ER1105440

PRELIMINARY OFFICIAL STATEMENT DATED JUNE 23, 2015
Ratings: Moody’s: Aa2

Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the solicitation of an offer to buy, and there shall not be any sale of the Bonds offered hereby, in any jurisdiction in
THIS PRELIMINARY OFFICIAL STATEMENT AND THE INFORMATION CONTAINED IN IT ARE SUBJECT TO COMPLETION AND AMENDMENT IN A FINAL OFFICIAL STATEMENT.
NEW ISSUE; BOOK-ENTRY ONLY

See Ratings
In the opinion of Squire Patton Boggs (US) LLP, Bond Counsel, under existing law: (i) assuming continuing compliance with certain covenants and the
accuracy of certain representations, interest on the Bonds is excluded from gross income for federal income tax purposes and is not an item of tax
preference for purposes of the federal alternative minimum tax imposed on individuals and corporations, and the Bonds are qualified tax-exempt
obligations as defined in Section 265(b)(3) of the Internal Revenue Code of 1986, as amended; and (ii) interest on, and any profit made on the sale,
exchange or other disposition of, the Bonds are exempt from all Ohio state and local taxation, except the estate tax, the domestic insurance company tax,
the dealers in intangibles tax, the tax levied on the basis of the total equity capital of financial institutions, and the net worth base of the corporate
franchise tax. Interest on the Bonds may be subject to certain federal taxes imposed only on certain corporations, including the corporate alternative
minimum tax on a portion of that interest. For a more complete discussion of the tax aspects, see Tax Matters.
$9,115,000*
CITY OF STOW, OHIO
GENERAL OBLIGATION (Limited Tax)
VARIOUS PURPOSE REFUNDING BONDS, SERIES 2015
which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of that jurisdiction.
Dated: Closing Date
The Bonds. The Bonds are unvoted general obligations of the City, issued to refund certain securities issued previously
to finance permanent improvements, as described under Authorization and Purpose. Principal and interest, unless paid
from other sources, are to be paid from the proceeds of the City’s levy of ad valorem property taxes, which taxes are
within the 7.2-mill limitation provided by the City’s Charter.
Book-Entry Only. The Bonds will be initially issued only as fully-registered bonds, one for each maturity, issuable
under a book-entry system, registered initially in the name of The Depository Trust Company or its nominee (DTC).
There will be no distribution of Bonds to the ultimate purchasers. The Bonds in certificated form as such will not be
transferable or exchangeable, except for transfer to another nominee of DTC or as otherwise described in this Official
Statement. See Appendix E.
Payment. (See Maturity Schedule on inside cover.) Principal and interest will be payable to the registered owner (DTC),
principal upon presentation and surrender at the designated corporate trust office of The Huntington National Bank (the
Bond Registrar) and interest transmitted by the Bond Registrar on each interest payment date (June 1 and December 1 of
each year, beginning December 1, 2015) to the registered owner (DTC) as of the 15 th day preceding that interest payment
date.
Prior Redemption. Bonds maturing on or after December 1, 2023, are subject to optional redemption by the City prior
to maturity, beginning December 1, 2022, and Term Bonds are subject to mandatory prior redemption if so requested by
the successful bidder, as described in this Official Statement. See Prior Redemption.
The Bonds are offered when, as and if issued, subject to the opinion on certain legal matters relating to their
issuance of Squire Patton Boggs (US) LLP, Bond Counsel to the City. Municipal advisory services are provided to the
City by Sudsina & Associates, LLC, Vermilion, Ohio. The Bonds are expected to be available for delivery to DTC or its
agent on July 16, 2015.
This Official Statement has been prepared by the City in connection with its original offering for sale of the Bonds. The
Cover includes certain information for quick reference only. It is not a summary of the Bond issue. Investors should read
the entire Official Statement to obtain information as a basis for making informed investment judgments.
Sale Procedure. Electronic bids (received via BiDCOMP/Parity) and written bids (received via facsimile) must be
submitted in accordance with the Official Notice of Sale. See Appendix G. Bids will be received until 11:00 a.m., Ohio
time, on June 30, 2015. This Official Statement is “deemed final” by the City as of its date for purposes of, and except
for certain omissions as permitted by, SEC Rule 15c2-12(b)(1), and is subject to completion, amendment or
supplementation in the final Official Statement.
The date of this Official Statement is July ___, 2015, and the information herein speaks only as of that date.
* Preliminary, subject to change; see the Official Notice of Sale attached as Appendix G.
PRINCIPAL MATURITY SCHEDULE*
ON DECEMBER 1
Interest CUSIP©(a)
Year Amount Rate Price No. 862386
2015 $500,000
2016 555,000
2017 845,000
2018 865,000
2019 340,000
2020 350,000
2021 365,000
2022 375,000
2023 385,000
2024 400,000
2025 405,000
2026 420,000
2027 435,000
2028 445,000
2029 460,000
2030 470,000
2031 485,000
2032 500,000
2033 515,000
____________________
* Preliminary, subject to change; see the Official Notice of Sale attached as Appendix G.
(a) Copyright ©, CUSIP Global Services (see Regarding This Official Statement).
CITY OF STOW, OHIO
CITY OFFICIALS
Mayor: Sara Drew

Director of Finance: John M. Baranek
Director of Law: Amber Zibritosky, Esq.
City Council:
Bob Adaska
Jim Costello, President Pro-Tem
Brian D’Antonio
Brian Lowdermilk
John Pribonic
Mike Rasor, Vice President
Matt Riehl, President
PROFESSIONAL SERVICES
Bond Counsel: Squire Patton Boggs (US) LLP
Bond Registrar/Escrow Agent: The Huntington National Bank
Municipal Advisor: Sudsina & Associates, LLC
Verification Agent: Causey Demgen & Moore P.C.

[This Page Is Intentionally Left Blank.]
REGARDING THIS OFFICIAL STATEMENT
This Official Statement does not constitute an offering of any security other than the
original offering of the Bonds identified on the Cover (as defined herein). No dealer, broker,
sales person or other person has been authorized by the City to give any information or to make
any representation other than as contained in this Official Statement, and if given or made, such
other information or representation must not be relied upon as having been given or authorized
by the City. This Official Statement does not constitute an offer to sell or the solicitation of an
offer to buy, and there shall not be any sale of the Bonds by any person, in any jurisdiction in
which it is unlawful to make that offer, solicitation or sale.
The information in this Official Statement is provided by the City in connection with
the original offering of the Bonds. Reliance should not be placed on any other information
publicly provided, in any format including electronic, by the City for other purposes, including
general information provided to the public or to portions of the public. The information in this
Official Statement is subject to change without notice. Neither the delivery of this Official
Statement nor any sale made under it shall, under any circumstances, give rise to any implication
that there has been no change in the affairs of the City since its date.
This Official Statement contains statements that the City believes may be “forward-
looking statements.” Words such as “plan,” “estimate,” “project,” “budget,” “anticipate,”
“expect,” “intend,” “believe” and similar terms are intended to identify forward-looking
statements. The achievement of results or other expectations expressed or implied by such
forward-looking statements involves known and unknown risks, uncertainties and other factors
that are difficult to predict, may be beyond the City’s control and could cause actual results,
performance or achievements to be materially different from any results, performance or
achievements expressed or implied by such forward-looking statements. The City undertakes no
obligation, and does not plan, to issue any updates or revisions to such forward-looking
statements.
UPON ISSUANCE, THE BONDS WILL NOT BE REGISTERED BY THE CITY

UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES
LAW, AND WILL NOT BE LISTED ON ANY STOCK OR OTHER SECURITIES
EXCHANGE. NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY
OTHER FEDERAL, STATE OR OTHER GOVERNMENTAL ENTITY OR AGENCY WILL
HAVE AT THE REQUEST OF THE CITY PASSED UPON THE ACCURACY OR
ADEQUACY OF THIS OFFICIAL STATEMENT OR APPROVED OR DISAPPROVED THE
BONDS FOR SALE.
CUSIP is a registered trademark of the American Bankers Association. CUSIP

Global Services (CGS) is managed on behalf of the American Bankers Association by Standard
& Poor’s. CUSIP data herein are provided by Standard & Poor’s, CUSIP Service Bureau, a
division of The McGraw-Hill Companies, Inc. CUSIP numbers have been assigned by an
independent company not affiliated with the City and are included solely for the convenience of
the holders of the Bonds. The City, the Bond Counsel and the Underwriter are not responsible
for the selection or use of these CUSIP numbers and make no representation as to their
correctness on the Bonds or the Cover or as indicated above. The CUSIP number for a specific
maturity is subject to being changed after the issuance of the Bonds as a result of various
subsequent actions and events.
The Ohio Municipal Advisory Council (OMAC) has requested that this paragraph be
included in this Official Statement. Certain information contained in the Official Statement is
attributed to OMAC. OMAC compiles information from official and other sources. OMAC
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believes the information it compiles is accurate and reliable, but OMAC does not independently
confirm or verify the information and does not guaranty its accuracy. OMAC has not reviewed
this Official Statement to confirm that the information attributed to it is information provided by
OMAC or for any other purpose.
The City may, and the successful bidder is authorized to, complete the Cover or add a
separate page on the front of this Official Statement to indicate the offering prices or yields,
interest rate(s), the identity of the Underwriter, and the rating.
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TABLE OF CONTENTS
Page
REGARDING THIS OFFICIAL STATEMENT .......................................................................... 1

INTRODUCTORY STATEMENT ............................................................................................... 7
THE BONDS ................................................................................................................................. 9
AUTHORIZATION AND PURPOSE .......................................................................................... 9
Use of Proceeds – Refunding ............................................................................................. 9
CERTAIN TERMS OF THE BONDS ........................................................................................ 10
General; Book-Entry System ........................................................................................... 10
Prior Redemption ............................................................................................................. 10
Mandatory Redemption ....................................................................................... 10
Optional Redemption ........................................................................................... 10
Selection of Bonds and Book-Entry Interests to be Redeemed ........................... 10
Notice of Call for Redemption; Effect ................................................................. 11
SECURITY AND SOURCES OF PAYMENT ........................................................................... 11
Basic Security .................................................................................................................. 11
Enforcement of Rights and Remedies.............................................................................. 12
Bankruptcy ....................................................................................................................... 13
Refunding......................................................................................................................... 13
LITIGATION ............................................................................................................................... 13
OPINION OF BOND COUNSEL ............................................................................................... 14
TAX MATTERS .......................................................................................................................... 14
Risk of Future Legislative Changes and/or Court Decisions ........................................... 16
Original Issue Discount and Original Issue Premium...................................................... 16
ELIGIBILITY FOR INVESTMENT AND AS PUBLIC MONEY SECURITY ....................... 17
RATING ...................................................................................................................................... 18
TRANSCRIPT AND CLOSING CERTIFICATES .................................................................... 18
CONTINUING DISCLOSURE AGREEMENT ......................................................................... 18
VERIFICATION OF MATHEMATICAL COMPUTATIONS .................................................. 19
FINANCIAL ADVISOR ............................................................................................................. 19
BOND REGISTRAR AND ESCROW AGENT ......................................................................... 19
THE CITY ................................................................................................................................... 20
GENERAL INFORMATION ...................................................................................................... 20
City Government .............................................................................................................. 22
Employees ........................................................................................................................ 23
Retirement Expenses ........................................................................................................ 24
Health Care ...................................................................................................................... 25
City Facilities ................................................................................................................... 26
Economic and Demographic Information ........................................................................ 26
Population ............................................................................................................ 26
Commercial, Industrial and Residential Activity................................................. 27
Employment and Income ..................................................................................... 28
Housing and Building Permits ............................................................................. 30
Utilities; Public Safety and Services .................................................................... 31
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TABLE OF CONTENTS
Page
FINANCIAL MATTERS ............................................................................................................ 31

Introduction ...................................................................................................................... 31
Budgeting, Property Tax Levy and Appropriations Procedures ...................................... 32
Financial Reports and Audits ........................................................................................... 33
Financial Outlook............................................................................................................. 33
GENERAL FUND ....................................................................................................................... 34
AD VALOREM PROPERTY TAXES AND SPECIAL ASSESSMENTS ................................ 34
Assessed Valuation .......................................................................................................... 34
Overlapping Governmental Entities ................................................................................ 36
Tax Rates ......................................................................................................................... 37
TAX TABLE A Overlapping Tax Rates ............................................................. 37
TAX TABLE B City Tax Rates ........................................................................... 38
Collections ....................................................................................................................... 38
Special Assessments ........................................................................................................ 39
Delinquencies ................................................................................................................... 40
MUNICIPAL INCOME TAX ..................................................................................................... 41
STATE LOCAL GOVERNMENT ASSISTANCE FUNDS ...................................................... 42
ESTATE TAXES ......................................................................................................................... 42
CITY DEBT AND OTHER LONG-TERM OBLIGATIONS .................................................... 43
Security for General Obligation Debt; Bonds and BANs ................................................ 43
Statutory Direct Debt Limitations .................................................................................... 44
Indirect Debt and Unvoted Property Tax Limitations ..................................................... 46
Debt Outstanding ............................................................................................................. 47
Bond Anticipation Notes.................................................................................................. 47
Bond Retirement Fund ..................................................................................................... 47
Future Financings............................................................................................................. 48
Long-Term Financial Obligations Other Than Bonds and Notes .................................... 48
CONCLUDING STATEMENT .................................................................................................. 49
Debt Tables
A: Principal Amounts of Outstanding General Obligation

(GO) Debt; Leeway for Additional Debt within Direct
Debt Limitations ............................................................................................ DT-1
B: Various City and Overlapping GO Debt Allocations
(Principal Amounts) ....................................................................................... DT-2
C: Projected Debt Charges Requirements on City GO Debt .............................. DT-3
D: Outstanding GO Bond Anticipation Notes .................................................... DT-4
E: Outstanding GO Bonds .................................................................................. DT-5
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TABLE OF CONTENTS
Appendix A: Comparative Cash-Basis Summary of General Fund Receipts and Expenditures

for Fiscal Years 2010 through 2014 and Budgeted Fiscal Year 2015
Appendix B-1: All-Funds Summary for Fiscal Year 2013
Appendix B-2: All-Funds Summary for Fiscal Year 2014
Appendix C: Basic Financial Statements from the City’s Financial Report for Fiscal Year
2013 (Audited)
Appendix D: Proposed Text of Opinion of Bond Counsel
Appendix E: Book-Entry System; DTC

Appendix F: Proposed Form of Continuing Disclosure Agreement
Appendix G: Official Notice of Sale
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INTRODUCTORY STATEMENT
This Official Statement has been prepared by the City of Stow, Ohio (the City), in
connection with its original issuance and sale of the Bonds identified on the Cover (the Bonds).
Certain information concerning the Bonds, including their authorization, purpose, terms and
security and sources of payment, and the City is provided in this Official Statement.
This Introductory Statement briefly describes certain information relating to the

Bonds and supplements certain information on the Cover. It is not intended as a substitute for
the more detailed discussions in this Official Statement. Investors should read the entire Official
Statement to obtain information as a basis for making informed investment judgments.
All financial and other information in this Official Statement has been provided by
the City from its records, except for information expressly attributed to other sources and except
for certain information on the Cover. The presentation of information, including tables of
receipts from taxes and other sources, is intended to show recent historical 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 is shown by that financial and other
information, will necessarily continue or otherwise be predictive of future experience. See also
Regarding This Official Statement.
This Official Statement should be considered in its entirety and no one subject should
be considered less important than another by reason of location in the text. Reference should be
made to laws, reports or documents referred to for more complete information regarding their
contents. References to provisions of Ohio law, including the Revised Code and the Ohio
Constitution, and of the City Charter (the Charter) are references to those current provisions.
Those provisions may be amended, repealed or supplemented.
As used in this Official Statement:
 “Beneficial Owner” means the owner of a book-entry interest in the Bonds,

as defined in Appendix E.
 “Council” means the Council of the City.
 “County” means the County of Summit, Ohio.

