificate Reserve Fund. 13

21 The City will receive a credit against a particular semi-annual payment of Financing Payments required to be made by the City in the amount then in the Financing Payment Account and credited by the Trustee as a Financing Payment. If paid throughout all Financing Agreement Terms, the Financing Payments provided for in the Financing Agreement will be sufficient in both time and amount to pay the Certificate Payments when due. Additional payments for unpaid taxes or liens on the System, for rebate obligations of the City under the Trust Agreement, and certain other payments under the Financing Agreement (as defined in the Financing Agreement, Additional Payments ) will be required if the City becomes obligated to make such payments under the Financing Agreement. If Additional Payments in excess of the scheduled Financing Payments are required for any reason, the amounts must be lawfully appropriated and certified as available by a Fiscal Officer Certification (see SECURITY FOR AND SOURCES OF PAYMENT OF THE CERTIFICATES Certification of Appropriations herein). City Bankruptcy An Ohio municipality is only authorized to file for bankruptcy under Chapter 9 of the Bankruptcy Code if it meets certain prerequisites under both federal and State law. Title 11, Section 109(c) of the United States Code sets forth the requirements for a State political subdivision to file for bankruptcy protection. In addition to requiring the municipality to be insolvent 1, the municipality must be specifically authorized, in its capacity as a municipality or by name, to be a debtor under such chapter by State law, or by a governmental officer or organization empowered by State law to authorize such entity to be a debtor under such chapter 2. With regard to State law, Revised Code Section requires that a political subdivision which desires to file bankruptcy seek and obtain permission of the Tax Commissioner of the State. Description of the System THE SYSTEM The System is intended to provide steam and hot water for process and heating uses and chilled water for cooling uses, and would be capable, with appropriate components for, and repairs to, a nonoperational generator, of providing a limited amount of electricity for power purposes to customers located in the central business district of the City, the University of Akron, and several major hospitals in and near the core of the City, and a limited number of customers immediately adjacent to the System s primary production facilities, representing a total of approximately 140 residential, commercial, industrial, and government customers located in the City. The University of Akron has been a customer of the System in the past, but is not a current customer of the System. As configured today, the System s major assets include two steam production plants with a total of six boilers, two chilled water production facilities, a 250KW steam turbine generator, and a system of underground steam, hot water and chilled water distribution lines consisting of one high pressure steam line, two low pressure steam lines, one hot water line, and two chilled water lines U.S.C. Section 101(32)(C) requires that in order to be insolvent a City must not be paying its debts as they come due. 2 See U.S.C. Section 109(c)(2). 14

22 Operation and History of the System The City has owned and operated major components of the System since 1979, and the City has owned substantially all of the System since AES has been the actual operator of the System under the Operating Agreement since September 8, The Operating Agreement was entered into in contemplation of the City reacquiring possession of the System from the prior operator, Akron Thermal, Limited Partnership ( ATLP ), which had leased the System from the City under a Lease effective August 15, 1997 ( Lease ) but which had filed for reorganization under bankruptcy in June ATLP emerged from bankruptcy in February 2009, but on September 5, 2009 ATLP notified the City of its intent to discontinue operations on September 8, ATLP transferred the System to the City on September 8, Substantially all of the former employees of ATLP were hired, including a former plant engineering manager who worked at the complex during its operation prior to ATLP and who is serving as the on-site manager responsible for planning capital improvements to, and completion of capital maintenance for, the System. The Managing Member and other officers of AES are providing additional administrative and managerial services necessary for System operations. On September 11, 2009, ATLP filed a second bankruptcy reorganization action. The United States Bankruptcy Court for the Northern District of Ohio approved the City s takeover of the System, effective September 11, Large System customers currently include Children s Hospital Medical Center, Akron General Medical Center and the Canal Place office complex, and represent approximately sixty-nine percent (69%) of the System s total steam production. Small System customers currently include the City, Summit County offices, a minor league baseball stadium, the Board of Education of the Akron City School District, an AT&T data center and various other customers and represent approximately fifteen percent (15%) of the System s total steam production. Steam production is used to generate chilled water sold to five large System customers, representing approximately sixteen percent (16%) of the System s total steam production. After the City reacquired the System, the System was classified as a municipally-owned and -operated system exempt from Public Utilities Commission of Ohio ( PUCO ) rate-making regulation. The City currently establishes its own rates for the System and enters into special contracts with individual users without PUCO regulation. Description of the Project The Project consists of all of the capital improvements to the System to be made by AES, on behalf of the City, including the reimbursement to the City of certain qualifying costs previously incurred by the City for such purposes. The proposed capital improvements to the System, including the reimbursement amounts, will cost approximately $10,900,000. The following is a general description of the proposed capital improvements to the System: Approximately $6,100,000 for capital maintenance and equipment acquisition and installation to stabilize the System s current operations. In order to stabilize the System s current operations, approximately 27 Project components will be undertaken, including site cleanup, remediation of waste products, completion of restoration of all fire suppression systems to operating condition, rehabilitating and repairing room damage in both plants, conducting baseline environmental emissions testing (including engineering studies), and rehabilitating and repairing distribution lines and boilers. 15

23 Approximately $4,800,000 for capital maintenance and equipment acquisition and installation necessary to begin improving the long-term sustainability of the System. In order to improve the long-term sustainability of the System, approximately 12 Project components will be undertaken, including capital maintenance on all five boilers, repairing and rebuilding steam distribution manholes, service lines and metering, rehabilitating and repairing auxiliary equipment (including feed water pumps), rehabilitating and repairing in-plant electrical distribution facilities, and upgrading control systems, including environmental controls. In total, the Project will consist of more than 39 Project components. The cost of each Project component varies. The average Project component will cost approximately $250,000 and will take approximately 2 to 3 months to complete. It is anticipated that these Project components will reduce System operating costs by approximately $1,200,000 each year. AES The Financing Agreement requires that Akron Energy Systems LLC (an Ohio limited liability company), on behalf of and at the expense of the City, construct, improve, equip, rehabilitate and furnish the Project in accordance with the terms and conditions of the Financing Agreement. AES has no obligation for the performance of any of the City s obligations under the Financing Agreement. Pursuant to the Trust Agreement, AES has sold and assigned to the Trustee, without recourse to the Trustee for the benefit of the Owners of the Certificates, all of its rights, title and interests under the Financing Agreement and in the Project except for the Unassigned Grantor s Rights. The rights of AES to receive Financing Payments from the City under the Financing Agreement are among those rights sold and assigned to the Trustee. AES is not financially liable for construction of the Project or payment of the Financing Payments, and Owners of the Certificates will have no right to look to AES for payment of the Certificates. FINANCING AGREEMENT The following summarizes certain provisions of the Financing Agreement, to which reference is made for its detailed provisions. The Financing Agreement has been entered into by AES and the City. The Initial Term of the Financing Agreement runs from the date on which the Certificates are issued through December 31, 2010, and upon expiration of the Initial Term, the City has the option under the Financing Agreement to renew the Financing Agreement for 20 one-year Renewal Terms, the last of which will run from January 1, 2030 through December 31, The Financing Agreement contains the terms and conditions under which the City agrees to make Financing Payments and the terms and conditions relating to the acquisition, construction, installation, equipping, rehabilitation and improvement of the Project. The Financing Agreement can be terminated under certain circumstances, such as nonappropriation of funds, or a taking of the Project by condemnation or eminent domain. In the event of the breach by the City of its obligations under the Financing Agreement, the Trustee may take whatever other actions may appear necessary or desirable to enforce performance and observance of the City s obligations under the Financing Agreement, including seeking court approval to terminate the Financing Agreement. 16

