SUMMARY STATEMENT
The information set forth below is qualified in its entirety by the information and financial statements appearing elsewhere in the Official Statement.
| Issuer: | City of Revere, Massachusetts. |
| Issues: | Series A
- $8,015,000 State Qualified Municipal Purpose Loan of
1997 Bonds Series B - $1,000,000 Municipal Purpose Loan of 1997 Bonds. |
| P. O. S. Dated: | June 9, 1997. |
| Dated Date: | June 15, 1997. |
| Principal Due: | Serially June 15, 1998 through June 15, 2017 as detailed herein. |
| Purpose and Authority: | Bond proceeds will finance various municipal projects as authorized by the City Council under provisions of Chapter 44, Sections 8(5), 7(9) and 7(3A) of the Massachusetts General Laws and Chapter 74 of the Massachusetts Acts of 1945, as amended, as detailed herein. |
| Redemption: | The Bonds are subject to optional redemption prior to their stated maturities. |
| Refer to "Redemption Provisions" herein. | |
| Security: | The Bonds will be valid general obligations of the City of Revere, Massachusetts, and the principal of and interest on the Bonds are payable from taxes which may be levied upon all taxable property in the City subject to the limit imposed by Chapter 59, Section 21C of the General Laws. |
| Credit Ratings: | Moody’s Investors Service and Standard & Poor’s Rating Group ratings pending. |
| Bond Insurance: | The City has not contracted for the issuance of any policy of municipal bond insurance or any other credit enhancement facility. |
| Tax Exemption: | Refer to "Tax Exemption" herein and Appendix B, "Bond Counsel Legal Opinion". |
| Continuing Disclosure: | Refer to "Continuing Disclosure" herein. |
| Bank Qualification: | The Bonds WILL NOT BE designated by the Issuer as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. |
| Paying Agent: | Fleet National Bank, Boston, Massachusetts. |
| Legal Opinion: | Ropes & Gray, Boston, Massachusetts. |
| Delivery and Payment: | It is expected that delivery of the Bonds in book-entry only form will be made to the Depository Trust Company on or about June 27, 1997, against payment in Federal Funds. |