 “County Fiscal Officer” means the Fiscal Officer of the County.
 “Cover” means the cover page and the inside cover of this Official Statement.
 “Debt charges” means the principal (including any mandatory sinking fund
deposits and mandatory redemption payments), interest and any redemption
premium payable on the obligations referred to as those payments come due
and payable; debt charges may also be referred to as “debt service.”
 “Fiscal Year” means the 12-month period ending December 31, and
reference to a particular Fiscal Year (such as “Fiscal Year 2015”) means the
Fiscal Year ending on December 31 in that year.
 “Revised Code” means the Ohio Revised Code.
 “State” or “Ohio” means the State of Ohio.
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 “2013 State Budget Act” means Amended Substitute House Bill No. 153,
passed by the Ohio General Assembly and signed by the Governor on June 30,
2013, providing State appropriations for its 2014-2015 biennium (beginning
July 1, 2013 through June 30, 2015) and enacting other statutory provisions.
The Bonds are issued by the City of Stow, Ohio. They are authorized by Chapter 133
of the Revised Code, the Charter, and legislation passed by the Council. The Bonds are issued to
refund certain outstanding bonds of the City as described herein under Authorization and
Purpose.
The Bonds are general obligations of the City, the full faith and credit and general
property taxing power of which are pledged to the payment of debt charges. Unless paid from
other sources, debt charges are to be paid from the proceeds of the City’s levy of ad valorem
property taxes, which taxes are within the 7.2-mill limitation provided by the City’s Charter. See
Security and Sources of Payment.
The Authorizing Legislation (see Authorization and Purpose) provides that the
Bonds will be issued in the denomination of $5,000 or in whole multiples of $5,000. The Bonds
will be initially issued only as fully-registered bonds, one for each maturity, issuable under a
book-entry system and registered initially in the name of The Depository Trust Company, New
York, New York, or its nominee (DTC). The Bonds will be issued in the denomination of
$5,000 or in whole multiples of $5,000. See General; Book-Entry System and Appendix E.
Principal and interest will be payable to the registered owner (DTC). Principal will
be payable on presentation and surrender at the designated corporate trust office of the Bond
Registrar. See Bond Registrar. Interest will be transmitted by the Bond Registrar on each
interest payment date (June 1 and December 1, beginning December 1, 2015) to the registered
owner as of the 15th day preceding that interest payment date.
The Bonds maturing on or after December 1, 2023, are subject to prior redemption on
any date, by and at the sole option of the City, in whole or in part as selected by the City (in
whole multiples of $5,000), on or after December 1, 2022, at a redemption price equal to 100%
of the principal amount redeemed, plus interest accrued to the redemption date. Term Bonds
subject to mandatory prior redemption may be created as described in this Official Statement, if so
requested by the successful bidder. See Prior Redemption.
The opinion as to the validity of the Bonds and the tax-exempt status of the interest
on the Bonds will be rendered by Squire Patton Boggs (US) LLP (Bond Counsel). See Opinion
of Bond Counsel and Tax Matters and Appendix D.
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THE BONDS
AUTHORIZATION AND PURPOSE
The Bonds are to be issued pursuant to Chapter 133 of the Revised Code, the Charter,
ordinances passed by the Council and a certificate of award provided for by those ordinances
(collectively, the Authorizing Legislation).
The Bonds are being issued for the purpose of refunding at a lower interest the City’s
outstanding (i) Safety Center Construction Refunding Bonds, Series 2004, dated as of
August 1, 2004, and stated to mature on December 1 of the years 2015 through 2018, inclusive
(collectively, the Refunded 2004 Bonds), and (ii) Various Purpose Bonds, Series 2008, dated as
of May 8, 2008, and stated to mature on December 1 of the years 2017 through 2027, inclusive,
2029 and 2033 (collectively, the Refunded 2008 Bonds, and together with the Refunded 2004
Bonds, collectively, the Refunded Bonds). The Refunded 2004 Bonds were issued for the
purpose of constructing, furnishing and equipping a Safety Center and, in connection therewith,
constructing and installing water mains, sanitary sewers and drainage facilities, constructing
roads for ingress and egress, constructing driveways, parking lots and sidewalks, improving
intersections, installing street lighting and improving the Safety Center site. The Refunded 2008
Bonds were issued for the purpose of (i) constructing, furnishing and equipping a service
maintenance center and parks maintenance and urban forestry center and improving the sites
therefor and (ii) constructing, furnishing and equipping two fire stations, improving the sites
therefor and acquiring any necessary real estate therefor.
Use of Proceeds – Refunding
Proceeds from the sale of the Bonds that will be used to refund the Refunded Bonds
will be deposited in an Escrow Fund held by The Huntington National Bank, Columbus, Ohio
(the Escrow Trustee), pursuant to an Escrow Agreement between the City and the Escrow
Trustee dated as of July 16, 2015 (the Escrow Agreement). The money deposited in the Escrow
Fund will be (a) held in cash to the extent not needed to make the investments described in (b)
below, and (b) invested in direct obligations of or obligations guaranteed as to payment by the
United States (within the meaning of Section 133.34(D) of the Revised Code) that mature or are
subject to redemption by and at the option of the holder, in amounts sufficient, together with any
uninvested cash in the Escrow Fund but without further investment or reinvestment, for the
(i) payment of the principal of and interest on the Refunded 2004 Bonds when due upon their
prior optional redemption on August 20, 2015, (ii) payment of the interest on the Refunded 2008
Bonds when due on June 1 and December 1 of each year from December 1, 2015 through
December 1, 2016, and (iii) payment of the principal of the Refunded 2008 Bonds upon their
prior optional redemption on December 1, 2016, all as provided in the Authorizing Legislation.
The Authorizing Legislation provides for an irrevocable call for optional redemption of the
Refunded 2004 Bonds on August 20, 2015, and for an irrevocable call for optional redemption of
the Refunded 2008 Bonds on December 1, 2016, in each case at a redemption price equal to
100% of the principal amount redeemed, plus interest accrued to the redemption date.
Any premium received by the City on the sale of the Bonds in excess of that
necessary to fully fund the Escrow Fund as described above and to pay costs of issuing the
Bonds and refunding the Refunded Bonds and any interest accrued on the Bonds will be
deposited in the Bond Retirement Fund. Money in that Fund is used to pay debt charges on City
debt obligations. See also the discussion under Verification of Mathematical Computations.
9
CERTAIN TERMS OF THE BONDS
General; Book-Entry System
The Bonds will be dated their date of original issuance, will be payable in the
principal amounts and on the dates and will bear interest (computed on the basis of a 360-day
year and 12 30-day months) at the rates and be payable on the dates, at the place and in the
manner, all as described on the Cover.
The Bond Registrar will act as the paying agent for the Bonds and will keep all books
and records necessary for registration, exchange and transfer of the Bonds. See Bond Registrar.
The Bonds will be delivered in book-entry-only form and, when issued, registered in
the name of The Depository Trust Company (DTC), New York, New York, or its nominee
Cede & Co., which will act as securities depository for the Bonds. For discussion of the book-
entry system and DTC and the replacement of Bonds in the event that the book-entry system is
discontinued, see Appendix E.
Prior Redemption
The Bonds are subject to mandatory and optional redemption as follows.
Mandatory Redemption
Any bidder may, at its option, specify that particular maturities of the Bonds for
which the same rate of interest is specified in its bid shall be issued as term bonds subject to
mandatory sinking fund redemption by the City in consecutive years immediately preceding the
maturity thereof (a Term Bond). In the event that the successful bidder specifies that any
maturity of the Bonds shall be issued as a Term Bond, that Term Bond shall be subject to
mandatory sinking fund redemption on December 1 in each applicable year, in the principal
amount for such year as set forth on the Cover, at a redemption price equal to the principal
amount to be redeemed, plus interest accrued thereon to the redemption date, without premium.
See the Official Notice of Sale attached hereto as Appendix G for more information. Term Bonds
redeemed by other than mandatory redemption, or purchased for cancellation, may be credited
against the applicable mandatory redemption requirement for the Term Bonds of the corresponding
maturity.
Optional Redemption
The Bonds maturing on or after December 1, 2023, are subject to prior redemption,
by and at the sole option of the City, in whole or in part as selected by the City (in whole
multiples of $5,000), on any date on or after December 1, 2022, at a redemption price equal to
Selection of Bonds and Book-Entry Interests to be Redeemed
If fewer than all outstanding Bonds are called for optional redemption at one time, the
Bonds to be called will be called as selected by, and selected in a manner as determined by, the
City.

Preliminary, subject to change.
10
If less than all of an outstanding Bond of one maturity under a book-entry system is to
be called for redemption (in the amount of $5,000 or any whole multiple), the Bond Registrar
will give notice of redemption only to DTC as registered owner. The selection of the book-entry
interests in that Bond to be redeemed is discussed below under Notice of Call for Redemption;
Effect.
If bond certificates are issued to the ultimate owners, and if fewer than all of the
Bonds of a single maturity are to be redeemed, the selection of Bonds (or portions of Bonds in
the amount of $5,000 or any whole multiple) to be redeemed will be made by lot in a manner
determined by the Bond Registrar.
In the case of a partial redemption by lot when Bonds of denominations greater than
$5,000 are then outstanding, each $5,000 unit of principal will be treated as if it were a separate
Bond of the denomination of $5,000.
Notice of Call for Redemption; Effect

The Bond Registrar is to cause notice of the call for redemption, identifying the
Bonds or portions of Bonds to be redeemed, to be sent by first-class mail, at least 30 days prior
to the redemption date, to the registered owner (initially, DTC) of each Bond to be redeemed at
the address shown on the Register on the 15th day preceding that mailing. Any defect in the
notice or any failure to receive notice by mailing will not affect the validity of any proceedings
for the redemption of any Bonds.
On the date designated for redemption, Bonds or portions of Bonds called for
redemption shall become due and payable. If the Bond Registrar then holds sufficient money for
payment of debt charges payable on that redemption date, interest on each Bond (or portion of a
Bond) so called for redemption will cease to accrue on that date.
So long as all Bonds are held under a book-entry system by a securities depository
(such as DTC), a call notice is to be sent by the Bond Registrar only to the depository or its
nominee. Selection of book-entry interests in the Bonds called, and giving notice of the call to
the owners of those interests called, is the sole responsibility of the depository and of its Direct
Participants and Indirect Participants. Any failure of the depository to advise any Direct
Participant, or of any Direct Participant or any Indirect Participant to notify the Beneficial
Owners, of any such notice and in its content or effect will not affect the validity of any
proceedings for the redemption of any Bonds or portions of Bonds. See Appendix E.
SECURITY AND SOURCES OF PAYMENT
The Bonds will be unvoted general obligation debt of the City payable from the
sources described, subject to bankruptcy laws and other laws affecting creditors’ rights and to the
exercise of judicial discretion.
Basic Security
The basic security for payment of the Bonds is the requirement that the City levy
ad valorem property taxes within the ten-mill limitation imposed by Ohio law to pay debt
charges on the Bonds. The State constitution specifically prohibits a subdivision such as the City
from incurring general obligation indebtedness unless the authorizing legislation makes
provision “for levying and collecting annually by taxation an amount sufficient to pay” the debt
charges on the bonds. (Ohio Constitution Article XII Section 11.)
11
The Ohio Supreme Court has stated:
“Section 11 of Article XII of the Constitution of Ohio imposes a

mandatory duty upon the State and its political subdivisions to pay the
interest and principal of their indebtedness before provisions are to be
made for current operating expenses.” State ex rel. Nat’l City Bank v. Bd.
of Ed. of the Cleveland City School District, 52 Ohio St. 2d 81, 85 (1977).
Under State law, the levy for debt charges on unvoted general obligations of the City
is to be placed before and in preference to all other levies and for the full amount of those debt
charges. See the further discussions under Ad Valorem Property Taxes and Special
Assessments and City Debt and Other Long-Term Obligations.
Ohio law requires the City to levy and collect that property tax to pay debt charges on
the Bonds as they come due, unless and to the extent those debt charges are paid from other
sources, such as described below.
The Authorizing Legislation provides further security by making a pledge of the full
faith and credit and the general property taxing power of the City for the payment of debt
charges on the Bonds as they come due. All funds of the City are included in that pledge, except
those specifically limited to another use or prohibited from that use by the Ohio Constitution, or
Ohio or federal law, or revenue bond trust agreements. Those exceptions as to portions of the
Bonds include tax levies voted for specific purposes or expressly pledged to certain obligations,
special assessments pledged to particular bonds or notes, and certain utility revenues. A similar
pledge is made in each ordinance authorizing voted or unvoted general obligation debt.
Enforcement of Rights and Remedies
In addition to the right of individual bondholders to sue upon their particular Bonds,
Ohio law authorizes the holders of not less than 10% in principal amount of the outstanding
Bonds, whether or not then due and payable or reduced to judgment, to bring mandamus or other
actions to enforce all contractual or other rights of the bondholders, including the right to require
the City to assess levy, charge, collect and apply the unvoted property taxes and other pledged
receipts to pay debt charges and to perform its duties under law. Those bondholders may, in the
case of any default in payment of debt charges to bring action to require the City to account as if
it were the trustee of an express trust for the bondholders or to enjoin any acts that may be
unlawful or in violation of bondholder rights. See also Appendix E.
The State has pledged to and agreed with holders of securities such as the Bonds that
“…the state will not, by enacting any law or adopting any rule, repeal,
revoke, repudiate, limit, alter, stay, suspend, or otherwise reduce, rescind,
or impair the power or duty of a subdivision to exercise, perform, carry
out, and fulfill its responsibilities or covenants under this chapter
[Chapter 133, the State’s Uniform Public Securities Law] or legislation or
agreements as to its Chapter 133. securities, including a credit
enhancement facility, passed or entered into pursuant to this chapter, or
repeal, revoke, repudiate, limit, alter, stay, suspend, or otherwise reduce,
rescind, or impair the rights and remedies of any such holders fully to
enforce such responsibilities, covenants, and agreements or to enforce the
pledge and agreement of the State contained in this division, or otherwise
exercise any sovereign power materially impairing or materially
inconsistent with the provisions of such legislation, covenants, and
agreements.” (Section 133.25(D) of the Revised Code.)
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Bankruptcy
Federal and State laws provide procedures for the adjustment of indebtedness of
political subdivisions, such as the City. Chapter 9 of the U.S. Bankruptcy Code would permit the
City to make such an adjustment if (i) it were “insolvent” (i.e., the City was not paying its debt
charges as they came due or it was unable to pay those debt charges as they became due), (ii) it
met certain other criteria (e.g., having negotiated in good faith with its creditors and failed to
reach agreement or such negotiation was impractical because of time restrictions, the number of
creditors or other reasons) and (iii) it were authorized under State law (by legislation or by a
governmental officer) to seek relief under Chapter 9. The State’s Uniform Public Securities Law
provides that the City or any other subdivision must obtain the approval of the State Tax
Commissioner in order to file a bankruptcy petition stating that it is insolvent and “that it desires
to effect a plan for the composition or adjustment of its debts and to take such further
proceedings” under the Bankruptcy Code. That law also states:
“No taxing subdivision shall be permitted, in availing itself of such acts of