24 Simultaneously with the execution of the Financing Agreement, AES has, pursuant to the Trust Agreement, sold and assigned to the Trustee all of its rights, title and interests under the Financing Agreement and in the Project except for the Unassigned Grantor s Rights. The rights of AES to receive Financing Payments from the City under the Financing Agreement and to exercise such rights and remedies of AES as may be necessary to enforce payment of the Financing Payments when due or to otherwise protect the interests of the Owners of the Certificates are among those rights sold and assigned to the Trustee. While the Financing Agreement is in effect, the Trustee will have the right to collect and distribute all Financing Payments. Financing Agreement Terms The Financing Agreement Terms and the conditions for Renewal Terms are discussed in greater detail under SECURITY FOR AND SOURCES OF PAYMENT OF THE CERTIFICATES Financing Agreement Term, Financing Agreement Renewal Terms and Non-Appropriation. The Financing Agreement will terminate upon the earliest of the following events: (a) The last day of the Financing Agreement Term for which moneys to pay Financing Payments were appropriated and certified by Fiscal Officer Certification (the Financing Agreement is automatically reinstated if the City appropriates the money within 30 days after the beginning of the Fiscal Year); or (b) A default by the City under the Financing Agreement resulting in termination of the Financing Agreement as hereinafter described (see Remedies ). Any nonrenewal of the Financing Agreement for a new Financing Agreement Term caused by the failure of the City to appropriate moneys for Financing Payments is expressly declared in the Financing Agreement to be without penalty or expense of any kind whatsoever to the City. However, in the event of termination of the Financing Agreement upon nonrenewal of the Financing Agreement or a failure to appropriate sufficient funds, the City has agreed that, to the extent permitted by any operating agreement with respect to the System entered into with AES or another operator of the System, the City will terminate such operating agreement and will not enter into an operating agreement with any entity, public or private, with respect to the System for a period of one year after the termination of this Financing Agreement, but may continue to operate the System on its own behalf. Application of Proceeds of Certificates; Project Fund The proceeds received by the City from the sale of the Certificates to the Underwriter will be deposited in the Project Fund established by the Trust Agreement and applied to payment of capitalized interest on the Certificates, costs of the Project, including reimbursement to the City for qualifying costs advanced by the City, and certain costs of issuance. Moneys in the Project Fund will be held by the Trustee on behalf of the City and used in accordance with the provisions of the Financing Agreement to pay capitalized interest on the Certificates and costs of Scheduled Improvements, including but not limited to: costs for preliminary planning and studies; fees for legal, engineering, accounting, consulting and other services; costs of labor, services and materials; inspection costs and permit fees; filing and recording costs; reproduction and mailing costs; printing, safekeeping and delivery costs relating to the Certificates; and any costs, expenses, fees and 17

25 charges properly chargeable to the cost of construction, installation, equipment, improvement or financing of the Project (the Project Costs ). Any moneys remaining in the Project Fund after payment of all Project Costs will be transferred into the Financing Payment Account of the Certificate Fund. See TRUST AGREEMENT Certificate Fund; Financing Payment Account herein. Scheduled Improvement Fund Moneys in the Project Fund established by the Trust Agreement will be applied to payment of costs of Scheduled Improvements by being transferred to the Scheduled Improvement Fund. Moneys in the Scheduled Improvement Fund will be used to pay for the costs of the Scheduled Improvements. AES will present to the City from time to time a Schedule of proposed capital improvements along with a copy of the improvements Estimate prepared by AES and including quotations from the various qualified third-party vendors or contractors for the Project selected by AES for vendor-supplied project components. Upon approval by the Director of Public Service of the City of each Schedule and Estimate, AES will forward a copy of such approved Schedule and Estimate to the Trustee along with a disbursement request form, and the Trustee will then disburse the amount of the Estimate from the Project Fund and transfer such amount to a separate account in the Scheduled Improvement Fund established for that Scheduled Improvement. In the event that the cost of a Scheduled Improvement exceeds the Estimate, further written approval of the City is necessary before the additional costs may be incurred and before an additional disbursement will be made from the Project Fund. In the event that the actual cost of a Scheduled Improvement is less than the Estimate, the difference between the Estimate and the actual cost of the Scheduled Improvement will be transferred by the Trustee to the Project Fund. Moneys on deposit in the Scheduled Improvement Fund are not subject to the lien created by the Trust Agreement and are not pledged to the payment of Certificate Payments. The City may, but is not obligated to, inspect any Scheduled Improvements. If the City is not satisfied with a Scheduled Improvement, the City or AES must cause the work to be corrected to the City s satisfaction, and the City may order AES to cause any contractor to stop work on that Scheduled Improvement and any other Scheduled Improvements and may decline to approve further Schedules and Estimates for additional Scheduled Improvements until the work is corrected. Financing Payments The City agrees under the Financing Agreement to make payment of Financing Payments to the Trustee in the amounts and on the dates set forth in the Financing Agreement. Semi-annual Financing Payments are due on each May 15 and November 15 during each Financing Agreement Term. The City will receive a credit against the amount payable by the City as Financing Payments for the amount of money in the Financing Payment Account. The Financing Payments are designed to be sufficient, in both time and amount, to pay the Certificate Payments when due. For a further discussion of the obligations of the City, see SECURITY FOR AND SOURCES OF PAYMENT OF THE CERTIFICATES. 18

26 Use, Maintenance and Alterations Under the Financing Agreement, the City agrees to cause AES or another operator to maintain the System in good order and condition (ordinary wear and tear excepted) and make all necessary improvements to the System. The City also agrees to pay the cost of all governmental licenses, charges, and federal, state or local taxes imposed upon the ownership, leasing, renewal, sale, purchase, possession or use of the System. These obligations of the City are subject to lawful annual appropriations being made therefor and Fiscal Officer Certification. The Trustee has no responsibility for making repairs or improvements to the Project. Damage or Destruction The City assumes all risk of damage to or loss or destruction of the System from any cause. If any material component of the System is damaged, the City will immediately repair or replace the same with property of comparable value. The proceeds of any property insurance must be applied by the City to the cost of the repair or replacement, unless the City elects not to repair, or the System is damaged beyond repair, or the damaged System components are deemed obsolete by the City, in which case the City must use insurance proceeds to prepay Financing Payments. No loss of or damage to the System will relieve the City from its obligations under the Financing Agreement, including the obligation to pay Financing Payments, during a Financing Agreement Term. Property Insurance The City will maintain property insurance issued on a replacement cost basis and business interruption insurance in such amounts as, in its reasonable judgment, is reasonably obtainable and economically feasible to protect it and the System and operations while the Certificates remain outstanding; provided, that in no event shall such insurance be in amounts less than the amount sufficient to prepay the total aggregate unpaid principal component and the maximum semiannual accrued interest component of succeeding Financing Payments to be made by the City. The City will annually submit to the Trustee evidence of the property insurance coverages and insurance programs it maintains with respect to the System. Assignment and Sale Without the prior written consent of AES, the City may not assign, transfer, pledge, hypothecate or grant any security interest in or otherwise dispose of the Financing Agreement or the System (without replacement or substitution), or any interest in the Financing Agreement or the System. Section 64 of the City s Charter currently prohibits the sale, transfer, and lease of the Project by the City without the approval of a majority of the voters of the City at a general election following an official action taken by the City to sell, transfer, or lease the Project. However, the voters of the City will consider an amendment to Section 64 of the City s Charter on November 2, 2010 that would permit the lease of the Project by the City without further voter approval. If local law changes to permit the lease of the Project by the City without further voter approval and the City actually leases the Project, or if the voters of the City approve a sale, transfer, or lease of the Project, the City must deposit all of the proceeds of such sale, transfer, or lease into the Certificate Fund pursuant to the Financing Agreement, and the Trustee must exercise the extraordinary mandatory redemption provisions set forth in the Trust Agreement to redeem the Certificates with such proceeds at a redemption price equal to 100% of the 19

27 principal amount to be redeemed plus accrued interest to the date fixed for redemption. See THE CERTIFICATES OF PARTICIPATION Redemption Provisions Extraordinary Mandatory Redemption herein. There can be no guarantee that, if the City sells, transfers, or leases the System, the proceeds of the City s disposition of the System will be sufficient to redeem all outstanding Certificates. Taxes Subject to lawful annual appropriations and Fiscal Officer Certification, the City agrees to pay all licenses, charges, and taxes (including federal, state, or local taxes) that may be imposed upon the ownership, leasing, rental, sale, purchase, possession or use of the System except for any taxes imposed on or measured by AES income from the operation of the System. The City also agrees to keep the System free and clear of all liens and encumbrances except as may be created as a result of the Financing Agreement. Events of Default The following will constitute Events of Default under the Financing Agreement: (a) The City fails to make any Financing Payment (or any Additional Payment) during any Financing Agreement Term for which an appropriation has been made, as it becomes due in accordance with the terms of the Financing Agreement, and any such failure continues for 10 days after the payment is due and owing; or (b) The City fails to perform or observe any other covenant, condition or agreement to be performed or observed by it under the Financing Agreement and the failure is not cured within 30 days after written notice thereof by the Trustee, unless the Trustee agrees to an extension of that time; or (c) The discovery by the Trustee that any statement, representation or warranty made by the City in the Financing Agreement or in any documents delivered by the City pursuant to or in connection with the Financing Agreement was false, misleading or erroneous in any material respect when made; or (d) The City becomes insolvent, is unable to pay its debts as they become due, makes an assignment for the benefit of creditors, applies or consents to the appointment of a receiver, trustee, conservator or liquidator of the City or of all or a substantial part of its assets or a petition for relief is filed by the City under federal bankruptcy, insolvency or similar laws, or a petition in a proceeding under any bankruptcy, insolvency or similar laws is filed against the City, and is not dismissed within 30 days thereafter; and (e) The City defaults in the payment of any obligation under any present or future financing transaction between the City and AES, or any other property financing transaction which specifically references that it is cross-defaulted to the Financing Agreement, and such default extends beyond any notice and cure or grace period set forth in the agreements related to any such transaction. Notwithstanding the foregoing, if, by reason of Force Majeure, the City is unable to perform or observe any agreement, term or condition of the Financing Agreement (other than any obligation to make Financing Payments or Additional Payments), the City will not be deemed in default during the continuance of such inability. The City will promptly notify the Trustee of any event of Force Majeure 20