congress [the Bankruptcy Code], to scale down, cut down, or reduce the
principal sum of its securities, except that interest thereon may be reduced
in whole or in part.” (Section 133.36 of the Revised Code.)
The County may also initiate proceedings under the Bankruptcy Code. Because it
collects, distributes or otherwise provides revenues to the City, the City’s financial condition
could be affected by such an action.
Refunding
State law authorizes the refunding and advance refunding of all or a portion of the
Bonds. If the City places in escrow either money or direct obligations of, or obligations
guaranteed as to payment by, the United States, or a combination of both, that with investment
income thereon will be sufficient for the payment of debt charges on the refunded Bonds, those
Bonds will no longer be considered to be outstanding. They will also not be considered in
determining any direct or indirect limitation on City indebtedness, and the levy of taxes to pay
debt charges on them will not be required. For this purpose, direct obligations of or obligations
guaranteed by the United States include rights to receive payments or portions of payments of
the principal of or interest or other investment income on (i) those U.S. obligations and (ii) other
obligations fully secured as to payment by those U.S. obligations and the interest or other
investment income on those obligations.
LITIGATION
To the knowledge of the appropriate City officials, no litigation or administrative

action or proceeding is pending restraining or enjoining, or seeking to restrain or enjoin, the
issuance and delivery of the Bonds, or the levy and collection of taxes to pay the debt charges on
the Bonds, or contesting or questioning the proceedings and authority under which the Bonds
have been authorized and are to be issued, sold, signed or delivered, or the validity of the Bonds.
No petitions for referendum with respect to the Authorizing Legislation or any other measure
authorizing the payment of or security for the Bonds, or the carrying out of the government
purposes to which the Bond proceeds are to be applied, and no petitions seeking to initiate any
measure affecting the same or the proceedings therefor, have been filed. The City will deliver to
the Underwriter a certificate to that effect at the time of original delivery of the Bonds to the
Underwriter.
The City is a party to various legal proceedings seeking damages or injunctive or
other relief and generally incidental to its operations. These proceedings are unrelated to the
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Bonds or the security for the Bonds, or the permanent improvements being financed. The
ultimate disposition of these proceedings is not now determinable, but will not, in the opinion of
the Law Director, have a material adverse effect on the Bonds, the security for the Bonds, or
those improvements or the City’s operating revenues.
Under current Ohio law, City money, accounts and investments are not subject to
attachment to satisfy tort judgments in State courts against the City.
See also City Facilities; Insurance.
OPINION OF BOND COUNSEL
Certain legal matters incident to the issuance of the Bonds and with regard to the
tax-exempt status of the interest on the Bonds (see Tax Matters) are subject to the opinion of
Squire Patton Boggs (US) LLP, Bond Counsel to the City. The signed legal opinion of Bond
Counsel, substantially in the form attached hereto as Appendix D, dated and premised on law in
effect on the date of issuance of the Bonds, will be delivered on the date of issuance of the Bonds.
The text of the opinion to be delivered may vary from the text as set forth in Appendix D if
necessary to reflect facts and law on the date of delivery. The opinion will speak only as of its
date, and subsequent distribution of it by recirculation of this Official Statement or otherwise
shall create no implication that Bond Counsel has reviewed or expresses any opinion concerning
any of the matters referred to in the opinion subsequent to its date.
The opinion of Bond Counsel and any other legal opinions and letters of counsel to be
delivered concurrently with the delivery of the Bonds express the professional judgment of the
attorneys rendering the opinions or advice regarding the legal issues and other matters expressly
addressed therein. By rendering a legal opinion or advice, the giver of such opinion or advice
does not become an insurer or guarantor of the result indicated by that opinion, or the transaction
on which the opinion or advice is rendered, or of the future performance of parties to the
transaction. Nor does the rendering of an opinion guarantee the outcome of any legal dispute
that may arise out of the transaction.
Bond Counsel has drafted those portions of this Official Statement under the captions
Certain Terms of the Bonds (excluding the information concerning the book-entry system),
Security and Sources of Payment and Tax Matters. Bond Counsel and others, including the
Financial Advisor, have assisted the City with its preparation of certain other portions of this
Official Statement. Bond Counsel and those other parties have not been engaged to, and will not,
independently confirm or verify that information or any other information provided by the City
or others, and will not express an opinion as to the accuracy, completeness or fairness of any
such information or any other reports, financial information, offering or disclosure documents or
other information pertaining to the Bonds that may be prepared or made available by the City or
others to potential or actual purchasers of the Bonds, to owners of the Bonds, including
Beneficial Owners, or to others.
In addition to rendering its opinion, Bond Counsel will assist in the preparation of and
advise the City concerning documents for the bond transcript. The City has also retained the
legal services of that law firm from time to time as special counsel in connection with matters
that do not relate to City financings. Squire Patton Boggs (US) LLP also serves and has served
as bond counsel for one or more of the political subdivisions that the City territorially overlaps.
TAX MATTERS
In the opinion of Squire Patton Boggs (US) LLP, Bond Counsel to the City, under
existing law: (i) interest on the Bonds is excluded from gross income for federal income tax
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purposes under Section 103 of the Internal Revenue Code of 1986, as amended (the Code), and is
not an item of tax preference for purposes of the federal alternative minimum tax imposed on
individuals and corporations and the Bonds are qualified tax-exempt obligations as defined in
Section 265(b)(3) of the Code; and (ii) interest on, and any profit made on the sale, exchange or
other disposition of, the Bonds are exempt from all Ohio state and local taxation, except the
estate tax, the domestic insurance company tax, the dealers in intangibles tax, the tax levied on
the basis of the total equity capital of financial institutions, and the net worth base of the
corporate franchise tax. Bond Counsel expresses no opinion as to any other tax consequences
regarding the Bonds.
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
contained in the transcript of proceedings and that are intended to evidence and assure the
foregoing, including that the Bonds are and will remain obligations the interest on which is
excluded from gross income for federal income tax purposes. Bond Counsel will not
independently verify the accuracy of the City’s certifications and representations or the
continuing compliance with the City’s covenants.
The opinion of Bond Counsel is based on current legal authority and covers certain
matters not directly addressed by such authority. It represents Bond Counsel’s legal judgment as
to exclusion of interest on the Bonds from gross income for federal income tax purposes but is
not a guaranty of that conclusion. The opinion is not binding on the Internal Revenue Service
(IRS) or any court. Bond Counsel expresses no opinion about (i) the effect of future changes in
the Code and the applicable regulations under the Code or (ii) the interpretation and the
enforcement of the Code or those regulations by the IRS.
The Code prescribes a number of qualifications and conditions for the interest on
state and local government obligations to be and to remain excluded from gross income for
federal income tax purposes, some of which require future or continued compliance after
issuance of the obligations. Noncompliance with these requirements by the City may cause loss
of such status and result in the interest on the Bonds being included in gross income for federal
income tax purposes retroactively to the date of issuance of the Bonds. The City has covenanted
to take the actions required of it for the interest on the Bonds to be and to remain excluded from
gross income for federal income tax purposes, and not to take any actions that would adversely
affect that exclusion. After the date of issuance of the Bonds, Bond Counsel will not undertake
to determine (or to so inform any person) whether any actions taken or not taken, or any events
occurring or not occurring, or any other matters coming to Bond Counsel’s attention, may
adversely affect the exclusion from gross income for federal income tax purposes of interest on
the Bonds or the market value of the Bonds.
A portion of the interest on the Bonds earned by certain corporations may be subject
to a federal corporate alternative minimum tax. In addition, interest on the Bonds may be subject
to a federal branch profits tax imposed on certain foreign corporations doing business in the
United States and to a federal tax imposed on excess net passive income of certain S corporations.
Under the Code, the exclusion of interest from gross income for federal income tax purposes
may have certain adverse federal income tax consequences on items of income, deduction 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 tax credit. The applicability and extent of these and other tax
consequences will depend upon the particular tax status or other tax items of the owner of the
Bonds. Bond Counsel will express no opinion regarding those consequences.
Payments of interest on tax-exempt obligations, including the Bonds, are generally

subject to IRS Form 1099-INT information reporting requirements. If a Bond owner is subject to
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backup withholding under those requirements, then payments of interest will also be subject to
backup withholding. Those requirements do not affect the exclusion of such interest from gross
income for federal income tax purposes.
Bond Counsel’s engagement with respect to the Bonds ends with the issuance of the
Bonds, and, unless separately engaged, Bond Counsel is not obligated to defend the City or the
owners of the Bonds regarding the tax status of interest thereon in the event of an audit
examination by the IRS. The IRS has a program to audit tax-exempt obligations to determine
whether the interest thereon is includible in gross income for federal income tax purposes. If the
IRS does audit the Bonds, under current IRS procedures, the IRS will treat the City as the
taxpayer and the beneficial owners of the Bonds will have only limited rights, if any, to obtain
and participate in judicial review of such audit. Any action of the IRS, including but not limited
to selection of the Bonds for audit, or the course or result of such audit, or an audit of other
obligations presenting similar tax issues, may affect the market value of the Bonds.
Prospective purchasers of the Bonds upon their original issuance at prices other than
the respective prices indicated on the Cover of this Official Statement, and prospective
purchasers of the Bonds at other than their original issuance, should consult their own tax
advisers regarding other tax considerations such as the consequences of market discount, as to all
of which Bond Counsel expresses no opinion.
Risk of Future Legislative Changes and/or Court Decisions
Legislation affecting tax-exempt obligations is regularly considered by the United

States Congress and may also be considered by the State legislature. Court proceedings may also
be filed, the outcome of which could modify the tax treatment of obligations such as the Bonds.
There can be no assurance that legislation enacted or proposed, or actions by a court, after the
date of issuance of the Bonds will not have an adverse effect on the tax status of interest or other
income on the Bonds or the market value or marketability of the Bonds. These adverse effects
could result, for example, from changes to federal or state income tax rates, changes in the
structure of federal or state income taxes (including replacement with another type of tax), or
repeal (or reduction in the benefit) of the exclusion of interest on the Bonds from gross income
for federal or state income tax purposes for all or certain taxpayers.
For example, recent presidential and legislative proposals would eliminate, reduce or
otherwise alter the tax benefits currently provided to certain owners of state and local
government bonds, including proposals that would result in additional federal income tax on
taxpayers that own tax-exempt obligations if their incomes exceed certain thresholds. Investors
in the Bonds should be aware that any such future legislative actions (including federal income
tax reform) may retroactively change the treatment of all or a portion of the interest on the Bonds
for federal income tax purposes for all or certain taxpayers. In such event, the market value of
the Bonds may be adversely affected and the ability of holders to sell their Bonds in the
secondary market may be reduced. The Bonds are not subject to special mandatory redemption,
and the interest rates on the Bonds are not subject to adjustment in the event of any such change.
Investors should consult their own financial and tax advisers to analyze the
importance of these risks.
Original Issue Discount and Original Issue Premium
Certain of the Bonds (Discount Bonds) as indicated on the Cover may be offered and
sold to the public at an original issue discount (OID). OID is the excess of the stated redemption
price at maturity (the principal amount) over the “issue price” of a Discount Bond. The issue
price of a Discount Bond is the initial offering price to the public (other than to bond houses,
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brokers or similar persons acting in the capacity of underwriters or wholesalers) at which a
substantial amount of the Discount Bonds of the same maturity is sold pursuant to that offering.
For federal income tax purposes, OID accrues to the owner of a Discount Bond over the period
to maturity based on the constant yield method, compounded semiannually (or over a shorter
permitted compounding interval selected by the owner). The portion of OID that accrues during
the period of ownership of a Discount Bond (i) is interest excluded from the owner’s gross
income for federal income tax purposes to the same extent, and subject to the same
considerations discussed above, as other interest on the Bonds, and (ii) is added to the owner’s
tax basis for purposes of determining gain or loss on the maturity, redemption, prior sale or other
disposition of that Discount Bond. The amount of OID that accrues each year to a corporate
owner of a Discount Bond is taken into account in computing the corporation’s liability for
federal alternative minimum tax. A purchaser of a Discount Bond in the initial public offering at
the price for that Discount Bond stated on the Cover who holds that Discount Bond to maturity
will realize no gain or loss upon the retirement of that Discount Bond.
Certain of the Bonds (Premium Bonds) as indicated on the Cover may be offered and
sold to the public at a price in excess of their stated redemption price at maturity (the principal
amount). That excess constitutes bond premium. For federal income tax purposes, bond
premium is amortized over the period to maturity of a Premium Bond, based on the yield to
maturity of that Premium Bond (or, in the case of a Premium Bond callable prior to its stated
maturity, the amortization period and yield may be required to be determined on the basis of an
earlier call date that results in the lowest yield on that Premium Bond), compounded
semiannually. No portion of that bond premium is deductible by the owner of a Premium Bond.
For purposes of determining the owner’s gain or loss on the sale, redemption (including
redemption at maturity) or other disposition of a Premium Bond, the owner’s tax basis in the
Premium Bond is reduced by the amount of bond premium that is amortized during the period of
ownership. As a result, an owner may realize taxable gain for federal income tax purposes from
the sale or other disposition of a Premium Bond for an amount equal to or less than the amount
paid by the owner for that Premium Bond. A purchaser of a Premium Bond in the initial public
offering at the price for that Premium Bond stated on the Cover who holds that Premium Bond to
maturity (or, in the case of a callable Premium Bond, to its earlier call date that results in the
lowest yield on that Premium Bond) will realize no gain or loss upon the retirement of that
Premium Bond.
Owners of Discount and Premium Bonds should consult their own tax advisers
as to the determination for federal income tax purposes of the amount of OID or bond
premium properly accruable or amortizable in any period with respect to the Discount or
Premium Bonds and as to other federal tax consequences and the treatment of OID and
bond premium for purposes of state and local taxes on, or based on, income.
ELIGIBILITY FOR INVESTMENT AND AS PUBLIC MONEY SECURITY
To the extent that the matter as to the particular investor is governed by Ohio law, and
subject to any applicable limitations under other provisions of Ohio law, the Bonds are lawful
investments for banks, savings and loan associations, credit union share guaranty corporations,
trust companies, trustees, fiduciaries, insurance companies (including domestic for life and
domestic not for life), trustees or other officers having charge of sinking and bond retirement or
other funds of the State and State subdivisions and taxing districts, the Commissioners of the
Sinking Fund, the Administrator of Workers’ Compensation, and State retirement systems
(Teachers, Public Employees, Public School Employees, and Police and Fire), notwithstanding
any other provisions of the Revised Code or rules adopted pursuant to those provisions by any
State agency with respect to investments by them.
The Bonds are acceptable under Ohio law as security for the repayment of the deposit
of public money.
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Beneficial Owners of the Bonds should make their own determination as to such
matters as legality of investment in or pledgability of book-entry interests.
RATING
The Bonds have been rated “Aa2” by Moody’s Investors Service. The rating
assigned is shown on the Cover. No application for a rating has been made by the City to any
other rating service.
The rating reflects only the views of the rating service, and any explanation of the
meaning or significance of the rating may only be obtained from the rating service. The City
furnished to the rating service certain information and materials, some of which may not have
been included in this Official Statement, relating to the Bonds and the City. Generally, rating
services base their ratings on such information and materials and on their own investigation,
studies and assumptions.
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 or withdrawn entirely by a rating service if in its
judgment circumstances so warrant. Any lowering or withdrawal of a rating may have an
adverse effect on the marketability or market value of the Bonds.
The City expects to furnish the rating service with information and materials that may
be requested. The City, however, assumes no obligation to furnish requested information and
materials, and may issue debt for which a rating is not requested. Failure to furnish requested
information and materials, or the issuance of debt for which a rating is not requested, may result
in the suspension or withdrawal of a rating on the Bonds.
TRANSCRIPT AND CLOSING CERTIFICATES
A complete transcript of proceedings and a certificate (described under Litigation)

relating to litigation will be delivered by the City when the Bonds are delivered by the City to the
Underwriter. The City at that time will also provide to the Underwriter a certificate, signed by
the City officials who sign this Official Statement and addressed to the Underwriter, relating to
the accuracy and completeness of this Official Statement and to its being a “final official
statement” in the judgment of the City for purposes of SEC Rule 15c2-12(b)(3).
CONTINUING DISCLOSURE AGREEMENT
The City has agreed, for the benefit of the holders and Beneficial Owners from time
to time of the Bonds, in accordance with SEC Rule 15c2-12 (the Rule), to provide or cause to be
provided to the Municipal Securities Rulemaking Board such annual financial information and
operating data, audited financial statements and notices of the occurrence of certain events in
such manner as may be required for purposes of the Rule (the Continuing Disclosure Agreement).
See Appendix F for the proposed form of the Continuing Disclosure Agreement. The foregoing
information, data and notices can be obtained from:
John M. Baranek
Director of Finance
City of Stow, Ohio
3760 Darrow Road
Stow, Ohio 44224
Telephone: (330) 689-2839
E-mail: baranekj@stow.oh.us
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The performance by the City of the Continuing Disclosure Agreement will be subject
to the annual appropriation by the City of any funds that may be necessary to perform it. The
Continuing Disclosure Agreement will remain in effect only for such period that the Bonds are
outstanding in accordance with their terms and the City remains an obligated person with respect
to the Bonds within the meaning of the Rule.
Within the last five years, the City has complied in all material respects with its prior
continuing disclosure agreements.
VERIFICATION OF MATHEMATICAL COMPUTATIONS
Prior to the delivery of the Bonds, Causey Demgen & Moore P.C., an independent
public accounting firm, will deliver a report on the mathematical accuracy of certain
computations contained in schedules provided to them by the Financial Advisor and/or the
Underwriter. These computations will relate to the adequacy of the money and maturing
principal amounts of the direct obligations of or obligations guaranteed as to payment by the
United States held in the Escrow Fund for the (i) payment of the principal and interest on the
Refunded 2004 Bonds when due upon their prior redemption on August 20, 2015; (ii) payment
of interest on the refunded 2008 Bonds when due on June 1 and December 1 of each year from
December 1, 2015 through December 1, 2016, and (iii) payment of the principal of the Refunded
2008 Bonds upon their prior optional redemption on December 1, 2016 (in each case a
redemption price of 100% of the principal amount optionally redeemed), all in accordance with
the terms of the Escrow Agreement.
MUNICIPAL ADVISOR
The City has retained Sudsina & Associates, LLC (the Municipal Advisor), to provide
financial advice in connection with the City’s issuance of the Bonds and the refunding of the
Refunded Bonds. The Municipal Advisor is not obligated to undertake, and has not undertaken
to make, an independent verification or to assume responsibility for the accuracy, completeness
or fairness of the information contained in this Official Statement. The Municipal Advisor is an
independent advisory firm and is not engaged in the business of underwriting, trading or
distributing municipal securities or other public securities.
BOND REGISTRAR AND ESCROW AGENT
The Huntington National Bank will act as bond registrar, paying agent, transfer agent
and authenticating agent for the Bonds (the Bond Registrar) and as escrow agent for the
Refunded Bonds (the Escrow Agent). The Bond Registrar will keep all books and records
necessary for registration, exchange and transfer of the Bonds, in accordance with the terms of
agreements between it and the City. The Bond Registrar is a national banking association. It has
designated its Cleveland, Ohio corporate trust office in connection with the Bonds.
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THE CITY
GENERAL INFORMATION
The City is located in Summit County in northeastern Ohio, approximately eight

miles northeast of Akron and 30 miles southeast of Cleveland. It was incorporated as a village in
1957, and became a city in 1960.
In the 2010 Census classifications, the City was in the Akron Primary Metropolitan
Statistical Area (PMSA), comprised of Summit and Portage counties. It was also in the
Cleveland-Akron-Lorain Consolidated Metropolitan Statistical Area (CMSA). Effective in 2003,
the PMSA was renamed the Akron Metropolitan Statistical Area (MSA). The CMSA was
reclassified as the Cleveland-Akron-Elyria Combined Statistical Area (CSA). Only limited
statistics are now available for the new CSA.
The City’s 2010 population was 34,837.
The City’s area is approximately 17.25 square miles, broken down by land use as
follows:
Percent of Assessed
Valuation of
Real Property
Residential 77.45%
Commercial/Industrial 22.30
Agricultural 0.25
Public Utility 0.00
Undeveloped (a)
(a) Included in above categories.

Source: County Fiscal Officer.
The City is served by diversified transportation facilities, including three State

highways and convenient access to I-71, I-76, I-77, I-80 (the Ohio Turnpike) and I-271 (which
connects with I-90). It is served by Conrail and is adjacent to areas served by Amtrak, and has
access to passenger air services at Akron-Canton Regional Airport located in southern Summit
County and Cleveland Hopkins International Airport located in the City of Cleveland. Public
mass transit for the area is provided by the METRO Regional Transit Authority.
One daily newspaper and one weekly newspaper serve the City. The City is within
the broadcast area of 10 television stations and 40 AM and FM radio stations. Multi-channel
cable TV service, including educational, governmental and public access channels, is provided
by Time-Warner Cable and AT & T.
The area is served by the following hospitals located in the County, and several other
local hospitals: Akron City Hospital, Western Reserve Hospital, Saint Thomas Medical Center,
which constitute the Summa Health System (2,000 beds); Akron General Medical Center
(532 beds); and Akron Children’s Hospital (253 beds). The City is also in close proximity to
world-renowned hospitals in the City of Cleveland.
Banking and financial services are provided to the City by local offices of
commercial banks and savings and loan associations, all of which have their principal offices
elsewhere.
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Within commuting distance are several public and private two-year and four-year
colleges and universities providing a wide range of educational facilities and opportunities.
These include The University of Akron, Baldwin Wallace University, Case Western Reserve
University, the Cleveland Institute of Art, the Cleveland Institute of Music, Cleveland State
University, Cuyahoga Community College, Hiram College, John Carroll University, Kent State
University, Northeast Ohio Medical University, Notre Dame College and Ursuline College.
Founded in 1924, the Stow Public Library is a vital resource within the community.
The Library well reflects the impressive growth of the City. Over the past decade, a completely
remodeled and expanded library has been built, circulation has more than doubled and reference
questions have tripled. Public use computers, internet service, online database searching and
interlibrary loans are available to all patrons. Circulating materials include books, magazines,
newspapers, video tapes, cassette tapes, CDs and pamphlets. The Stow Public Library offers
summer reading programs for children and young adults as well as book discussion groups and
jazz concerts for the community. Other special programs, services and events include tax
counseling for the elderly, story hours for children, The Friends’ Annual Book Sale, local artist
displays and exhibits and many related programs.
A comprehensive parks and recreation system exists in the region and is comprised of
the Cuyahoga Valley National Park, State parks, a County-wide metropolitan park district and
numerous City parks and recreational facilities. All offer year-round programs for all age groups.
The City parks include bike and hike trails and facilities for picnicking, fishing, swimming,
tennis, softball, basketball, winter sports and camping. Boating, water skiing and snow skiing
facilities are located within minutes of the City. Private recreational and cultural facilities are
abundantly available, including two public golf courses located within the City, one of which is
owned and operated by the City.
The 3,000-seat E.J. Thomas Performing Arts Hall, located on the campus of The
University of Akron, offers ballet, opera and symphony and band concerts, as well as musicals,
traveling theater productions and entertainment programs. The Hall is home to the 90-member
Akron Symphony Orchestra. The Ohio Ballet, a 20-member professional dance company in
residence at The University of Akron, performs for audiences locally and internationally.
Blossom Music Center, located in neighboring Cuyahoga Falls, is the summer home of the
internationally renowned Cleveland Orchestra and hosts a variety of musical programs
throughout the summer. The outdoor pavilion seats approximately 5,000 and the lawn
accommodates an additional 15,000.
Community theaters within the County include Weathervane Community Playhouse,

Goodyear Community Theatre, Coach House Theatre, Akron Children’s Theatre and the Stow
Players. The University of Akron regularly stages plays and musicals.
The Akron Art Museum is one of a few in the country specializing in American art of
the 19th and 20th centuries. The museum presents works by nationally prominent artists in
addition to its permanent collection, and offers concerts and lectures.
A number of facilities of historic significance are located in the County, including

Hower House, a 122-year old restored High Victorian mansion on the campus of The University
of Akron, and Stan Hywet Hall, a 65-room manor house furnished with antiques and works of art
dating from the 14th century and considered the finest example of Tudor Revival architecture in
the United States. Hale Farm and Village, a working farm and community recreated from the
early 19th century, feature a homestead, restored buildings and live demonstrations of early
American crafts. The history of the rubber industry, from Charles Goodyear’s home laboratory
through the growth of a major corporation, is displayed in the Goodyear World of Rubber
Museum.
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The Stow-Munroe Falls Chamber of Commerce (the Chamber), established in 1965,
is a non-profit coalition of more than 440 business, professional, civic and community leaders
working together to enhance the economic opportunities and quality of life in the region. For 50
years, the Chamber has served the community by being in the forefront in leadership and
business development. Chamber members serve as volunteers in many capacities, both within
the Chamber and in the community, and take pride in what has been accomplished collectively.
The Stow community, through its various service organizations and volunteers, holds
many special events, including the Fourth of July Pride Week celebration, which has numerous
activities throughout a two-week period, the Joshua Stow Fest, the Harvest Festival, the
Community Showcase, Aviation Day/Heritage Day, Summer Sunset Blast and the July 4th
Parade which attracts up to 50,000 people to the City.
City Government
The City operates under and is governed by its Charter, first adopted by the voters in
1958 and which has been and may be amended by the voters from time to time. The City is also
subject to some general laws applicable to all Ohio cities. Under the Ohio Constitution, the City
may exercise all powers of local self-government and police powers to the extent not in conflict
with applicable general laws. The Charter provides for a mayor-council form of government.
Legislative authority is vested in a seven member Council, of whom three are elected
at large and four are elected from wards, all for two-year terms. The Council fixes the
compensation of City officials and employees, and enacts ordinances and resolutions relating to
City services, tax levies, appropriating and borrowing money, licensing and regulating
businesses and trades, and other municipal purposes. The presiding officer is the President of
Council, who is elected by the Council from among its members for a one-year term. The
Charter establishes certain administrative departments; the Council may establish divisions of
those departments and additional departments.
The City’s chief executive and administrative officer is the Mayor, who is elected by
the voters specifically to that office for a four-year term. The Mayor may veto any legislation
passed by Council. A veto may be overridden by the affirmative vote of five members of
Council. The other elected officials are the Director of Finance and the Director of Law, each
elected for a four-year term. The Mayor currently serves as the Director of Public Safety and
appoints, subject to the approval of Council, the other directors of City departments. The Mayor
also appoints members to a number of boards and commissions, and appoints and removes, in
accordance with civil service requirements, all appointed officers and employees, except Council
officers and employees and the employees of the Departments of Finance and Law.
All elected officials, except Council serve full-time. The current elected officials, and
some of the major appointed officials, are:
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ELECTED
Years in Vocation in
Office Name Office Private Life
Mayor Sara Drew(a) 3½ Full-time position

Director of Finance John M. Baranek 19½ Full-time position
Director of Law Amber Zibritosky 1 Full-time position
Members of Council:
Bob Adaska 1½ Construction

James M. Costello(b) 11½ Retired
Brian D’Antonio 3½ Sales
Brian Lowdermilk 3½ Sales
John Pribonic 7½ Retail Manager
Mike Rasor(c) 5½ Attorney
Matt Riehl(d) 7½ Consultant
(a) Mayor Drew previously served as a member of Council for four years.
(b) President Pro-Tem.
(c) Vice President.
(d) President.
APPOINTED
Years of
Years in Service with
Office Name Position the City
Budget and Management John Earle 7½ 33

Clerk of Council Bonnie J. Emahiser 35 ½ 38
Economic Development Ken Trenner 2½ 24
Engineer Jim McCleary 4 32
Fire/EMS Mark Stone 1 14 ½
Parks & Recreation Linda Nahrstedt 3 32
Planning & Development Rob Kurtz 3 19
Police Jeff Film 1 24
Service Nick Wren 2½ 15½
Tax Administrator Christine Snyder 2½ 2½
The present terms of all elected officials expire on January 2, 2016. All non-protected appointed
officials, except the Clerk of Council, serve at the pleasure of the Mayor, Director of Finance or
Director of Law, respectively, according to who appointed them. The Clerk of Council serves at
the pleasure of Council. Commencing with terms beginning January 2, 2012, no elected official
may serve more than eight consecutive years in the same office.
Employees
The City has 235 full-time and 125 part-time employees. The number of full-time
employees has decreased by 41 since January 1, 2012. A statewide public employee collective
bargaining law applies generally to public employee relations and collective bargaining.
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Eligible full-time employees are represented by the following bargaining units:
Agreement Number of
Bargaining Unit Duration Employees
AFSCME 07/01/12-12/31/14(a) 42
Int’l Association of Fire Fighters 10/01/12-03/31/15 51
Ohio Patrolmen’s Benevolent

Association (Dispatchers) 07/01/12-12/31/14(a) 15
(Police No. 1) 07/01/12-12/31/14(a) 10
(Police No. 2) 07/01/12-12/31/14(a) 30
(a) Currently in negotiations.
The remaining full-time City employees are not eligible to join a bargaining unit.
The Council by ordinance establishes wages and economic benefits for all non-
bargaining unit personnel. For those employees covered by bargaining units under State law, the
wages and economic benefits are mutually negotiated by the City and the respective labor unions
subject to ratification by Council and the impasse provisions of State law. Increases in wages
and benefits have been approved and implemented for City employees on an annual basis, except
for several years of wage freezes.
In the City’s judgment, its employee relations have been very good.
Retirement Expenses
Present and retired employees of the City are covered under two statewide public
employee retirement (including disability retirement) systems. The Ohio Police and Fire Pension
Fund (OP&F) covers uniformed members of the police and fire departments. All other eligible
City employees are covered by the Ohio Public Employees Retirement System (OPERS).
In 2014, employees covered by OPERS contributed at a statutory rate of 10.0% of