28 and will use its best efforts to remove the effects thereof. The City is not required, however, to settle employment disputes by reason of this provision. Remedies Upon the occurrence of an Event of Default under the Financing Agreement, and so long as the Event of Default is continuing, the Trustee may, at its option, exercise one or more of the following remedies: (a) By written notice to the City, declare all Financing Payments for which money has been appropriated by City Council due during the current term to be immediately due and payable; and (b) Credit all proceeds of the Certificates remaining on deposit in the Project Fund and any investment earnings thereon to payment of the City s obligations under the Financing Agreement, without recourse to AES; provided, that no amounts on deposit in the Scheduled Improvement Fund may be credited by the Trustee to payment of the City s obligations under the Financing Agreement; and (c) Exercise any other right, remedy or privilege available under Ohio law or any other applicable law, or proceed by appropriate court action to enforce the terms of the Financing Agreement or to terminate the Financing Agreement or to recover damages. If a court of competent jurisdiction finally adjudicates that the City is in default under the Financing Agreement, and subject to lawful annual appropriations being made therefor and Fiscal Officer Certification, the City will remain liable for all covenants and obligations under the Financing Agreement, and for all legal fees and other costs and expenses, to the extent permitted by law, incurred by the Trustee with respect to the enforcement of any of the remedies listed above or any other remedy available to the Trustee. Amendments The Financing Agreement may not be amended without the written consent of the Trustee. For a discussion of the Trust Agreement provisions relating to amendments of the Financing Agreement, see TRUST AGREEMENT Amendments of Financing Agreement. TRUST AGREEMENT The following summarizes certain provisions of the Trust Agreement between the Trustee and AES to which reference is made for the detailed provisions thereof. The City is not a party to the Trust Agreement. Certain of the provisions of the Trust Agreement are also described under THE CERTIFICATES OF PARTICIPATION. Security The Trust Agreement assigns and transfers to the Trustee for the benefit of the Owners of the Certificates, certain rights in the Project, including the right to collect and disburse Financing Payments, and assigns and transfers to the Trustee as security for payment of the Certificates, without recourse: (a) the Financing Payments, (b) all moneys receivable by the Trustee with respect to the Project, including 21

29 any insurance or condemnation proceeds and any Additional Payments paid by the City under the Financing Agreement; (c) all other rights and responsibilities under the Financing Agreement other than the Unassigned Grantor s Rights, and (d) all moneys and investments in the Receipts Fund, the Project Fund, the Certificate Fund, and the Certificate Reserve Fund described below, all subject to and in accordance with the Trust Agreement. The Unassigned Grantor s Rights, the money on deposit in the Rebate Fund, and the money on deposit in the Scheduled Improvement Fund are not assigned to the Trustee for the benefit of the Owners of the Certificates. Upon any Event of Default under the Trust Agreement (which is not necessarily an Event of Default under the Financing Agreement), the Trustee may enforce any and all rights under the Trust Agreement for or on behalf of the Owners of the Certificates (see TRUST AGREEMENT Remedies ). Receipts Fund and Certificate Fund The Trust Agreement establishes the Receipts Fund, which fund is to be held by the Trustee. The Trust Agreement pledges the Receipts Fund as a special trust fund for the benefit of the Certificate Owners. Financing Payments, including amounts paid directly by the City to the Trustee under the Financing Agreement and amounts from the proceeds of the sale of the Certificates credited as Financing Payments, will be deposited in the Financing Payment Account, which is a sub-account within the Receipts Fund. The Trust Agreement establishes the Certificate Fund, which fund is to be held by the Trustee. Within the Certificate Fund, there is established the Interest Account, the Principal Account, and the Special Redemption Account therein. The Trust Agreement pledges the Certificate Fund as a special trust fund for the benefit of the Certificate Owners. On each Certificate Payment Date, the Trustee will transfer funds from the Receipts Fund to the Interest Account and the Principal Account and will apply from the Interest Account and the Principal Account an amount equal to the Certificate Payments then due and payable on the Certificates. During the capitalized interest period, amounts on deposit in the Capitalized Interest Account of the Project Fund will be applied to the Interest Account before amounts from the Receipts Fund are applied to the Interest Account to make the portion of the Certificate Payments representing interest payments. Any moneys derived from any proceeds from insurance or condemnation awards and any other amounts paid to the Trustee under the Financing Agreement will be immediately deposited by the Trustee in the Special Redemption Account of the Certificate Fund and applied to pay the principal of and interest on Certificates to be redeemed. Certificate Reserve Fund The Trust Agreement establishes the Certificate Reserve Fund to be held by the Trustee, and requires the Trustee to make an initial deposit to the Certificate Reserve Fund out of Certificate proceeds in the amount of maximum annual debt service (excluding the final year s debt service) on the Certificates. The Trust Agreement pledges the Certificate Reserve Fund as a special trust fund for the benefit of the Certificate Owners. In the event that moneys in the Interest Account or moneys in the Principal Account are insufficient on any date on which Certificate Payments on the outstanding Certificates are due (whether at stated maturity or by mandatory sinking fund redemption) to pay such interest or principal and any premium, respectively, the Trustee will, after first withdrawing any moneys in the Capitalized Interest Account of the Project Fund, and applying them to such purpose, withdraw from the Certificate Reserve Fund the moneys necessary to make up the deficiency and shall transfer 22

30 those moneys first to the Interest Account and then to the Principal Account. When the aggregate amounts on deposit in the Certificate Reserve Fund are at least equal to the principal amount of the outstanding Certificates plus the interest due on the outstanding Certificates through the next Certificate Payment Date on which the Certificates could be redeemed or paid in full, the Trustee shall transfer from the Certificate Reserve Fund to the Certificate Fund an amount equal to the principal and interest of the Certificates due and payable through the next succeeding Certificate Payment Date. Those moneys will be used to pay the Certificate Payments due on such date. The reductions in the Reserve Requirement resulting from those transfers need not be restored. Upon payment in full of the Certificates, any amounts in the Certificate Reserve Fund in excess of the Reserve Requirement shall be shall be transferred to the City. Project Fund The Trust Agreement establishes the Project Fund, which fund is to be held by the Trustee. The Trust Agreement pledges the Project Fund as a special trust fund for the benefit of the Certificate Owners. Moneys in the Project Fund will be used only for the purposes of paying capitalized interest on the Certificates, reimbursing the City, paying issuance costs of the Certificates, and transferring funds to the Scheduled Improvement Fund to be applied to the payment of costs of Scheduled Improvements for the Project on Schedules to be presented by AES and approved by the City from time to time. Rebate Fund The Trust Agreement establishes the Rebate Fund, which fund is to be held by the Trustee. The Trust Agreement does not pledge the Rebate Fund as a special trust fund for the benefit of the Certificate Owners. Moneys on deposit in the Rebate Fund are not subject to the lien created by the Trust Agreement and are not pledged to the payment of Certificate Payments. The City is required under the Financing Agreement, subject to its determination to appropriate funds, to pay any rebate payments required to be made with respect to any arbitrage earnings with respect to Certificate proceeds directly to the Trustee for deposit into the Rebate Fund. The Trustee is required to maintain such records of the investment and disbursement of moneys in each fund created under the Trust Agreement and each account and subaccount of each such fund necessary for such calculations. The Trustee is required obtain and keep such records of the computations made as are required under Section 148(f) of the Internal Revenue Code. Scheduled Improvement Fund The Trust Agreement establishes the Scheduled Improvement Fund, which fund is to be held by the Trustee. The Trust Agreement does not pledge the Scheduled Improvement Fund as a special trust fund for the benefit of the Certificate Owners. Moneys on deposit in the Scheduled Improvement Fund are not subject to the lien created by the Trust Agreement and are not pledged to the payment of Certificate Payments. Moneys in the Scheduled Improvement Fund will be used to pay for the costs of the Scheduled Improvements. AES will present to the City from time to time a Schedule of proposed capital improvements and a copy of the Estimate for such Schedule from qualified third-party vendors or contractors for the Project selected by AES. Upon approval by the Director of Public Service of the City of each Schedule and Estimate, AES will forward a copy of such approved Schedule and Estimate to the 23