earnable salary. The City’s statutory contribution rate for those employees was 14.0% of the
same base. In 2014, employees covered by OP&F contributed at a statutory rate of 10.75% of
earnable salary through July 1 when it increases to a rate of 11.5% of earnable salary, as of July
2, 2015, the rate will be 12.25%. As the employer, the City’s statutory contribution rates,
applied to the same base, were 19.5% for police personnel and 24.0% for fire personnel. These
employee and employer contribution rates were the maximums permitted under current State law.
(See the discussion below of State legislation enacted in 2012.)
For further information on these pension plans, see the Notes to the Basic Financial
Statements included in Appendix C. Financial and other information for OPERS and OP&F can
also be found on the respective website for each retirement system including its Comprehensive
Annual Financial Report.
OPERS and OP&F are two of five statewide public employee retirement systems
created by and operating pursuant to Ohio law, all of which currently have unfunded actuarial
accrued liabilities. The General Assembly has the power to amend the format of those systems
and to revise rates and methods of contributions to be made by public employers and their
employees and eligibility criteria, benefits or benefit levels for employee members. On
September 12, 2012, the General Assembly passed five separate pension reform bills intended to
assist each of the five retirement systems in addressing its unfunded actuarial accrued liabilities.
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The bills passed with respect to OPERS and OP&F provide for (i) no change in the City
contribution rates with respect to its employees’ earnable salaries, (ii) no change in OPERS
employee contribution rate, and (iii) an increase in the OP&F employee contribution rate from
10% to 12.25% in annual increments of 0.75% that began on July 2, 2013. With certain
transition provisions applicable to certain current employees, the bills increase minimum age and
service requirements for retirement and disability benefits, revise the calculation of an
employee’s final average salary on which pension benefits are based to include the five highest
years (rather than the three highest years), provide for OPERS pension benefits to be calculated
on a lower, fixed formula, change provisions with respect to future cost-of-living adjustments to
limit those adjustments to the lesser of any increase in the Consumer Price Index or three percent,
and make other changes. The OP&F bill also authorizes the OP&F board to further adjust
member contribution rates or further adjust age and service requirements after November 1, 2017,
if, after an actuarial investigation, the board determines that an adjustment is appropriate.
The City’s current employer contributions to OPERS and OP&F, and the payments
toward the accrued OP&F liability, have been treated as current expenses and included in the
City’s operating expenditures, except to the extent paid from the proceeds of the “Police and Fire
Pension” levy referred to under Tax Rates.
Federal law requires City employees hired after March 31, 1986 to participate in the
federal Medicare program, which requires matching employer and employee contributions, each
being 1.45% of the wage base. Otherwise, City employees who are covered by a State
retirement system are not currently covered under the federal Social Security Act. OPERS and
OP&F are not subject to the funding and vesting requirements of the federal Employee
Retirement Income Security Act of 1974.
In addition to the post-retirement benefits provided by OPERS and OP&F, the City
provides certain of its retired employees with post-retirement life insurance benefits in
accordance with union agreements and City Council ordinances. Those City employees may
become eligible for those benefits if they reach normal retirement age while working for the City.
As of December 31, 2014, approximately 102 retirees met those eligibility requirements. The
City pays 100% of the cost of life insurance benefits. These benefits are financed on a pay-as-
you-go basis; as such, the cost of retiree life insurance benefits is recognized as
expenditure/expense as claims are incurred. For 2014, those costs totaled $3,607; for 2015, those
costs are estimated to be $3,672.
Health Care
The City’s partially self-funded employee group health benefit plan ended Fiscal
Year 2014 with a cash reserve of $1,257,014. The plan is protected annually against catastrophic
loss with both individual and total group stop-loss insurance coverage. Total net annual
expenditures for claims, all administrative costs and stop-loss insurance amounted to $2,871,646
in the 2014 plan year. Funding for the plan in 2014 amounted to $2,739,150.
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City Facilities
The City’s major facilities include:
City Facilities Estimated Value
Stow Municipal Courthouse $10,000,000

Safety Building 7,900,000
Service Center 7,900,000
Stow City Hall 5,500,000
Fox Den Golf Course 5,500,000
Park Maintenance Center 4,200,000
Water Tower 3,500,000
Fire Station No. 2 2,200,000
Fire Station No. 3 2,000,000
Various Park Facilities(a) 1,960,000
Marsh Road Pump Station 1,400,000
Silver Springs Lodge 800,000
Silver Springs Swim Pavilion 400,000
Senior Center 245,000
(a) Includes historical buildings.
The City currently carries real property and contents casualty insurance in the amount
of $58,500,000, with a deductible of $2,500.
Economic and Demographic Information
Population
Recent Census population has been:
Year City(a) County(a) MSA CMSA

1970 20,061 553,371 679,239 3,098,513
1980 25,303 524,472 660,328 2,938,277
1990 27,702 514,990 657,575 2,859,644
2000 32,139 542,899 694,960 2,945,831
2010 34,837 541,781 703,200 2,881,937
(a) U.S. Census Bureau.
2010 Census figures show the following breakdown by age groups of the population
of the City:
Under 5 5-19 20-34 35-44 45-54 55-64 65+ Total
1,916 6,766 6,689 4,689 5,502 4,470 4,805 34,837
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Educational attainment for the City’s and the County’s population (25 years or older)
is set forth in the following table.
City County
Less than 9th Grade 382 (1.6%) 9,365 (2.5%)

9th to 12th Grade (no diploma) 1,035 (4.3%) 26,657 (7.2%)
High School graduate (includes GED) 6,030 (25.2%) 120,073 (32.4%)
Some college, no degree 4,732 (19.8%) 74,778 (20.2%)
Associate degree 2,151 (9.0%) 30,027 (8.1%)
Bachelor degree 6,375 (26.7%) 71,247 (19.2%)
Graduate or professional degree 3,193 (13.4%) 38,475 (10.4%)
Source: U.S. Census Bureau Selected Source Characteristics in the United States 2009-2013.
Commercial, Industrial and Residential Activity
Located in the northern part of the County, the City has experienced steady growth in
the last decade. The City is conveniently located between the cities of Akron and Cleveland and
offers excellent access to major highways. The City’s 2010 population of 34,837 represents an
8.4% increase since 2000 and makes it the third largest city in the County.
This growth is managed through the use of the City’s Zoning Code, Comprehensive
Plan and economic development policies. The City has long recognized the need for proper
balance between residential, commercial and industrial areas and adopted its first Comprehensive
Plan in 1960. It was updated in 1991, and again in 2001, in order to ensure that the land-use
policies and goals reflected current development patterns. This Comprehensive Plan serves as a
continuing guide in defining community land use objectives and policies. In 2010, a Community
Survey/Town Meeting process was completed that included several specific recommendations
regarding land use policies for the City’s commercial areas. The City’s Zoning Code and Map
divide the City into residential, commercial and industrial districts and provide detailed
regulations on the specific uses permitted in those districts. The Zoning Code is periodically
reviewed to ensure that it remains effective, with the last comprehensive update occurring in
2008.
In 2006, the City adopted the Stow Economic Development Strategic Plan as a future
guide to economic development in the community. This was the City’s first economic
development plan and it set the specific course of action for the City to follow to build a stronger
tax base. The City’s Economic Development Coordinator spearheads the implementation of the
Plan. The City has also reactivated its Community Improvement Corporation (CIC) to serve as
its development arm. The City annually allocates funds to the CIC to finance its development
activities in the City. The Economic Development Plan will be updated in 2015.
One of the long standing goals of planning in the City has been to limit retail
development at major intersections throughout the City, in order to avoid “strip” retail
development along major roads. Currently, there are 14 shopping centers throughout the City,
with major anchors such as Target, Kohl’s, Macy’s, CVS, Wal-Mart, Lowe’s, Acme and Giant
Eagle. In recent years, the Steels Corners Road/State Route 8 area has experienced significant
growth in commercial development to serve the industrial companies in the northwest quadrant
as well as the City’s increasing population. Between 2006 and 2009, nearly 200,000 square feet
of office, medical and supporting commercial development was constructed at the Steels
Corners/State Route 8 interchange. Two of the landmark projects include the 97,000-square-foot
Akron General Medical Center health and wellness center opened in 2007 and the $10 million
Stow Municipal Courthouse which opened in 2008. The Akron General Medical Health &
Wellness Center includes a fitness component, an emergency room, physical therapy and
diagnostic offices. Akron General also opened a 40,000-square-foot physicians’ office building
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adjacent to the health and wellness center in 2009. The Staybridge Suites also opened in 2008
which represents the third hotel at this interchange.
A 20,000 square-foot medical building was completed and occupied in the Spring of
2014. Overall, since 2008, over 460,000 square feet of commercial and industrial building space
was constructed in the City.
Other significant projects completed in the City in the last five years involving either
the expansion or occupation of industrial facilities include the 130,000-square-foot addition to
the Wrayco Industries facility; two new flex-space buildings in the Hudson Drive Business
Campus; and a 44,000-square-foot addition and renovation of the former VMI Americas building
for Pneumatic Scale Angelus and a 20,000-square-foot expansion by Anderson International.
Many of Stow’s large industrial buildings which had been underutilized in the recent past have
been renovated and are currently fully occupied. Overall, Stow’s industrial vacancy rate has
decreased from 15% in 2008 to just 1.4% in 2014.
The City offers a wide range of housing choices, including executive homes located
in golf course subdivisions, several medium priced subdivisions, condominiums and moderately
priced dwellings, as well as numerous apartment developments.
The business environment includes a diverse mix of employment in manufacturing,

retail goods, service establishments and public services. The City is home to companies
producing a variety of products, ranging from parts for the automotive, heavy construction and
aerospace industries, to adhesives, high-tech sound systems, machining and mold design and
production.
Growth of industrial, commercial and residential development reflects the City’s
willingness and desire to assist business development and promote future growth in the City. To
assist in new commercial and industrial development, and the expansion of existing industries,
the City offers a variety of tax incentives including an enterprise zone, community reinvestment
areas and a foreign trade zone.
Employment and Income
The following table shows comparative employment and unemployment statistics for
the indicated periods.
Employed in Unemployment Rate
Year(a) City County MSA City County MSA State U.S.
2005 18,700 273,500 357,800 4.7% 5.7% 5.7% 5.9% 5.1%
2006 19,000 278,600 364,400 4.3 5.3 5.3 5.4 4.6
2007 19,100 280,400 366,500 4.5 5.4 5.4 5.6 4.6
2008 18,800 278,100 364,600 5.3 6.1 6.1 6.6 5.8
2009 17,900 264,700 347,800 8.5 9.8 9.8 10.2 9.3
2010 18,100 259,900 343,600 8.4 10.0 9.9 10.0 9.6
2011 18,100 260,000 344,200 7.3 8.5 8.4 8.6 8.9
2012 18,200 262,000 346,900 5.7 6.8 6.8 7.2 8.1
2013 18,100 260,300 344,300 6.0 7.2 7.2 7.4 7.4
2014 18,400 265,700 351,400 4.6 5.3 5.3 5.6 6.2
2015
Jan. 17,400 252,000 333,500 5.4 6.4 6.4 6.1 6.1
Feb 17,500 254,200 336,300 4.6 5.7 5.7 5.6 5.8
Mar. 17,600 255,100 337,500 4.6 5.5 5.5 5.4 5.6
April 17,700 256,700 339,600 3.8 4.7 4.6 4.6 5.1
(a) Not seasonally adjusted.
Source: Ohio Department of Job and Family Services – Bureau of Labor Market Information.
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Most City residents work outside the City. The following employers (private and
public) have the largest work forces within the City (as of January 1, 2015):
Approximate
Number of
Employer Nature of Activity or Business Employees
Stow-Munroe Falls City School

District Public education 620
Stow-Glen Nursing Home Nursing home and retirement center 275
Akron Wellness Center Medical and Fitness center 250
The City Municipal government 227
NME Aerospace Manufacturer of aircraft parts and
machining 218
Matco Tools Distributor of professional grade tools 190
John D. Clunk, LPA Attorneys 189
MacTac-Morgan Adhesives Adhesives manufacturer 160
Wrayco Industries Inc. Steel fabricating 158
Maison Aine Alzheimer’s treatment center and
nursing home 150
Burns & McDonnell Engineering 150
Briarwood Skilled nursing facility 131
Source: The City (does not include retail sector).
The 2013 median family and household incomes, as reported by the Census Bureau in
its “2009-2013 American Community Survey 5-Year Estimates,” are set forth in the following
table.
2013 Median Income

Family Household
City $82,632 $63,085

County 64,157 49,669
MSA 64,593 50,392
State 61,371 48,308
United States 64,719 53,046
According to the Ohio Department of Taxation, the average federal adjusted gross
income for residents of Stow-Munroe City School District (which overlaps the City) filing Ohio
personal income tax returns for calendar year 2013 was $62,017 compared to the averages of
$70,888 for all Ohio school districts (for all tax returns filed, the 2013 state average for tax
returns that indicated school districts was $57,001) and $66,913 for all districts in the County.
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The income per household in the City, County and MSA is estimated to be distributed
as set forth in the following table.
Income and Benefits(a) City County MSA
Less than $10,000 397 (1.6%) 17,935 (8.1%) 23,236 (8.3%)

$10,000 to $14,999 511 (2.1%) 13,090 (5.9%) 16,045 (5.7%)
$15,000 to $24,999 952 (3.3%) 24,195 (11.0%) 30,339 (10.8%)
$25,000 to $34,999 1,383 (6.0%) 23,890 (10.8%) 29,328 (10.4%)
$35,000 to $49,999 2,081 (11.6%) 31,807 (14.4%) 40,672 (14.5%)
$50,000 to $74,999 2,576 (19.8%) 41,690 (18.9%) 53,868 (19.1%)
$75,000 to $99,999 2,079 (18.6%) 26,263 (11.9%) 35,143 (12.5%)
$100,000 to $149,999 2,422 (23.7%) 25,050 (11.4%) 32,733 (11.6%)
$150,000 to $199,999 862 (9.0%) 8,574 (3.9%) 10,774 (3.8%)
$200,000 or more 459 (4.3%) 7,881 (3.6%) 9,229 (3.3%)
(a) In 2013 inflation-adjusted dollars.
Source: U.S. Census Bureau Selected Source Characteristics in the United States 2009-2013.
The U.S. Census Bureau also estimates that 7.6% of people in the City, 15.4% of the
people in the County and 15.5% of the people in the MSA have incomes that fall below the
poverty level.
Housing and Building Permits
The following is Census information concerning housing in the City, with

comparative County and State statistics.
2013 Median %
Value of Constructed Number of
Owner-Occupied Prior to Housing Units %
Homes 1940 2000 2010 Change
City $165,900 3.4% 12,852 15,141 +17.8%

County 135,600 20.2 230,880 245,109 +6.2
State 130,800 21.1 4,783,051 5,127,508 +7.2
(a) Source: U.S. Census Bureau Selected Source characteristics in the United States 2009-2013.
(b) Source: U.S. Census Bureau American Fact-Finder 2012 Census Redistricting Data (Public Law 94-171) Summary
File.
County Fiscal Officer figures show the following average sales price of residential
property in the County and City:
Year County City
2010 $171,003 $178,593

2011 175,176 170,921
2012 178,567 172,300
2013 174,748 169,940
2014 178,417 177,460
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The number and value of all building permits (including commercial, industrial,
residential and public, and both remodeling and new construction) issued by the City are shown
in the following table.
Year Number Value
2010 1086 $11,675,618

2011 1105 26,150,449
2012 1396 15,406,124
2013 1562 34,272,193
2014 1663 30,696,120
Source: City Building Department.
Utilities; Public Safety and Services
Water service within the City is provided by the City (which procures water from the
City of Akron) and is purchased directly by consumers. In 2001, the City reacquired from the
County the portion of the County water system serving the City, which the City now owns and
operates. The City had transferred its water distribution system to the County in 1974 in
connection with the County’s agreement to provide water service. Sewage collection and
disposal is provided primarily by the County, with approximately 5% of the City being served by
the City of Akron’s sewer system. Electricity is obtained from FirstEnergy, and natural gas is
supplied primarily by the Dominion East Ohio Gas Company. Police and fire protection and
emergency medical services are provided by the City. Solid waste collection is provided by
private haulers. The City provides all customary general government services to its citizens.
FINANCIAL MATTERS
Introduction
The City’s Fiscal Year corresponds with the calendar year.
The main sources of City revenue have been and are property taxes and income taxes,
and State distributions, as described below.
The Mayor, the Director of Finance (the Fiscal Officer), and the Council are
responsible for the major financial functions of the City.
Other important financial functions include general financial recommendations and

planning by the Mayor and Fiscal Officer; budget preparation by the Mayor with the assistance
of the Fiscal Officer; and express approval of appropriations by the Council.
The Fiscal Officer is the City’s fiscal and chief accounting officer. In this role, that
officer’s duties include keeping the books and accurate statements of all money received and
expended and of all taxes and assessments; at the end of each Fiscal Year, or more often if
requested by Council, examining all accounts of City officers and departments; and ensuring that
the amount set aside for any appropriation is not overdrawn, or the amount appropriated for any
one item of expense is not drawn upon for any other purpose, or a voucher is only paid if
sufficient funds are in the City treasury to the credit of the fund on which the voucher is drawn.
The Fiscal Officer is responsible for receiving, maintaining custody of and disbursing all City
funds.
The Fiscal Officer has charge of the financial affairs of the City, including the
keeping and supervision of all City accounts and the custody and disbursements of all City funds
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and money. The Fiscal Officer is elected and serves as financial advisor to the Mayor and
Council.
Investments and deposits of City funds are governed by the Uniform Depository Law
(Chapter 135 of the Revised Code) applicable to all subdivisions, and by the City Charter and
ordinances. The Fiscal Officer is responsible for those investments and deposits. Under recent
and current practices, and the City’s adopted investment policy, in addition to deposits evidenced
by interest bearing certificates of deposit, investments are made in the State Treasurer’s
subdivision investment pool (STAR Ohio), federal or federal agency securities, and repurchase
agreements (with the underlying securities held on the City’s behalf by FirstMerit Bank, N.A.).
For property taxation purposes, assessment of real property is by the County Fiscal
Officer subject to supervision by the State Tax Commissioner, and assessment of public utility and
tangible personal property is by the State Tax Commissioner. Property taxes and assessments are
billed and collected by County officials.
Budgeting, Property Tax Levy and Appropriations Procedures
Detailed provisions for budgeting, property tax levies and appropriations are made in
the Revised Code, including a requirement that the City levy a property tax in a sufficient amount,
with any other money available for the purpose, to pay the debt charges on securities payable from
property taxes.
The law requires generally that a subdivision prepare, and then adopt after a public
hearing, a tax budget approximately six months before the start of the next fiscal year. The tax
budget is then presented for review by the county budget commission, which is comprised of the
county fiscal officer, treasurer and prosecuting attorney. A county budget commission may,
however, waive the requirement for a tax budget and require an alternative form of more limited
information required by the commission to perform its duties. The Summit County Budget
Commission has waived the requirement of a tax budget and permitted the City to file the
alternative form. In addition, the offices of the Summit County Fiscal Officer and Treasurer have
been combined into one fiscal office.
The county budget commission then determines and approves levies for debt charges
outside and inside the ten-mill limitation. The Revised Code provides that “if any debt charge is
omitted from the budget, the commission shall include it therein.”
The county budget commission then certifies to each subdivision its action on the tax
budget together with the estimate by the County Fiscal Officer of the tax rates outside and inside the
ten-mill limitation. Thereafter, and before the end of the then Fiscal Year, the taxing authority (the
Council in the case of the City) approves the tax levies and certifies them to the proper County
officials. The approved and certified tax rates are then reflected in the tax bills sent to property
owners. Real property taxes are payable in two equal installments, the first usually by February and
the second in July.
The Council adopts, by December 31, a permanent appropriation measure for the next
Fiscal Year. Although called “permanent,” the annual appropriation measure may be, and often is,
amended during the Fiscal Year. Annual appropriations may not exceed the County Budget
Commission’s official estimates of resources, and the County Fiscal Officer must certify that the
City’s appropriation measures do not appropriate money in excess of the amounts set forth in
those estimates.
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Financial Reports and Audits
The City maintains its accounts, appropriations and other fiscal records in accordance
with the procedures established and prescribed by the Ohio Auditor of State (the State Auditor).
The State Auditor is charged by law with the responsibility of inspecting and supervising the
accounts and records of each taxing subdivision and most public agencies and institutions.
City receipts and expenditures are compiled on a cash basis, pursuant to accounting
procedures prescribed by the State Auditor that are generally applicable to all Ohio political
subdivisions. Beginning with Fiscal Year 1986, the records of these cash receipts and
expenditures are converted annually for reporting purposes to a modified accrual basis of
accounting for governmental funds and an accrual basis for proprietary funds. These accounting
procedures conform to generally accepted accounting principles as prescribed by the
Governmental Accounting Standards Board (GASB). Those principles, among other things,
provide for a modified accrual basis of accounting for the general fund, all special revenue funds
and the debt service (bond retirement) fund and for a full accrual basis of accounting for all other
funds, and for the preparation for each fund of balance sheets, statements of revenues and
expenditures and statements showing changes in fund balances.
The City has issued a Comprehensive Annual Financial Report (CAFR), including
General Purpose and Basic Financial Statements, for each of the Fiscal Years 2000 through
2013. The CAFRs through Fiscal Year 2013 were awarded the Government Finance Officers
Association’s Certificate of Achievement for Excellence in Financial Reporting, which is
awarded to those governmental reporting agencies that comply with the GFOA reporting
standards. The City is preparing its 2014 CAFR for submission to the GFOA for consideration.
Audits are made by the State Auditor, or by private auditing firms (CPAs) at the
direction of that officer, pursuant to Ohio law and under certain federal program requirements.
No other independent examination or audit of the City’s financial records is made.
The most recent audit (including compliance audit) of the City’s accounts was
completed through Fiscal Year 2013. See Appendix C. No material findings, citations or items
for adjustment, or material weaknesses in internal controls, were noted as part of that audit. The
2014 audit is currently under review by the Auditor of the State.
Annual financial reports are prepared by the City and are filed as required by law
with the State Auditor after the close of each Fiscal Year.
See Appendix A for an unaudited comparative cash basis summary, prepared by the
City, of General Fund receipts and expenditures for the last five Fiscal Years and estimated for
Fiscal Year 2015. All funds receipts and expenditures for the two prior Fiscal Years are set forth
in Appendix B. See Appendix C for the audited Basic Financial Statements for Fiscal
Year 2013.
The audited financial statements are public records, no consent to their inclusion is
required, and no bring-down procedures have been undertaken by the State Auditor (or CPA)
since their date.
Financial Outlook
The City’s General Fund cash-basis summary of balances, receipts and expenditures
as of December 31 for each of the years 2010 through 2014 and budgeted for 2015 are shown in
Appendix A.
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The City currently anticipates a favorable financial outlook, although the current
economic climate and prolonged slump have impacted the City and required some budgetary
adjustments and limited use of reserves. The City has reduced its budget level and long-term
spending to compensate for the impact of the poor economy, the loss of State local government
funds and the repeal of the estate tax. The City has accomplished this by eliminating lower
priority capital projects and significantly reducing its full-time workforce. The City prohibits
hiring without formal procedural scrutiny of Council and full justification within the operating
budget. Its incurrence of debt, to the extent feasible, is limited by using a “pay-as-you-go” (cash)
financing approach for high priority capital projects. Although recent large highway projects
have required the issuance of debt by the City (see Commercial, Industrial and Residential
Activity and Debt Table D), historically, the City incurs special project debt only if such debt
can be repaid through a dedicated revenue stream. See Commercial, Industrial and
Residential Activity. The City has issued no “new money” debt since 2011.
The City will continue to place a high priority on local economic development.
Through numerous policy initiatives and related supportive actions, the City plans to devote
considerable effort and resources to economic development, including emphasis on retention and
expansion of, as well as attraction of, new businesses and industries. The City employs a full-
time Economic Development Coordinator and appropriate consultants to enhance its capacities
and effort in this area.
GENERAL FUND
The General Fund is the City’s main operating fund, from which most expenditures
are paid and into which most revenues are deposited. The General Fund receives money from
many sources, but primarily from ad valorem property taxes and income taxes levied by the City
and State local government assistance distributions. Appendices A and B provide further
information regarding other revenue sources for the General Fund and other City funds.
AD VALOREM PROPERTY TAXES AND SPECIAL ASSESSMENTS
Assessed Valuation
The following table shows the recent assessed valuations of property subject to ad
valorem taxes levied by the City.
Total
Collection Public Assessed
Year Real(a) Utility(b) Valuation
2011 $856,849,280 $ 7,868,390 $864,717,670
2012(c) 786,242,680 8,207,030 794,449,710
2013 781,007,610 8,909,660 789,917,270
2014 783,392,790 9,856,170 793,248,960
2015 776,345,310 10,315,600 786,658,910
(a) Other than real property of railroads. The real property of public utilities, other than railroads, is assessed by the County Fiscal
Officer. Real property of railroads is assessed, together with tangible personal property of all public utilities, by the State Tax
Commissioner.
(b) Tangible personal property of all public utilities and real property of railroads; see footnote (a).
(c) Reflects triennial adjustment.
Taxes collected on “Real” in one calendar year are levied in the preceding calendar
year on assessed values as of January 1 of that preceding year. Taxes collected on “Tangible
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Personal” in one calendar year were levied in the same calendar year on assessed values during
and at the close of the taxpayer’s most recent fiscal year that ended on or before December 31 of
the preceding calendar year, and at the tax rates determined in the preceding year. “Public
Utility” (real and tangible personal) taxes collected in one calendar year are levied in the
preceding calendar year on assessed values determined as of December 31 of the second year
preceding the tax collection year.
Based on County Fiscal Officer records of assessed valuations for the 2015 collection
year, the largest City ad valorem property tax payers are:
Total
Assessed
Name of Taxpayer Nature of Business Valuation
Real
DDR Ohio Opportunity II LLC Shopping center $8,548,670

Wyndham Ridge LTD Apartment complex 7,813,920
Heron Springs Associates LLC Apartment complex 6,962,400
JVM Hidden Lake Apartments LLC Apartment complex 4,410,020
Stow Glen Properties LLC Nursing home 4,347,830
Bemis Company, Inc. Adhesive manufacturer 4,275,820
Walmart Real Estate Business Trust Real estate investment trust 3,408,930
Stow Associates Apartment complex 3,331,690
Steels Corners Apartment Co. LTD Apartment complex 3,149,270
Albrecht Incorporated 2,657,830
Public Utility
Ohio Edison Electric $8,209,810

East Ohio Gas Natural gas 1,137,580
American Transmission Electric transmission 961,650
General Electric Capital Commercial, Inc. Electric 4,560
Pursuant to statutory requirements for sexennial reappraisals, in 2008 the County

Fiscal Officer adjusted the true value of taxable real property to reflect current fair market values.
Those adjustments were first reflected in the 2008 duplicate (collection year 2009) and in the ad
valorem taxes distributed to the City in 2009 and thereafter. The latest such sexennial reappraisal
will be completed in 2014, and the resulting adjustments to be true value of taxable real property
will be reflected in the 2014 duplicate (collection year 2015) and in the ad valorem taxes being
distributed to the City in 2015. The County Fiscal Officer is required to adjust (but without
individual appraisal of properties except in the sexennial reappraisal), and has adjusted (most
recently for collection year 2012), taxable real property value triennially to reflect true values.
The “assessed valuation” of real property is fixed at 35% of true value and is
determined pursuant to rules of the State Tax Commissioner. An exception is that real property
devoted exclusively to agricultural use is to be assessed at not more than 35% of its current
agricultural use value. Real property devoted exclusively to forestry or timber growing is taxed
at 50% of the local tax rate upon its assessed value.
Public utility tangible personal property (with some exceptions) is currently assessed
(depending on the type of property) from 25% to 88% of true value. Effective for collection year
2002, the assessed valuation of electric utility production equipment was reduced from 100% and
natural gas utility property from 88% of true value, both to 25% of true value. The City has been
receiving reimbursement payments from the State to compensate for portions of the tax revenue
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losses as a result of those reductions. The amount of those payouts were and are being reduced
in generally the same manner as described above for reimbursements from the commercial
activity tax, except that reimbursement payments related to unvoted debt levies would end after
Fiscal Year 2016. While eligible municipalities have received, and are to continue to receive,
reimbursement payments from the State to offset portions of such reductions, the City does not
now qualify.
As indicated herein, the General Assembly has from time to time exercised its power
to revise the laws applicable to the determination of assessed valuation of taxable property and
the amount of receipts to be produced by ad valorem taxes levied on that property and may
continue to make similar revisions.
Ohio law grants tax credits to offset increases in taxes resulting from increases in the
true value of real property. Legislation classifies real property as between residential and
agricultural property and all other real property, and provides for tax reduction factors to be
separately computed for and applied to each class.
These tax credits apply only to certain voted levies on real property, and they do not
apply to unvoted levies or to voted levies to provide a specified dollar amount or to pay debt
charges on general obligation debt. None of the City’s tax levies are affected by these credits.
These credits are discussed further following Tax Table A.
The City currently has property tax incentive agreements with the following
companies: National Machine, Courtyard by Marriott, Tyres International, Interchez Logistics
System, Inc., Mickey Thompson Tires, Wrayco LLC, GVI, LLC (Vizmeg Landscape), Albrecht,
Inc (Hudson Drive Business Center), Vision Landmarks, LLC (Northeast Ohio Eye Surgeons)
and Stow Professional Building, L.P. (Clunk). To date, the companies involved in these
agreements have total combined capital investments of over $40.4 million, have created 520 jobs
and retained an additional 465 jobs.
Overlapping Governmental Entities
The major political subdivisions or other governmental entities that overlap all or a
portion of the territory of the City are listed below. The “(__%)” figure is that approximate
percentage of a recent assessed valuation of the overlapping entity that is located within the City.
 The County (functions allocated to counties by Ohio law, such as elections, health
and human services, and judicial). (6.94%)
 Stow-Munroe Falls City School District which includes 100% of the territory within
the City (K-12 educational responsibilities). (87.23%)
 Akron Metro Regional Transit Authority (public mass transit). (6.94%)
 Muskingum Watershed Conservancy District. (2.12%)
 Stow-Munroe Falls Library. (87.23%)
 Summit Metropolitan Park District. (7.30%)
Each of these entities operates independently, with its own separate budget, taxing
power and sources of revenue. Only the County, school district, and the Metro Regional Transit
Authority may, as may the City, levy ad valorem property taxes within the ten-mill limitation
(subject to available statutory allocation of the 10 mills) described under City Debt and Other
Long-Term Obligations – Indirect Debt and Unvoted Property Tax Limitations.
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Tax Rates
All references to tax rates under this caption are in terms of stated rates in mills per
$1.00 of assessed valuation.
The Charter provides that the maximum total tax rate that may be levied without a vote
of the electors for all purposes is 7.2 mills, plus an additional 2.3 mills (effective beginning with tax
collection year 2001) only for the purposes of paying staffing, operating, vehicle, equipment,
facilities and other costs associated with the provision of emergency medical services, including
transportation, and fire protection. See Indirect Debt and Unvoted Property Tax Limitations.
The following are the rates at which the City and overlapping taxing subdivisions
have in recent years levied ad valorem property taxes in that area of the City having the highest
overlapping tax rate.
TAX TABLE A
Overlapping Tax Rates
Collection Stow-Munroe Falls Stow-Munroe Falls
Year City County(a) City School District Public Library Total
2011 9.50 14.16 45.05 2.0 70.71