31 Trustee along with a disbursement request form, and the Trustee will then disburse the amount of the Estimate from the Project Fund and transfer such amount to a separate account in the Scheduled Improvement Fund established for that Scheduled Improvement. In the event that the cost of a Scheduled Improvement exceeds the Estimate, further written approval of the City is necessary before an additional disbursement will be made from the Project Fund. In the event that the actual cost of a Scheduled Improvement is less than the Estimate, the difference between the Estimate and the actual cost of the Scheduled Improvement will be transferred by the Trustee to the Project Fund. Upon deposit of any amount in the Scheduled Improvement Fund, such amount is released from the lien created by the Trust Agreement and must be used by AES to pay the costs of the Scheduled Improvements. Investment of Funds Moneys held in the Receipts Fund, the Certificate Fund, the Project Fund, the Rebate Fund, the Scheduled Improvement Fund, and the Certificate Reserve Fund, including moneys held in the Accounts in such funds, may be invested in Eligible Investments, as permitted under the Trust Agreement. Such Eligible Investments are: (a) (b) (c) (d) (e) (f) bonds, notes or other obligations of, or obligations guaranteed by, the United States of America, or those for which the faith of the United States of America is pledged for the payment of principal and interest thereon; bonds, notes, debentures or any other obligations or securities issued by any federal governmental agency or instrumentality; interim deposits fully insured by the Federal Deposit Insurance Corporation in the eligible institutions applying for interim moneys as provided under Chapter 135 of the Ohio Revised Code and which eligible institutions have capital and surplus of at least $100 million; bonds and other obligations of the State; no-load money market mutual funds, rated in either of the two highest rating classifications by Moody s Investors Service, Inc. or Standard & Poor s Ratings Services, a division of The McGraw Hill Companies, Inc., and consisting exclusively of obligations described in clauses (a) or (b) above and repurchase agreements secured by such obligations, including, without limitation, any mutual fund for which the Trustee or an affiliate of the Trustee serves as investment manager, administrator, shareholder serving agent, and/or custodian or subcustodian, notwithstanding that (1) the Trustee or an affiliate of the Trustee receives fees from such funds for services rendered, (2) the Trustee charges and collects fees for services rendered pursuant to this Agreement, which fees are, separate from the fees received, and (3) services performed for such funds and pursuant to this Agreement may at times duplicate those provided to such funds by the Trustee or its affiliates; and the Ohio Subdivisions Investment Fund created and administered by the Treasurer of the State of Ohio pursuant to Section of the Ohio Revised Code. The Trustee is to invest moneys in Eligible Investments as directed by the Fiscal Officer of the City, both having due regard for the date on which moneys will be required for the uses and purposes specified in the Trust Agreement, including Certificate Payments. 24

32 Investment earnings on the accounts in the Receipts Fund, the Project Fund, the Scheduled Improvements Fund, and the Certificate Fund will be retained in those accounts. Events of Default The following will constitute Events of Default under the Trust Agreement: (a) Failure to pay interest on any Certificate, when and as that interest becomes due and payable; (b) Failure to pay the principal of or any premium on any Certificate, when and as that principal or premium becomes due and payable, whether at stated maturity or by call for redemption; or (c) Failure to perform or observe duly or punctually any other covenant, condition or agreement contained in the Certificates, or in the Trust Agreement or any supplemental trust agreement and to be performed by the City, which failure will have continued for a period of thirty (30) days after written notice specifying the default and requiring same to be remedied has been given to the City by the Trustee, which may give such notice in its discretion and will give such notice at the written request of the holders of not less than ten percent (10%) of the principal amount of the Certificates then outstanding. If an Event of Default occurs the Trustee must, within 30 days after the Trustee has notice of such event, give written notice of the Event of Default by first class mail, postage prepaid, to the Owners of all outstanding Certificates at the address shown on the Certificate Register. The Trust Agreement does not impose any obligation on the Trustee to provide periodic notice to the Certificate Owners or to others as to the absence or existence of a default or an Event of Default under the Trust Agreement. Remedies Upon the occurrence of any Event of Default under the Trust Agreement, the Trustee may pursue any available remedy to enforce the payment of Certificate Payments or the observance and performance of covenants and obligations and exercise, as an alternative or in addition to any other remedy, any remedy available to it as owner of the rights to receive Financing Payments under the Financing Agreement (see FINANCING AGREEMENT Remedies ). However, the Trustee has no right under any circumstances to accelerate the maturity of the Certificates or to declare any Financing Payment not then past due or in default to be immediately due and payable. In addition, if an Event of Default under the Trust Agreement arises because the City fails to make Financing Payments, the Trustee has no recourse against AES. If an Event of Default has occurred and the Owners of at least 25% in aggregate principal amount of the affected Certificates then outstanding so request, the Trustee, upon indemnification by such Owners, must exercise one or more of the remedies as the Trustee, advised by counsel, deems most expedient in the interests of the Owners of those Certificates. All moneys received under the Trust Agreement by the Trustee upon or after the occurrence of an Event of Default will be applied first to the payment of the costs and expenses of the proceedings resulting in the collection of those moneys and of the related expenses, liabilities and advances incurred or made by the Trustee. The balance of those moneys will be deposited in the Certificate Fund and 25

33 applied to pay the principal of and interest on the Certificates in the manner and in the order of priority set forth in the Trust Agreement. The Trustee may, in its discretion waive any Event of Default under the Trust Agreement and its consequences, and will do so upon the written request of the Owners of a majority in aggregate principal amount of all the Certificates then outstanding in respect of which any default in the payment of principal or interest exists, or of the Owners of at least 25% in aggregate principal amount of all Certificates then outstanding in case of any other default. No Event of Default in the payment of principal or interest is to be waived unless, prior to that waiver, all arrears of interest, or all Certificate Payments then due and payable have been paid or provided for. In case of any waiver, or in case any proceeding taken by the Trustee on account of any default is discontinued or abandoned or determined adversely, then the Trustee and the Certificate Owners will be restored to their former respective positions and rights under the Trust Agreement. No waiver will extend to any subsequent or other default, or impair any right consequent thereon. Indemnification Before taking any action with respect to a default or Event of Default pursuant to the Trust Agreement, the Trustee may require indemnification in a manner satisfactory to it for any liability and expense it might incur exercising its remedial powers under the Trust Agreement, except liability which is adjudicated to have resulted from its negligence or willful default by reason of any action so taken. Rights of Certificate Owners The Owners of a majority in aggregate principal amount of the Certificates then outstanding will have the right at any time, by an instrument or instruments in writing executed and delivered to the Trustee, to direct the method and place of conducting all proceedings to be taken in connection with the enforcement of the terms and conditions of the Trust Agreement or any other proceedings under the Trust Agreement. This direction must be in accordance with the provisions of law and of the Trust Agreement and the Owners must indemnify the Trustee. No Owner of any Certificate will have any right to institute any suit, action or proceeding for the enforcement of the Trust Agreement, for the execution of any trust under the Trust Agreement, or for any other remedy under the Trust Agreement, unless an Event of Default has occurred and the Owners of at least 25% in aggregate principal amount of Certificates then outstanding have made written request to the Trustee and have offered the Trustee indemnity as provided in the Trust Agreement and the Trustee has thereafter failed or refused to exercise its powers under the Trust Agreement or to institute such action, suit or proceedings in its own name. Nothing in the Trust Agreement affects or impairs the right of any Certificate Owner to enforce the payment of the principal of and interest on any Certificate owned by such Owner at and after the due date thereof, or the obligation of the Trustee to pay the principal of and interest on each of the Certificates to the respective Owners thereof at the time and place, from the sources and in the manner provided in the Certificates. Amendments of Trust Agreement AES and the Trustee may, without the consent of or notice to any of the Certificate Owners, enter into amendments of the Trust Agreement that are not inconsistent with the terms and provisions of the Trust Agreement for any of the following purposes: (a) to cure any ambiguity, inconsistency or formal 26