2012 9.50 14.16 53.24 2.0 78.90
2013 9.50 14.16 53.55 2.0 79.21
2014 9.50 14.16 53.47 2.0 79.13
2015 9.50 14.16 53.66 2.0 79.32
(a) Includes property taxes which are levied on behalf of the Akron Metropolitan Park District.
Statutory procedures limit, by the application of tax credits, the amount realized by
each taxing subdivision from real property taxation to the amount realized from those taxes in
the preceding year plus both:
 the proceeds of any new taxes (other than renewals) approved by the electors,
calculated to produce an amount equal to the amount that would have been
realized if those taxes had been levied in the preceding year; and
 amounts realized from new and existing taxes on the assessed valuation of real
property added to the tax duplicate since the preceding year.
These procedures were instituted initially in 1976 to limit in part the effect of increasing property
values on the growth of those property taxes.
As noted above, all of the City’s property tax levies, as levies inside the Charter tax
rate, are exempt from those tax credit provisions. The tax credit provisions do not apply to
amounts realized from taxes levied at whatever rate required to produce a specified amount or an
amount to pay debt charges, or from taxes levied inside the ten mill limitation or any applicable
charter tax rate limitation. To calculate the limited amount to be realized, a reduction factor is
applied to the stated rates of the levies subject to these tax credits. A resulting “effective tax
rate” reflects the aggregate of those reductions, and is the rate based on which real property taxes
are in fact collected. As an example, the total overlapping tax rate for the 2015 tax collection
year of 79.32 mills within the City (in the portion overlapping Stow-Munroe Falls City School
District) is reduced by reduction factors of 0.136512 for residential/agricultural property and
0.129292 for all other real property, which results in “effective tax rates” of 68.491833 mills for
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residential and agricultural property and 69.064551 mills for all other real property. See Tax
Table A.
Residential and agricultural real property tax amounts paid by taxpayers generally are
further reduced by an additional 10% (12.5% in the case of owner-occupied residential property);
however, the State Budget Act eliminated such reductions for additional and replacement levies that
will be approved at elections after its effective date and for other taxes (or increases in taxes) not
levied for tax year 2013. See Collections for a discussion of reimbursements by the State to taxing
subdivisions for these reductions and related changes made by the State Budget Act.
The following are the rates at which the City levied property taxes for the general
categories of purposes for the years shown, all inside the 7.2-mill (plus 2.30 mills for emergency
medical services) Charter limitation. The City does not have any voted property tax levies.
TAX TABLE B
City Tax Rates
Inside the Charter Limitation
Collection Police and

Year Operating Fire Pension EMS Total
2011 6.60 0.60 2.30 9.50

2012 6.60 0.60 2.30 9.50
2013 6.60 0.60 2.30 9.50
2014 6.60 0.60 2.30 9.50
2015 6.60 0.60 2.30 9.50
See the discussion of the 7.2-mill Charter limitation, and the priority of claim on that
millage for debt charges on unvoted general obligation debt, under Indirect Debt and Unvoted
Property Tax Limitations.
Collections
The following are the amounts billed and collected for City ad valorem property taxes
for the tax collection years shown.
Collection Current Current Current Accumulated

Year Billed Collected % Collected Delinquent
Real and Public Utility
2010 $8,213,417 $7,951,169 96.81% $420,350

2011 8,214,843 7,899,776 96.16 543,137
2012 7,547,293 7,242,454 95.96 430,318
2013 7,504,237 7,326,910 97.64 313,799
2014 7,535,886 7,336,995 97.36 388,500
Included in the “Current Billed” and “Current Collected” figures above are payments
made from State revenue sources under two statewide real property tax relief programs (which
do not apply to special assessments). Homestead exemptions are available for persons over 65
and the disabled. Payments to taxing subdivisions have been made in amounts equal to
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approximately 10% (12.5% with respect to owner-occupied residential property) of all ad
valorem real property taxes levied, thereby reducing the tax obligations of real property owners
in any given year by the applicable 10% or 12.5%. This State assistance reflected in the City’s
tax collections for 2014 was $188,188 for the elderly/disabled homestead payment and $699,372
for the rollback payment.
State legislation first effective with respect to tax bills payable in 2008 has provided
for an expansion of the homestead property tax exemption. Under that legislation, an Ohio
resident homeowner who (a) is at least 65 years old, (b) is totally and permanently disabled or
(c) (i) is the surviving spouse of a person who was receiving the previous homestead exemption
at the time of death and (ii) was at least 59 years old on the date of death of his or her spouse,
may apply to exempt $25,000 of the market value of the home from all local property taxes.
This exemption commenced with tax bills payable in calendar year 2008. Local governments,
such as the City, and school districts are to receive payments from the State to make up for the
property tax loss due to this expanded exemption.
Real property taxes are payable in two installments, the first usually by February and
the second in July.
Special Assessments
The City regularly conducts residential and other street improvements, which can
include paving, resurfacing, draining, planting shade trees and constructing curbs, sidewalks,
storm sewers, sanitary sewers and water lines. The cost of these improvements is paid in part
from special assessments levied against the property benefiting from those improvements; the
remaining cost is paid by the City. Unless all of the benefiting property owners petition to pay
all costs, State law requires the City to pay at least 2% (plus the cost associated with intersections)
of the total cost of the improvements.
Owners of benefiting properties may commence a street improvement project by

filing a petition with City Council requesting the improvement. Alternatively, Council, with a
three-quarter majority, may by resolution declare the necessity for such an improvement. The
special assessment proceedings provide for notice to property owners and an opportunity for
property owners to object to the special assessments. At the commencement of construction of
the improvement, bond anticipation notes are issued to pay the property owners’ portion of the
project cost. Following completion of the work and determination of final costs, the special
assessments are levied by Council against the benefiting property. Special assessments not paid
within 30 days are certified to the County Fiscal Officer for collection over a period of time
(usually 10 to 20 years for most projects). Special assessments are billed and collected by the
County Fiscal Officer along with and at the same time as real property taxes. The real property
taxes levied on any property against which special assessments have been levied are not to be
paid unless those special assessments are also paid.
Bonds are issued in anticipation of the collection of the special assessments to refund
(together with any cash payments of special assessments) those notes. The special assessments
certified for collection bear the same interest as the bonds. Under State law, those bonds are to
be paid from the anticipated special assessments, but they are also general obligations of the City,
payable from ad valorem property taxes to the extent not paid from those special assessments.
See City Debt and Other Long-Term Obligations – Statutory Direct Debt Limitations,
Indirect Debt and Unvoted Property Tax Limitations and Debt Tables A and B. The City
has never been required to levy an ad valorem property tax for debt charges on bonds issued in
anticipation of the collection of special assessments because special assessments have been
collected as required and sufficient balances have been available in the Bond Retirement Fund to
cover any temporary shortfall.
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The City conducts annual programs for the provision of street lighting and street
cleaning services (including sprinkling, sweeping and removing snow and leaves) for its streets,
alleys and other public ways. A portion of the cost of street lighting is paid by the City from
general funds; the remaining portion is financed by the levy each year of special assessments
upon the benefited properties. Notes may be issued in anticipation of those special assessments
to fund these programs. If issued, these notes generally have a maturity of one year or less and
are payable solely from those special assessments. The notes are not general obligations of the
City. By statute, no property tax may be pledged or used for their payment.
The following are the amounts billed and collected for City special assessments for
the tax collection years shown.
Collection Current Current Current Accumulated

Year Billed Collected % Collected Delinquent
2010 $208,784 $201,017 96.28% $16,513

2011 249,301 216,084 86.68 8,346
2012 241,784 213,860 88.45 21,347
2013 242,758 208,925 86.06 62,547
2014 243,105 227,217 93.46 79,889
Delinquencies
The following is a general description of delinquency procedures under Ohio law, the
implementation of which may vary in practice among the counties. Under the Revised Code,
taxes become a lien of the State on the first day of January, annually, and continue until the taxes,
including any penalties, interest or other charges, are paid. Real estate taxes and special
assessments that are not paid in the year they are due are to be certified by the county fiscal
officer’s office as delinquent. Any amount of a previous tax bill not paid before new tax bills are
mailed for the next half of the year is considered delinquent and becomes subject to a 10%
penalty. A list of delinquent properties is compiled by the county fiscal officer (the “delinquent
land duplicate”). If delinquent taxes (and special assessments) are not paid within 60 days after a
copy of the county fiscal officer’s delinquent land duplicate is delivered to the county treasurer,
then the county treasurer is to enforce the lien of the State that attached on January 1 of the year
the taxes first became payable. Under State law (Section 323.25 of the Revised Code), the
county treasurer is to enforce the lien “in the same way mortgage liens are enforced,” that is, by
an action in the court of common pleas for foreclosure and sale of the property in satisfaction of
the delinquency. If the county treasurer fails to bring an action to enforce the lien, then the State
Tax Commissioner is to do so. In addition, one year after certification of a delinquent land list,
the county prosecuting attorney is authorized to institute foreclosure proceedings in the name of
the county treasurer to foreclose the lien.
The property owner may arrange a payment plan with the county treasurer providing
for payments over a period not to exceed five years. If payments are made when due under the
plan, no further interest will be assessed against delinquent balances covered by the plan; a
default in any payment under the plan or in the payment of current taxes will invalidate the
taxpayer’s participation in the plan. If a payment plan is not adhered to or if none is arranged,
foreclosure proceedings may be initiated by the county. Mass foreclosure proceedings and sales
are permitted after three years’ delinquency. Proceeds from delinquent property foreclosure
sales become part of and are distributed as current collections to the taxing subdivisions.
In recent years, the State legislature has enacted several programs with respect to
forestalling the foreclosure process or the forfeiture of property due to tax delinquency that may
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have the effect of delaying or eliminating the collection of certain property taxes.
Notwithstanding the delay or loss of the tax revenues from those properties, an issuer of general
obligation notes or bonds, such as the City, remains obligated to pay the debt charges on those
notes or bonds from the available revenues. See Security and Sources of Payment.
Of the 13,738 nonexempt parcels in the City for collection year 2014, the number of
delinquent parcels was 342, against five of which foreclosure proceedings were commenced.
The Summit County Fiscal Officer’s office has advised that these taxpayers
accounted for more than 5% of the remaining accumulated delinquencies for prior real property
taxes and tangible personal property taxes identified above at the end of collection year 2014:
Current Status Taxpayer Amount Due
Real Property(a)
Delinquent Jonnat Inc. $222,983

Delinquent Akron Gen Medical Center(b) 550,231
Personal Property(c)
Delinquent Ark II Manufacturing LLC $ 2,615

Delinquent Target Corporation 18,868
(a) Includes both taxes due and penalties assessed that are owed to all overlapping taxing
subdivisions, of which approximately 14% is due the City.
(b) Exemption Status Pending.
(c) Includes both taxes due and penalties assessed that are owed to all overlapping taxing
subdivisions, of which approximately 12% is due the City.
MUNICIPAL INCOME TAX
Ohio law authorizes a municipal income tax on both corporate income and employee
wages and salaries at a rate of up to 1% without, and above that rate with, voter authorization. In
1989 City electors authorized an income tax at the rate of 2%. The City, pursuant to Council action
and that voter authorization, currently levies the tax at the rate of 2%.
This tax on business income and individuals’ salaries and wages is collected and
administered by the City.
The tax is in effect for a continuing period of time. It could be reduced or terminated by
action of the Council, or by vote of the electors initiated by petition of 10% of the number of
electors of the City who voted for governor at the last preceding general election for the office of
governor, following initiated ordinance procedure, or 10% of the electors of the City who voted at
the last preceding City general election, following charter amendment procedures. Under current
law, the Council could unless restricted by a Charter provision reimpose a 1% tax without
authorization by the electors.
Income tax proceeds, after payment of collection expenses, have been allocated by the
Council since the inception of that tax in 1967 as follows: 40% to capital expenditures, including
payment of debt charges, and 60% to the General Fund.
Annual income tax receipts (all at 2%) have been and for 2015 are estimated to be:
41
Annual
Delinquency
Year Receipts Amounts(a)
2010 $11,637,366 $ 89,372

2011 12,802,708 84,658
2012 13,564,116 106,532
2013 14,402,090 82,488
2014 14,415,996 75,066
2015(est.) 14,544,000 75,000
(a) Delinquency amounts are not cumulative; the amounts shown are the amounts
unpaid as of June 30 of the year following the end of the last year listed, except
for 2015.
Residents are currently permitted as a credit against their City income tax liability amounts paid
as municipal income tax at the rate of up to 2% on the same income to another municipal
corporation.
No single employer contributed, via corporate and withheld income taxes, more than 5%
of the total of the 2015 income tax collections.
Certain of the income subject to the municipal income tax is also subject to State income
tax.
STATE LOCAL GOVERNMENT ASSISTANCE FUNDS
Statutory state-level local government assistance funds, comprised of designated State

revenues, are another source of revenue to the General Fund. Most are distributed to each county
and then allocated on a formula basis, or in some cases on an agreement basis, among the county
and cities, villages and townships, and in some cases park districts, in the county. City receipts
from those funds were and for 2015 are estimated to be:
Year Receipts
2010 $1,507,914
2011 1,491,627
2012 1,044,683
2013 799,932
2014 783,017
2015(est.) 777,000
The amounts of and formula for distribution of these funds have been and may be revised from
time to time.
ESTATE TAXES
The State distributed significant portions of the State estate tax to decedents’
communities of residence. Due to the very nature of this tax, the annual amounts received varied
significantly. The City received $732,889 and $36,632 from this source in 2013 and 2014,
respectively. The City credited these distributions to its General Fund. The State estate tax has
been eliminated for decedents dying on or after January 1, 2013; however, distributions related to
the estates of decedents dying before that date will continue until those estates are settled.
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CITY DEBT AND OTHER LONG-TERM OBLIGATIONS
The following describes the security for general obligation debt such as the Bonds,
and applicable debt and ad valorem property tax limitations, and outstanding and projected bond
and note indebtedness and certain other long-term financial obligations of the City.
As used in the discussions that follow, the term “BANs” refers to notes issued in
anticipation of the issuance of general obligation bonds.
As further described below, the Bonds are:
 unvoted general obligations of the City, subject to the indirect debt and related
property tax limitation (the 7.2-mill Charter tax rate limitation)
 subject to both the direct debt limitations.
The City has periodically issued industrial development revenue bonds for facilities
used by private corporations or other entities in order to promote economic and other
development in the City. The City is not obligated in any way to pay debt charges on those
bonds from any of its funds, and, therefore, those bonds have been excluded entirely from the
following debt discussion and tables. The City is not aware of and has not been notified of any
condition of default under those bonds or the related financing documents.
The City is not, and to the knowledge of current City officials has not in at least the
last 25 years been, in default in the payment of debt charges on any of the bonds or notes on
which the City is obligor or in a condition of default under any financing documents relating to
any issue of revenue bonds. The City, however, makes no representation as to the existence of a
condition of default resulting from a default by any private entity under any financing documents
relating to the industrial development bonds referred to above.
Security for General Obligation Debt; Bonds and BANs
The following describes the security for City general obligation debt: bonds (such as
the Bonds) and bond anticipation notes (BANs).
Voted Bonds. The basic security for voted City general obligation bonds is the
authorization by the electors for the City to levy to pay debt charges on those bonds, without
limitation as to rate or amount, ad valorem taxes on all real and tangible personal property
subject to ad valorem taxation by the City. The tax is outside of the Charter tax limitation, and is
to be sufficient in amount to pay (to the extent not paid from other sources) as it comes due the
debt charges on the voted bonds (subject to bankruptcy, insolvency, arrangement, fraudulent
conveyance or transfer, reorganization, moratorium and other laws relating to or affecting
creditors’ rights, to the application of equitable principles, to the exercise of judicial discretion,
and to limitations on legal remedies against public entities).
Unvoted Bonds. The basic security for unvoted City general obligation bonds is the
City’s ability to levy, and its levy pursuant to constitutional and statutory requirements of, ad
valorem taxes on all real and tangible personal property subject to ad valorem taxation by the
City, within the Charter tax limitation described below. This tax must be in sufficient amount to
pay (to the extent not paid from other sources) as they come due the debt charges on unvoted
general obligation bonds. The law provides that the levy necessary for debt charges has priority
over any levy for other purposes within that tax limitation; that priority may be subject to
bankruptcy, insolvency, arrangement, fraudulent conveyance of transfer, reorganization,
moratorium and other laws relating to or affecting creditors’ rights, to the application of equitable
43
principles, to the exercise of judicial discretion, and to limitations on legal remedies against public
entities. See the discussion below, under Indirect Debt and Unvoted Property Tax
Limitations of the Charter tax limitation, and the priority of claim on it for debt charges on
unvoted general obligation debt of the City.
BANs. While BANs are outstanding, Ohio law requires the levy of ad valorem
property taxes in an amount not less than what would have been levied if bonds had been issued
without the prior issuance of the BANs. That levy need not actually be collected if payment in
fact is to be provided from other sources, such as the proceeds of the bonds anticipated or of
renewal BANs. BANs, including renewal BANs, may be issued and outstanding from time to
time up to a maximum period of 240 months from the date of issuance of the original notes (the
maximum maturity for special assessment BANs is five years). Any period in excess of five
years must be deducted from the permitted maximum maturity of the bonds anticipated. Portions
of the principal amount of BANs outstanding for more than five years must be retired in amounts
at least equal to, and payable not later than, those principal maturities that would have been
required if the bonds had been issued at the expiration of the initial five-year period.
The City has $3,300,000 of outstanding BANs.
Statutory Direct Debt Limitations
The Revised Code provides that:
 The net principal amount of both voted and unvoted debt of a city, excluding
“exempt debt” (discussed below), may not exceed 10½% of the total tax
(assessed) valuation of all property in the city as listed and assessed for
taxation.
 The net principal amount of unvoted debt of a city, excluding exempt debt,
may not exceed 5½% of that valuation, as discussed below.
These two limitations, which are referred to as the “direct debt limitations,” may be amended
from time to time by the General Assembly.
A city’s ability to incur unvoted debt (whether or not exempt from the direct debt
limitations) is also restricted by the indirect debt limitation discussed under Indirect Debt and
Unvoted Property Tax Limitations.
Certain debt that the City may issue is exempt from the direct debt limitations
(exempt debt). Exempt debt includes, among others, the following categories.
 General obligation debt:
 That is “self-supporting” debt (i.e., nontax revenues from the facility