34 defect or omission in the Trust Agreement; (b) to grant to or confer upon the Trustee for the benefit of the Certificate Owners any additional rights, remedies, powers or authority that may lawfully be granted to or conferred upon the Certificate Owners or the Trustee; (c) to assign additional revenues under the Trust Agreement; (d) to accept additional security and instruments and documents of further assurance with respect to the Project; (e) to add to the covenants, agreements and obligations in the Trust Agreement other covenants, agreements and obligations thereafter to be observed for the protection of the Certificate Owners or to surrender or limit any right, power or authority reserved or conferred in the Trust Agreement; (f) to evidence any succession to the Trustee and the assumption by its successor of the covenants, agreements and obligations of the Trustee under the Trust Agreement and the Certificates; (g) to permit the exchange of Certificates, at the option of the Owners thereof, for coupon Certificates payable to bearer, in an aggregate principal amount not exceeding the unmatured and unredeemed principal amount of the Predecessor Certificates, bearing interest at the same rate or rates and maturing on the same date or dates, with coupons attached representing all unpaid interest due or to become due thereon, subject to a Tax Opinion relating to that exchange; (h) to permit the use of a book-entry system to identify the owner of a proportionate interest in the Financing Payments authorized under the Trust Agreement, whether that proportionate interest was formerly, or could be, evidenced by a tangible security; (i) to permit the Trustee to comply with any obligations imposed upon it by law; (j) to specify further the duties and responsibilities of, and to define further the relationship among, the Trustee, the Registrar, and any Paying Agents; (k) to achieve compliance with any applicable federal securities or tax law; (l) to permit any other amendment which, in the judgment of the Trustee, is not to the prejudice of the Trustee or the Owners (which may be based on an opinion of counsel); and (m) to make necessary or advisable amendments or additions in connection with the issuance of Additional Certificates which, in the judgment of the Trustee (which may be based, as to matters of law, on an opinion of counsel), do not adversely affect the interests of the holders of outstanding Certificates. Exclusive of those types of amendments, the Owners of not less than a majority in aggregate principal amount of the Certificates then outstanding will have the right, from time to time, to consent to the execution by AES and the Trustee of supplemental trust agreements limiting or restricting in any manner the rights of the Owners. However any amendment that permits or could be construed as permitting (i) an extension of the maturity of the principal of or the interest on any Certificate or a reduction in the principal amount of any Certificate, or the rate of interest thereon, or a reduction in amount, or extension of time, of payment of any redemption requirements thereon will require the consent of each Certificate Owner so affected, or (ii) a privilege or priority of any Certificate over any other Certificate, or a reduction in the aggregate principal amount of the Certificates required for consent to such amendment, will require the consent of the Owners of all of the Certificates then outstanding. Any amendment to the Trust Agreement which affects any rights or obligations of the City will not become effective unless and until the City consents in writing thereto. Defeasance The right, title and interest of the Trustee and AES under the Trust Agreement will terminate and become void when the whole amount of principal and any premium and interest payable on all the Certificates is paid or provision has been made as provided in the Trust Agreement for that payment. Provision will be deemed to have been made for the payment of the Certificates if there has been deposited with the Trustee cash or Defeasance Obligations, as described below, in an amount sufficient (together with investment earnings thereon) to provide for the payment of the whole amount of the principal and any premium and interest when due and payable at maturity or redemption, as the case may be, and provision is made satisfactory to the Trustee for payment of all related expenses of the Trustee. 27

35 Upon defeasance of the Trust Agreement, the Trustee will assign and transfer to or on the order of the City all applicable property in excess of the cash or securities required for defeasance then held by the Trustee, including the Financing Agreement and all applicable payments and rights under the Financing Agreement and all applicable balances in the Certificate Fund. Defeasance Obligations are defined under the Trust Agreement and Financing Agreement to consist of: (a) direct obligations of (including obligations issued or held in book-entry form on the books of the Department of Treasury of the United States of America), or obligations the timely payment of principal of and the interest and any premium on which are fully and unconditionally guaranteed by, the United States of America; (b) any certificates or other evidence of ownership interest in obligations of the character described in (a) or in specified portions thereof, including, without limitation, portions consisting solely of the principal thereof or solely of the interest thereon; and (c) obligations of any state of the United States or any political subdivision of any state, provided that: (i) the interest on such obligations will be exempt from federal income taxes if purchased in order to prevent any Certificates from becoming arbitrage bonds under Section 148 or any successor provision of the Code, and (ii) the payment of such obligations is secured by direct obligations of (including obligations issued or held in book-entry form on the books of the Department of Treasury in the United States of America), or obligations the timely payment of principal of and the interest and any premium on which are fully guaranteed by, the United States of America. Amendments of Financing Agreement The Trustee may, without the consent of or notice to the Certificate Owners, consent to any amendment change or modification of the Financing Agreement as may be required (i) by the provisions of the Financing Agreement or the Trust Agreement, (ii) for the purpose of curing any ambiguity, inconsistency or formal defect or omission in the Financing Agreement, (iii) in connection with an amendment, or to effect any purpose for which there could be an amendment, of the Trust Agreement without the consent of the Certificate Owners, (iv) in connection with an adjustment to the payment schedule of Financing Payments as necessary for any refunding of the Certificates, or (v) in connection with any other change therein which in the judgment of the Trustee is not to the prejudice of the Trustee or the Certificate Owners. The Trustee s consent to an amendment which would change the amount or time as of which any Financing Payment is required to be paid under the Financing Agreement or a reduction in the aggregate principal amount of the Certificates required for consent to amendments must be approved by the Owners of all then outstanding Certificates. Except for the amendments described in this paragraph, the Owners of not less than a majority in aggregate amount of the Certificates then outstanding must approve the Trustee s consent to any other amendment of the Financing Agreement. Non-Presentment of Certificates; Return of Moneys If a Certificate is not presented for payment when due or an interest payment check or draft is uncashed, and if moneys for the purpose of paying and sufficient to pay that amount have been made available to the Trustee, it is the duty of the Trustee to hold those moneys in trust, without liability for interest thereon, for the benefit of the registered Owner of that Certificate, who thereafter will be 28

36 restricted exclusively to those moneys for any claim of whatever nature under the Trust Agreement or on or with respect to that Certificate. Any moneys held by the Trustee for that purpose and remaining unclaimed by the Owner of a Certificate for four years after the due date will be paid to the City, to which the Certificate Owner must thereafter look for payment, without interest. The Trustee The Trustee, The Bank of New York Mellon Trust Company, N.A., has a designated corporate trust office in New Albany, Ohio. It is a national banking association organized and existing under the laws of the United States, and is authorized to exercise corporate trust powers under Ohio law. The Trustee is a member of the Federal Reserve System and Federal Depository Insurance Company (FDIC). The Trustee may execute any of its trusts or powers and perform its duties under the Trust Agreement by or through attorneys, agents or receivers. The Trustee may consult with counsel with regard to legal questions and the opinion of such counsel will be full and complete authorization and protection for any action taken or suffered by the Trustee in good faith in accordance with such opinion. The Trustee is not answerable for the default or misconduct of any attorney, agent or receiver selected by it with reasonable care. UNDERWRITING Robert W. Baird & Co., Incorporated (the Underwriter ) has agreed, pursuant to the Purchase Agreement (the Purchase Agreement ) by and among the Underwriter and the Trustee dated October 22, 2010, to purchase all, but not less than all, of the Certificates at a purchase price of $13,311, (the Purchase Price ), which is equal to the principal amount of the Certificates ($13,200,000.00); plus original issue premium ($243,348.35); less Underwriter s discount retained by the Underwriter from the Purchase Price ($132,000.00); plus accrued interest if any. The Underwriter will retain $320, from the proceeds of the Certificates to pay certain costs of issuance of the Certificates, including $66, to be retained by the Underwriter as a structuring fee and $254, to pay other costs of issuance of the Certificates. The Underwriter is purchasing the Certificates as originally issued for purpose of resale. The Underwriter reserves the right to join with dealers and other underwriters in offering the Certificates to the public. The Underwriter may offer and sell the Certificates to certain dealers (including dealer banks and dealers depositing the Certificates into unit investment trusts, certain of which may be sponsored or managed by the Underwriter), and others at prices lower than the public offering prices noted on the cover hereof. The initial offering prices of the Certificates may be changed, from time to time, by the Underwriter. The obligation of the Underwriter to accept delivery of the Certificates is subject to various conditions of the Purchase Agreement. The Underwriter is obligated to purchase all of the Certificates if any of the Certificates are purchased. 29

37 LITIGATION To the knowledge of AES and the appropriate City officials, no litigation or administrative action or proceeding is pending or threatened to restrain or enjoin, or seeking to restrain or enjoin, the execution and delivery of the Financing Agreement or to contest or question the proceedings or authority under which the Financing Agreement was authorized or the validity of the Financing Agreement. To the knowledge of AES and the Trustee, no litigation or administrative action or proceeding is pending or threatened contesting or questioning the validity of the Trust Agreement or contesting or questioning the execution or delivery of the Certificates. Certifications to those effects will be delivered at the time of the original delivery of the Certificates. The City is a party to legal proceedings unrelated to the Certificates or its obligations to make Financing Payments under the Financing Agreement. In the opinion of City officials, however, these proceedings and any damages the City ultimately may be required to pay as a result of these proceedings will have no material adverse effect on the Certificates or the City s ability to repay the Certificates. RATING As noted on the cover page, the City has applied for a rating of the Certificates from S&P, which has rated the Certificates A+. No application for a rating has been made to any other rating agency. Such rating has not, as of the date of this Offering Circular, been assigned, although the City expects that such rating will be available in advance of the sale date for the Certificates. The rating reflects only the views of the rating agency. Any explanation of the significance of the rating may only be obtained from such rating agency at 55 Water Street, New York, New York 10041, telephone: (212) The City furnished to the rating agencies certain information and materials, some of which may not have been included in this Offering Circular, relating to the Certificates and the City. Generally, rating agencies base their ratings on such information and materials, as well as investigation, studies and assumptions by the rating agencies. Such ratings are not recommendations to buy, sell or hold the Certificates. There can be no assurance that a rating, when assigned, will continue for any given period of time or that it will not be lowered, suspended or withdrawn entirely by a rating agency if, in its judgment, circumstances so warrant. Any lowering, suspension or withdrawal of such ratings may have an adverse effect on the marketability or market price of the Certificates. LEGAL MATTERS Legal matters incident to the issuance of the Certificates and with regard to the excludability from gross income for federal income tax purposes of the interest thereon (see TAX MATTERS herein) are subject to the approving opinion of Calfee, Halter & Griswold, LLP as Special Counsel to AES. A signed copy of that opinion will be delivered to the Underwriter at the time of original delivery, and a copy will be printed on the Certificates. Assuming no change in applicable law prior to the date of delivery of such opinion, the opinion will be substantially in the form attached hereto as APPENDIX B. The opinion will speak only as of its date, and subsequent distribution of it by recirculation of the Offering Circular or otherwise shall create no implication that Special Counsel has reviewed or expresses any opinion 30

38 concerning any of the matters referred to in the opinion subsequent to the date thereof. Certain legal matters will be passed upon for AES by its Special Counsel, Calfee, Halter & Griswold LLP, and for the Underwriter by its counsel, Bricker & Eckler LLP. While Special Counsel has participated in the preparation of portions of this Offering Circular, it has not been engaged to confirm or verify, and expresses and will express no opinion as to the accuracy, completeness or fairness of any of the statements in this Offering Circular, including its appendices (other than APPENDIX B), or in any other reports, financial information, offering or disclosure documents or other information pertaining to the City or the Certificates that may be prepared or made available by the City or others to the holders of the Certificates or others. General TAX MATTERS In the opinion of Calfee, Halter & Griswold LLP, Special Counsel, under existing law and assuming compliance with certain covenants, (i) interest on the Certificates is excludable from gross income for federal income tax purposes under Section 103(a) of the Internal Revenue Code of 1986, as amended (the Code ), is not treated as an item of tax preference under Section 57 of the Code for purposes of the alternative minimum tax imposed on individuals and corporations, and is not treated as an adjustment to adjusted current earnings of a corporation under Section 56(g) of the Code; and (ii) interest on the Certificates, any transfer thereof, and any profit on their sale, exchange, transfer or other disposition is exempt from the Ohio personal income tax, the Ohio commercial activity tax, the net income base of the Ohio corporate franchise tax, and income taxes imposed by municipalities and other political subdivisions in Ohio. An opinion to those effects will be included in the approving legal opinion. Special Counsel will express no opinion regarding other federal income tax consequences resulting from the receipt of accrual of interest on the Certificates. The opinion on tax matters will be based on and will assume the accuracy of certain representations and certifications, and continuing compliance with certain covenants of the City to be contained in the transcript of proceedings and which are intended to evidence and assure the foregoing, including that the Certificates are and will remain obligations the interest on which is excludable from gross income for federal income tax purposes. Special Counsel will not independently verify the accuracy of the certifications and representations made by the City. The City has not designated the Financing Agreement as a qualified tax exempt obligation as defined in Section 265(b)(3) of the Code. The Code prescribes a number of qualifications and conditions for the interest on state and local government obligations to be and remain excludable from gross income for federal income tax purposes, some of which, including provisions for potential payments by the City to the federal government, require future or continued compliance after issuance of the obligations in order for the interest to be and continue to be so excludable from the date of issuance. Noncompliance with these requirements could cause the interest on the Certificates to be included in gross income for federal income tax purposes, in some cases retroactively to the date of their issuance. The City has covenanted in the Financing Agreement to take such actions which may be required for the interest on the Certificates to be and remain excludable from gross income for federal income tax purposes, and not to take any actions which would adversely affect that exclusion. 31

39 Under Code provisions applicable to corporations (as defined for federal income tax purposes), interest may be subject to the branch profits tax imposed under Section 884 of the Code on certain foreign corporations doing business in the United States and to the tax imposed under Section 1375 of the Code on excess net passive income of certain S corporations. Under the Code, the exclusion of interest from gross income for federal income tax purposes can have certain adverse federal income tax consequences on items of income, deductions or credit for certain taxpayers, including financial institutions, certain insurance companies, recipients of Social Security and Railroad Retirement benefits, those that are deemed to incur or continue indebtedness to acquire or carry tax-exempt obligations, and individuals otherwise eligible for the earned income credit. The applicability and extent of these or other tax consequences will depend upon the particular tax status or other items of the owner of the Certificates. Special Counsel will express no opinion regarding such consequences. From time to time, legislative proposals are pending in Congress or the Ohio legislature that would, if enacted, alter or amend one or more of the federal or state tax matters discussed herein in certain respects or that would adversely affect the market value of the Certificates. In addition, federal or state judicial decisions may be rendered, or administrative actions taken by taxing authorities, which could also impact the federal or state tax matters discussed herein or that would adversely affect the market value of the Certificates. Neither the form nor enactment of any of such proposals can be predicted, and there can be no assurance that any such proposals, or any judicial decisions or administrative actions, will not apply, either retroactively or prospectively, to the Certificates. Prospective purchasers of the Certificates should consult their own tax advisors regarding pending and proposed federal and state tax legislation and other court proceedings, and prospective purchasers of the Certificates at other than their original issuance at the respective prices on the inside cover page of this Offering Circular should also consult their own tax advisors regarding other tax considerations such as the consequences of market discount, as to all of which Special Counsel expresses no opinion. The discussion of tax matters in this Offering Circular applies on in the case of purchasers of Certificates at their original issuance. It does not address any other tax consequences, such as, among others, the consequence of the existence of any market discount to subsequent purchasers of the Certificates. The foregoing is not intended as a detailed or comprehensive description of all possible tax consequences of purchasing or holding the Certificates. Persons considering the purchase of the Certificates should consult with their tax advisors as to the consequences of buying or holding the Certificates in their particular circumstances. BOOK-ENTRY ONLY SYSTEM The information in this section concerning DTC and DTC s book-entry only system has been obtained from DTC and the City, AES, and the Underwriter take no responsibility for the completeness or accuracy thereof. The City, AES, and the Underwriter cannot and do not give any assurances that DTC, Direct Participants or Indirect Participants will distribute to the Beneficial Owners (each as hereinafter defined) (a) payments of interest, principal, or premium, if any, with respect to the Certificates, (b) certificates representing ownership interest in or other confirmation or ownership interest in the Certificates, or (c) redemption or other notices sent to DTC or Cede & Co., its partnership nominee, as the registered owner of the Certificates, or that they will so do on a timely basis or that DTC, Direct 32

40 Participants or Indirect Participants will act in the manner described in this Offering Circular. The current Rules applicable to DTC are on file with the Securities and Exchange Commission and the current Procedures of DTC to be followed in dealing with DTC Participants are on file with DTC. DTC will act as securities depository for the Certificates. The Certificates will be issued as fullyregistered Certificates registered in the name of Cede & Co. (DTC s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered certificate will be issued for each issue of the Certificates, each in the aggregate principal amount of such issue, and will be deposited with DTC. If, however, the aggregate principal amount of any issue exceeds $500 million, one certificate will be issued with respect to each $500 million of principal amount, and an additional certificate will be issued with respect to any remaining principal amount of such issue. DTC, the world s largest depository, is a limited-purpose trust company organized under the New York Banking Law, a banking organization within the meaning of the New York Banking Law, a member of the Federal Reserve System, a clearing corporation within the meaning of the New York Uniform Commercial Code, and a clearing agency registered pursuant to the provisions of Section 17A of the Securities Exchange Act of DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-u.s. equity issues, corporate and municipal debt issues, and money market instruments from over 100 countries that DTC s participants ( Direct Participants ) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-u.s. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ( DTCC ). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-u.s. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly ( Indirect Participants ). DTC has Standard & Poor s highest rating: AAA. The DTC rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at and Purchases of Certificates under the DTC system must be made by or through Direct Participants, which will receive a credit for the Certificates on DTC s records. The ownership interest of each actual purchaser of each Certificate ( Beneficial Owner ) is in turn to be recorded on the Direct and Indirect Participants records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Certificates are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in the Certificates, except in the event that use of the book-entry system for the Certificates is discontinued. To facilitate subsequent transfers, all Certificates deposited by Direct Participants with DTC are registered in the name of DTC s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Certificates with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial 33

41 ownership. DTC has no knowledge of the actual Beneficial Owners of the Certificates; DTC s records reflect only the identity of the Direct Participants to whose accounts such Certificates are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Certificates may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Certificates, such as redemptions, tenders, defaults, and proposed amendments to the Certificates. For example, Beneficial Owners of Certificates may wish to ascertain that the nominee holding the Certificates for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the Trustee and request that copies of the notices be provided directly to them. Redemption notices shall be sent to DTC. If less than all of the Certificates within an issue are being redeemed, DTC s practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Certificates unless authorized by a Direct Participant in accordance with DTC s MMI procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the City as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co. s consenting or voting rights to those Direct Participants to whose accounts the Certificates are credited on the record date (identified in a listing attached to the Omnibus Proxy). Redemption proceeds and distributions on the Certificates will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC s practice is to credit Direct Participants accounts, upon DTC s receipt of funds and corresponding detail information from the City or the Trustee, on payable date in accordance with their respective holdings shown on DTC s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in street name, and will be the responsibility of such Participant and not of DTC, the Trustee, or the City, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the City or the Trustee, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants. Revision of Book-Entry Only System - Replacement Certificates The Trust Agreement provides for issuance of fully registered Certificates (the Replacement Certificates ) directly to owners other than DTC or its nominee only if DTC determines not to continue to act as security depository of the Certificates. In such event, the City may in its discretion establish a securities depository/book-entry relationship with another qualified securities depository. If the City does not or is unable to do so, and after appropriate notice to DTC, the Trustee will authenticate and deliver fully registered Replacement Certificates, in the denominations of $5,000 or any multiple thereof, to or at the direction of and, if the event is not the result of City action or inaction, at the expense (including 34

42 printing costs) of, any persons requesting such issuance. Replacement Certificates may be transferred, registered and assigned only in the registration books of the Trustee. TRANSCRIPT AND CLOSING DOCUMENTS A complete transcript of proceedings for the Certificates, including an appropriate no-litigation certificate (described above under LITIGATION ), will be delivered by the City when the Certificates are delivered by the City to the Underwriter. CONTINUING DISCLOSURE The City has agreed for the benefit of the holders and beneficial owners of the Certificates to provide annual financial and operating information in its Annual Report, not later than October 1 of each year, and to provide notices of certain events, if material. Concurrently with the delivery of the Certificates, the City will deliver a certificate of the Treasurer of the City (the Disclosure Certificate ), in the form attached hereto as APPENDIX C, describing the nature of the information to be provided, the persons and entities to whom such information will be provided and the times at which such information will be provided. The City s failure to comply with any undertaking contained in the Disclosure Certificate will not constitute an event of default under the Certificates. The Disclosure Certificate is being executed by the City to assist the Underwriter in complying with Rule 15c2-12(b)(5) adopted by the Securities and Exchange Commission. Specifically, the City agrees to provide the Annual Statement to the Municipal Securities Rulemaking Board (the MSRB ) in an electronic format, if required, and to provide notice of the events described in the Disclosure Certificate to the MSRB in an electronic format, if required. CONCLUDING STATEMENT Information pertaining to the City has been furnished by officials of the City. Information pertaining to the Project has been furnished by the City and information pertaining to AES and the Trustee has been furnished by AES and the Trustee, respectively. To the extent that any statements in this Offering Circular involve matters of opinion or estimates, whether or not expressly stated to be such, those statements are made as such and not as representations of fact or certainty, and no representation is made that any of those statements will be realized. Information in this Offering Circular has been derived by the City from official and other sources and is believed by it to be reliable. References to and summaries or descriptions of provisions of the Certificates, the Financing Agreement, the Trust Agreement and all references to laws and other documents and materials not stated to be quoted in full do not purport to summarize or describe all of the provisions. Copies of those documents may be obtained during the offering period upon request directed to the Underwriter. 35

43 CITY OF AKRON, OHIO 2010 ANNUAL INFORMATIONAL STATEMENT APPENDIX A A-1

44 JK8K<D<EK N]Z! =^in! d[!;`gdc! ^cizcyh! i]vi! i]^h!;ccjva! Cc[dgbVi^dcVa! MiViZbZci! l^aa! WZ! jhzy! &/' id\zi]zg!l^i]!^c[dgbvi^dc!id!wz!hezx^[^xvaan!egdk^yzy!wn!i]z!=^in![dg!i]vi!ejgedhz*!^c!xdcczxi^dc l^i]! i]z! dg^\^cva! d[[zg^c\! VcY! ^hhjvcxz! Wn! i]z! =^in! d[! ^ih! WdcYh*! cdizh! VcY! di]zg! dwa^\vi^dch! VcY! &0' id!egdk^yz!^c[dgbvi^dc!xdcxzgc^c\!i]z!=^in!dc!v!xdci^cj^c\!vccjva!wvh^h, KjZhi^dch! gz\vgy^c\! ^c[dgbvi^dc!xdciv^czy!^c! i]^h!;ccjva! Cc[dgbVi^dcVa! MiViZbZci! h]djay! WZ! Y^gZXiZY! id! >^VcZ! F,! G^aaZg+>Vlhdc*! >^gzxidg! =^in! d[!;`gdc*! Gjc^X^eVa! <j^ay^c\*!/44 Mdji]!B^\]!MigZZi*!;`gdc*!I]^d !iZaZe]dcZ /49![VXh^b^aZ /9!ZbV^a!>G^aaZg+>Vlhdc:V`gdcd]^d,\dk,

45 N]Z! ^c[dgbvi^dc! VcY! ZmegZhh^dch! d[! de^c^dc! ^c! i]^h!;ccjva! Cc[dgbVi^dc! MiViZbZci! VgZ!hjW_ZXi!id!X]Vc\Z!l^i]dji!cdi^XZ,!!HZ^i]Zg!i]Z!YZa^kZgn!d[!i]^h!;ccjVa!Cc[dgbVi^dcVa!MiViZbZci! cdg!vcn!hvaz!bvyz!^c!xdcczxi^dc!l^i]!i]z!yza^kzgn!h]djay*!jcyzg!vcn!x^gxjbhivcxzh*!\^kz!g^hz!id!vcn! ^c[zgzcxz! i]vi! i]zgz!]vh! WZZc! cd! X]Vc\Z! ^c! i]z! V[[V^gh! d[! i]z! =^in! h^cxz! i]z! YViZ! d[! i]^h!;ccjva! Cc[dgbVi^dcVa!MiViZbZci, K89C<!F=!:FEK<EKJ JV\Z =dkzg!jv\z,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, / I<>8I;@E>!K?@J!8EEL8C!@E=FID8K@FE8C!JK8K<D<EK,,,,,,,,,,,,,,,,,,,,,,,, 0 K89C<!F=!:FEK<EKJ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 4 K?<!:@KP,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 5 AZcZgVa,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 5 =^in!adkzgcbzci,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 5?beadnZZh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, /0 =Ve^iVa!CckZhibZci!Jgd\gVb,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, /1 =dbbjc^in!vcy!?xdcdb^x!>zkzadebzci!jgd\gvbh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, /2?Xdcdb^X!VcY!>Zbd\gVe]^X!Cc[dgbVi^dc,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, /2 JdejaVi^dc,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, /2?beadnbZci,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, /3 CcXdbZ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, /6 Bdjh^c\!VcY!<j^aY^c\!JZgb^ih,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, /6 CcYjhig^Va!>ZkZadebZci!Jgd\gVb,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, /7 MZaZXiZY!OeYViZh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, /7-1>!%'CcYjhig^Va!JVg`h*!D?>>M*!%!<^dbZY^XVa,,,,,,,,,,,,,,,,,,,,,,,,,,,, 0. <g^y\zhidcz-@^gzhidcz!nzx]c^xva!=zcizg,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 0/ Mdji]!GV^c!MigZZi!LZYZkZadebZci,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 0/ AddYnZVg!N^gZ!%!LjWWZg!=dbeVcn!Jgd_ZXi,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 0/ ;`gdcaadwva!<jh^czhh!;xxzazgvidg,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 00 ;hxdi!ccyjhig^va!jvg`,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 01 A]Zci!LdVY!I[[^XZ!JVg`,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 01 QZhi!;`gdc,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 01 Mdji];`gdcLZYZkZadebZci9!;`gdc!MfjVgZ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 02 ;^gedgi!>zkzadebzci!;gzv,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 02 FdX`]ZZY!GVgi^c!=dge,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 02 GVhh^aadc!LdVY!CcYjhig^Va!JVg`,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 02 Hdgi]!Njg`Zn[ddi!CcYjhig^Va!JVg`,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 03 Oc^kZgh^in!NZX]cdad\n!JVg`,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 03 Gdg\Vc!OgWVc!LZcZlVa!;gZV,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 03 JdanbZg!CcYjhig^Va!Jgd_ZXih,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 03 =ZcigVa!<jh^cZhh!>^hig^Xi!&=<>'!>ZkZadebZci!Jgd\gVb,,,,,,,,,,,,,,,,,,,,,,,,,,, 03 Oc^kZgh^in!;gZV!?meVch^dc!VcY!>ZkZadebZci,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 03 Oc^kZgh^in!JVg`!;gZV!LZYZkZadebZci,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 04 HVi^dcVa!CckZcidgh!BVaa!d[!@VbZ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 04 =VcVa!JVg`!MiVY^jb,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 04 FdX`!CCC!LZYZkZadebZci!;gZV,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 05 ;`gdc!=^k^x!n]zvigz,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 05 IqHZ^aqh!<j^aY^c\,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 05 +0!+

46 -1>!&9!=ZcigVa!<jh^cZhh!>^hig^Xi,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 06 ;`gdcqh!b^hidg^x!>^hig^xi!vi!gv^c!vcy!gvg`zi,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 07 ;`gdc+mjbb^i!=djcin!f^wgvgn!mnhizb,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 07 ;`gdc!;gi!gjhzjb,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, MjbbV!BZVai]!MnhiZbh!CcX,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 07 MiViZ*!=djcin!VcY!=^in!Jgd_ZXih,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 1. ;`gdc!<^dbzy^xva!=dgg^ydg,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 1. Ii]Zg!=<>!>ZkZadebZcih,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 1. =^in+q^yz!jgd\gvbh!vcy!jgd_zxih,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 1/ ;aa+;bzg^xv!=^in,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 1/ Ec^\]i!=ZciZg!d[!>^\^iVa!?mXZaaZcXZ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 1/ B^\]aVcY!MfjVgZ!LZYZkZadebZci,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 1/ ;`gdc!=dbbjc^in!fzvgc^c\!=zcizgh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 1/ <gdlc[^zay!jgd_zxih,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 10 HZ^\]Wdg]ddY!>ZkZadebZci!Jgd\gVb,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 10 HZ^\]Wdg]ddY!<jh^cZhh!>^hig^Xi!&H<>'!Jgd_ZXih,,,,,,,,,,,,,,,,,,,,,,,,,,, 10 HZ^\]Wdg]ddY!Bdjh^c\!>ZkZadebZci!Jgd_ZXih,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 10 HZl!LZh^YZci^Va!=dchigjXi^dc,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 11 Dd^ci!?Xdcdb^X!>ZkZadebZci!>^hig^Xih,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 12 B^hidg^XVa!D?>>!LZkZcjZh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 15 MZlZg!MnhiZb,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 16 AZcZgVa,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 16 =Ve^iVa!CbegdkZbZcih,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 16?beadnZZh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 2. MZgk^XZ!;gZV!VcY!OhZgh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 2. MZlZg!LViZh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 22 <^aa^c\9!>za^cfjzci!mzlzg!mnhizb!<^aah,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 23 B^hidg^XVa!IeZgVi^c\!LZhjaih,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 24 QViZg!MnhiZb,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 24 AZcZgVa,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 24 QViZg!Mjeean*!NgZVibZci!VcY!>^hig^Wji^dc,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 25 =Ve^iVa!CbegdkZbZcih,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 26?beadnZZh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 27 MZgk^XZ!;gZV!VcY!OhZgh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 27 QViZg!LViZh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 3/ <^aa^c\9!>za^cfjzci!qvizg!mnhizb!<^aah,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 30 B^hidg^XVa!IeZgVi^c\!LZhjaih,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 31 Ii]Zg!Oi^a^i^Zh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 31 Mda^Y!QVhiZ!=daaZXi^dc!VcY!>^hedhVa!MnhiZb,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 31 BZVi^c\!VcY!=dda^c\,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 32 HVijgVa!AVh9!?aZXig^X^in,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 32 NgVchedgiVi^dc,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 32?YjXVi^dc,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 33 ;`gdc!=^in!mx]dda!>^hig^xi,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 33 N]Z!Oc^kZgh^in!d[!;`gdc,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 34 Ii]Zg!MX]ddah,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 35 BZVai]!=VgZ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 35 LZXgZVi^dc!VcY!?ciZgiV^cbZci,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, CcigdYjXi^dc,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 4. <jy\zi^c\*!nvm!fzkn!vcy!;eegdeg^vi^dch!jgdxzyjgzh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 4/ =Vh]!<VaVcXZh!VcY!CckZhibZcih,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 41 +1!+

47 @^cvcx^va!ijiadd`,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ;hhzhhzy!pvajvi^dc,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 44 IkZgaVee^c\!AdkZgcbZciVa?ci^i^Zh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 47 NVm!LViZh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 47 NVm!NVWaZ!;8!!IkZgaVee^c\!NVm!LViZh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 5. NVm!NVWaZ!<8!!=^in!NVm!LViZh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 5/ =daazxi^dch,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 5/ MeZX^Va!;hhZhhbZcih,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 51 >Za^cfjZcX^Zh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, FK?<I!><E<I8C!=LE;!I<M<EL<!JFLI:<J,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 54 HdciVm!LZkZcjZh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 54 B^hidg^XVa!=daaZXi^dch!d[!HdciVm!LZkZcjZh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 54 F^XZchZh!VcY!JZgb^ih,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 55 =]Vg\Zh![dg!MZgk^XZh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, CciZgZhi!?Vgc^c\h,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 55?meZcY^ijgZ!LZXdkZg^Zh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 55 Ii]Zg,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, MZXjg^in[dg!AZcZgVa!IWa^\Vi^dc!>ZWi,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 56 <dcyhvcy!<dcy!;ci^x^evi^dc!hdizh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 57 OckdiZY!<dcYh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 57 PdiZY!<dcYh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 57 <;Hh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 57 MiVijidgn!>^gZXi!>ZWi!F^b^iVi^dch,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 6. CcY^gZXi!>ZWi!VcY!OckdiZY!JgdeZgin!NVm!F^b^iVi^dch,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 6. >ZWi!IjihiVcY^c\,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 60 >ZWi!NVWaZ!;8!Jg^cX^eVa!;bdjcih!d[!IjihiVcY^c\!AZcZgVa!IWa^\Vi^dc >ZWi9!=VeVX^in![dg!;YY^i^dcVa!>ZWi!Q^i]^c!>^gZXi!>ZWi!F^b^iVi^dch,,,,,, 60 >ZWi!NVWaZ!<8!PVg^djh!=^in!VcY!IkZgaVee^c\!AZcZgVa!IWa^\Vi^dc &AI'!>ZWi!;aadXVi^dch!&Jg^cX^eVa!;bdjcih',,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 63 >ZWi!NVWaZ!=8!Jgd_ZXiZY!>ZWi!MZgk^XZ!LZfj^gZbZcih!dc!OckdiZY AZcZgVa!IWa^\Vi^dc!<dcYh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 64 JVnbZci!d[!>ZWi!MZgk^XZ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 65 >ZWi!NVWaZ!>8!!Jg^cX^eVa!;bdjci!d[!AZcZgVa!IWa^\Vi^dc!>ZWi*!i]Z >ZWi!MZgk^XZ!dc!Q]^X]!QVh!&dg!Q^aa!<Z' LZi^gZY![gdb!i]ZhZ!MdjgXZh,,,, 66 <dcy!;ci^x^evi^dc!hdizh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 67 >ZWi! NVWaZ!?8!! IjihiVcY^c\! AZcZgVa! IWa^\Vi^dc! <dcy!;ci^x^evi^dc! HdiZh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, LZkZcjZ!<dcYh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 70 QViZg!MnhiZb!LZkZcjZ!<dcYh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 70 MZlZg!MnhiZb!LZkZcjZ!<dcYh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 70 MeZX^Va!LZkZcjZ!<dcYh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 71 CcXdbZ!NVm!LZkZcjZ!<dcYh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 71 JZch^dc!<dcYh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 71 AZcZgVa!IWa^\Vi^dc!<dcYh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 72 AjVgVciZZh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 72 =dbbjc^in!fzvgc^c\!=zcizgh!&=f='!<dcyh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 73 CcXdbZ!NVm!LZkZcjZ!<dcY!>ZWi!MZgk^XZ!VcY >ZWi!MZgk^XZ=dkZgV\Z,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 75 +2!+

48 HdciVm!LZkZcjZ!<dcYh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 77 Fdc\+NZgb!IWa^\Vi^dchIi]Zg!N]Vc!<dcYh!VcY!HdiZh,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, /./ IQ>;*!I>IN*!I>I>!VcY!IJQ=!FdVch,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, /./ =Zgi^[^XViZh!d[!JVgi^X^eVi^dc,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, /.2 Ii]Zg!IWa^\Vi^dch,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, /.2 LZi^gZbZci!IWa^\Vi^dch,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, /.3 C<>8C!D8KK<IJ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, /.4 F^i^\Vi^dc,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, /.4 <dcy!=djchza,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, /.4 /.4 /.5 8ccXaW\k!8)-) VcY!<jY\ZiZY!0./.! 8ccXaW\k!8).) 0..7!VcY!;eegdeg^ViZY!0./. 8ccXaW\k!9!) 8ccXaW\k!:) =OMCJ!HjbWZgh![dg!=^in!d[!;`gdc!<dcYh!VcY!Ii]Zg!IWa^\Vi^dch A=! 3=;>:E! D9A8! 26;97-<,;79?!:;*;.5.6;1<4*OODMCHW!-#$ +3!+

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