or category of facilities are sufficient to pay operating and
maintenance expenses and related debt charges and other requirements)
issued for facilities for city utility systems, airports, railroads, mass
transit systems, parking, health care, solid waste, urban development,
recreation, sports, convention, museum and other public attractions,
natural resource exploration, development, recovery, use or sale,
correctional and other related rehabilitation.
 To the extent debt charges are expected to be paid from tax increment
financing payments in lieu of taxes pledged to the payment of those
debt charges (subject to certain limitations).
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 For highway improvements if the municipality has covenanted to pay
debt charges and financing costs from distributions of motor vehicle
license and fuel taxes.
 Issued in anticipation of the levy or collection of special assessments.
 To pay final judgments or court-approved settlements.
 Securities issued to improve water or sanitary or storm water sewerage

facilities to the extent that another subdivision has agreed to pay to the City
amounts equal to debt charges on those securities.
 Unvoted general obligation bonds to the extent that debt charges will be met
from lawfully available municipal income taxes, to be applied to debt charges
pursuant to ordinance covenants.
 Revenue debt and mortgage revenue bonds to finance municipal utilities.

 Notes issued in anticipation of (i) the collection of current revenues (which
have a latest maturity of the last day of the Fiscal Year in which issued) or
(ii) the proceeds of a specific tax levy.
 Notes issued for certain energy conservation improvements or certain

emergency purposes.
 Debt issued in anticipation of the receipt of federal or State grants for

permanent improvements, or to evidence loans from the State capital
improvements fund or State infrastructure bank.
 Voted debt for urban redevelopment purposes not in excess of 2% of the

City’s assessed valuation.
 Debt issued to make a single payment on certain accrued liability to the

statewide Police and Fire Pension Fund.
 Debt issued for certain municipal educational and cultural facilities and sports
facilities.
BANs issued in anticipation of exempt bonds also are exempt debt.
The City may incur debt for operating purposes, such as current tax revenue
anticipation notes or tax anticipation notes, only under certain limited statutory authority.
In the calculation of debt subject to the direct debt limitations, the amount in a city’s
bond retirement fund allocable to the principal amount of nonexempt debt is deducted from gross
nonexempt debt. Without consideration of amounts in the Bond Retirement Fund, and based on
outstanding debt and the Bonds and the current tax (assessed) valuation, the City’s voted and
unvoted nonexempt debt capacities are:
Nonexempt Additional
Debt Debt Capacity
Limitation Outstanding Within Limitation
10½% = $82,599,185 $16,730,000 $65,869,185

5½% = $43,266,240 $16,730,000 $26,536,240
45
This is further detailed in Debt Table A.
Indirect Debt and Unvoted Property Tax Limitations
Voted general obligation debt may be issued by the City if authorized by vote of the
electors. Ad valorem taxes, without limitation as to amount or rate, to pay debt charges on voted
bonds are authorized by the electors at the same time they authorize the issuance of the bonds.
General obligation debt such as the Bonds also may be issued by the City without a vote
of the electors. This unvoted debt may not be issued unless the ad valorem property tax for the
payment of debt charges on:
 Those bonds (or the bonds in anticipation of which BANs are issued), and
 All outstanding unvoted general obligation bonds (including bonds in

anticipation of which notes are issued) of the City resulting in the highest tax
required for such debt charges,
in any year is 7.2 mills or less per $1.00 of assessed valuation. This indirect debt limitation is
imposed by the Charter. In addition, pursuant to its Charter the City may levy an additional
2.30 mills (unvoted) for the purposes of paying staffing, operating, vehicle, equipment, facilities
and other costs associated with the provision of emergency medical services, including
transportation, and fire protection.
In lieu of the ten-mill limitation briefly discussed below, the electors of a charter
municipality such as the City may authorize the levy of a tax at a rate subject to a different
limitation. The electors of the City have authorized the Council to levy each year a tax of up the
Charter tax rate limitation on all the taxable property in the City without further authorization from
the electors, but subject to change by further action of the electors.
In the case of BANs issued in anticipation of unvoted general obligation bonds, the
highest annual debt charges estimated for the anticipated bonds is used to calculate the millage
required.
Revenue bonds and notes and mortgage revenue bonds are not included in debt subject
to the indirect limitation since they are not general obligations, and the full faith and credit of the
issuer is not pledged for their payment.
The indirect limitation applies to all unvoted general obligation debt even if debt charges
on some of it is expected to be paid in fact from special assessments, utility earnings or other
sources.
If the City were to convert to the anticipated bonds its $3,300,000 outstanding unvoted
general obligation BANs (see Debt Table D) the highest debt charges requirement in any year for
all City debt subject to the Charter tax limitation is estimated to be $2,006,638. That debt includes
the Bonds and unvoted general obligation bonds outstanding or bonds anticipated by BANs
outstanding (see Debt Table D). The payment of those annual debt charges would require a levy of
2.5508 mills based on current assessed valuation.
The total millage theoretically required by the City for its outstanding unvoted bonds
(including bonds in anticipation of which BANs are outstanding) is as shown above 2.5508 mills for
the year of the highest potential debt charges. There thus remains 4.6492 mills within the Charter
tax limitation which has yet to be allocated to debt charges by the City, and which is available to the
City in connection with the issuance of additional unvoted general obligation debt.
46
In the absence of the Charter tax rate limitation, the applicable indirect debt limitation
would be the product of what is commonly referred to as the “ten-mill limitation” imposed by a
combination of provisions of the Ohio Constitution and of the Revised Code. The ten-mill
limitation is the maximum aggregate millage for all purposes that may be levied without elector
approval on a single piece of property by all overlapping taxing subdivisions, with the 10 mills
being allocated among certain overlapping taxing subdivisions (including the cities) pursuant to a
statutory formula. The inside millage so allocated is required by Ohio law to be used first for the
payment of debt charges on unvoted general obligation debt of the subdivisions (unless provision
has been made for its payment from other sources) and the balance may be used for other purposes
of the subdivisions. If the ten-mill limitation applied to the City (that is, if the City did not have the
Charter tax rate limitation), unvoted obligations could not be issued by the City unless the tax
required to be imposed in any one year would be 10 mills or less per $1.00 of assessed valuation for
payment of annual debt charges on those obligations (if BANs, the bonds in anticipation of which
the BANs are issued) and all outstanding unvoted general obligation bonds (including bonds in
anticipation of which BANs are issued) of the combination of overlapping taxing subdivisions
including the City resulting in the highest tax rate required for that debt charges. To the extent that
this inside millage is required for debt charges of a taxing subdivision (which may exceed the
formula allocation for that subdivision), the amount that would otherwise be available to that
subdivision or to other overlapping subdivisions for general fund purposes would be reduced. In the
case of the City, however, a law applicable to all Ohio cities and villages requires that any lawfully
available receipts from a municipal income tax or from voted property tax levies be allocated to pay
debt charges on City unvoted debt before the formula allocations of the inside millage to
overlapping subdivisions can be invaded for that purpose.
Debt Outstanding
The Debt Tables attached provide information concerning the City’s outstanding debt
represented by bonds and notes, City and overlapping subdivisions general obligation debt
allocations and projected debt charges on the City’s general obligation debt, including the Bonds.
See Debt Tables.
The following table shows the principal amount of City general obligation debt
(bonds and notes) outstanding as of January 1 in the years shown.
Year Total, All Unvoted
2010 $29,935,000
2011 28,805,000
2012 26,630,000
2013 24,020,000
2014 21,960,000
Bond Anticipation Notes
$3,300,000 of the debt of the City is currently in the form of BANs (listed in Debt
Table D). BANs may be retired at maturity from the proceeds of the sale of renewal notes or of
the bonds anticipated by the BANs, or available funds of the City, or a combination of these
sources.
Bond Retirement Fund
The Bond Retirement Fund is the fund from which the City pays debt charges on its
general obligation debt, and into which moneys required to be applied to those payments are
deposited. The following table is an unaudited summary of Bond Retirement Fund receipts and
47
disbursements (excluding proceeds of renewal or refunding obligations) for prior Fiscal Years
and projected for the current Fiscal Year.
Jan. 1
Year Balance Receipts(a) Disbursements
2010 $ -0- $ 942,627 $942,647

2011 -0- 1,012,896 987,896
2012 25,000 919,432 944,432
2013 -0- 946,678 946,678
2014 -0- 946,381 946,381
2015(b) -0- 942,712 942,712
(a) All from unvoted property taxes.
(b) Projected.
Future Financings
At this time, the City has no plans to undertake or participate in any additional new
major capital improvement projects for which it plans to borrow additional money or enter into
long-term financial undertakings, with the potential exception of a $1.0 to $1.3 borrowing
through the Ohio Public Works Commission to finance construction of a water project.
Long-Term Financial Obligations Other Than Bonds and Notes
The City has entered into a 10-year capital lease agreement in the amount of
$1,199,214 for the acquisition of various items of equipment. The annual rental payments are
$149,114.
Full-time employees earn and accumulate paid vacation and sick leave, which within
certain limits, can be paid to separated and/or retired employees at termination. Some full-time
safety employees can also accumulate limited holiday hours which are payable upon termination.
The City’s maximum long-term liability for these accumulated hours, all of which may or may
not be eventually paid or payable, is estimated to be $5,100,000 as of December 31, 2014. The
sick leave component of the liability, which is the largest, will diminish through actual usage of
the benefit by employees during their tenure with the City prior to eligibility for retirement.
The City has no other long-term debt obligations, other than the bonds and notes
described above.
See the discussion under Retirement Expenses of the City’s required annual
payments for allocated accrued liability of the statewide pension fund for police and fire
personnel.
48
CONCLUDING STATEMENT
To the extent that any statements made in this Official Statement involve matters of
opinion or estimates, whether or not expressly stated to be such, they are made as such and not as
representations of fact or certainty and no representation is made that any of those statements
have been or will be realized. Information in this Official Statement has been derived by the
City from official and other sources and is believed by the City to be accurate and reliable.
Information other than that obtained from official records of the City has not been independently
confirmed or verified by the City and its accuracy is not guaranteed.
Neither this Official Statement nor any statement that may have been or that may be
made orally or in writing is to be construed as or as part of a contract with the original purchasers
or subsequent holders or Beneficial Owners of the Bonds.
This Official Statement has been prepared and delivered by the City and signed for
and on behalf of the City by its officials identified below.
CITY OF STOW, OHIO
By
Mayor
Director of Finance
49
(This Page Intentionally Left Blank)
DEBT TABLE A
Principal Amounts of Outstanding General Obligation (GO) Debt;

Leeway for Additional Debt within Direct Debt Limitations
A. Total debt (including the Bonds): $21,500,000
B. Exempt debt: $ 4,770,000
C. Total nonexempt debt [A minus B]: $16,730,000
D. 5½% of tax valuation (unvoted $43,266,240

nonexempt debt limitation):
E. Total nonexempt limited tax bonds

and notes outstanding:
Bonds $13,430,000
Notes $ 3,300,000 $16,730,000
F. Debt leeway within 5½%

unvoted debt limitation
[D minus E]:
$26,536,240*
G. 10½% of tax valuation

(voted and unvoted debt
limitation): $82,599,185
H. Total nonexempt bonds

and notes outstanding:
Bonds $13,430,000
Notes $ 3,300,000 $16,730,000
I. Debt leeway within 10½%

debt limitation [G minus H]:
$65,869,185*
* Debt leeway in this table determined without considering money in the Bond Retirement Fund.
DT-1
DEBT TABLE B
Various City and Overlapping

GO Debt Allocations (Principal Amounts)
% of City’s Current
Amount Per Capita(b) Assessed Valuation(c)
City Nonexempt GO Debt $16,730,000 $480.24 2.13%
Total City GO Debt 21,500,000 617.16 2.73

(exempt and nonexempt)
Highest Total Overlapping 27,221,257 781.39 3.46

GO Debt(d)
(a) Based on 2010 population of 34,837.
(b) Based on the current assessed valuation of $786,658,910.
(c) Includes, in addition to “Total City GO Debt,” allocations of total GO debt of overlapping debt issuing subdivisions
(as of July 16, 2015) resulting in the calculation of highest total overlapping debt based on percent of tax valuation of
territory of the subdivisions located within the City (% figures are resulting percent of total debt of subdivisions
allocated to the City in this manner), as follows:
$ 4,123,667 County (6.91%); and

$ 1,597,590 Stow-Munroe Falls City School District (87.30%).
Source of tax (assessed) valuation and confirmation of GO debt figures for overlapping subdivisions: OMAC and the
County Auditor.
* Ohio Municipal Advisory Council (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 guaranty its accuracy. OMAC has not reviewed this Annual Information Filing to confirm that the
information attributed to it is information provided by OMAC or for any other purpose.
DT-2
DEBT TABLE C
Projected Debt Charges Requirements on City GO Debt
Debt Charges on To be Paid from

Bonds
The Outstanding Anticipated by Limited Ad Income Tax
*
Year Bonds Bonds BANS(a) Total Valorem Taxes Revenues
2015 $ 591,851.56 $763,456.25 $ 0.00 $1,355,307.81 $1,067,857.81 $287,450.00

2016 789,937.50 895,112.50 132,000.00 1,817,050.00 1,465,525.00 351,525.00
2017 1,068,837.50 602,300.00 335,500.00 2,006,637.50 1,658,562.50 348,075.00
2018 1,071,937.50 601,600.00 327,250.00 2,000,787.50 1,651,162.50 349,625.00
2019 529,637.50 600,825.00 319,000.00 1,449,462.50 1,103,362.50 346,100.00
2020 532,837.50 599,975.00 310,750.00 1,443,562.50 1,095,987.50 347,575.00
2021 537,337.50 597,075.00 302,500.00 1,436,912.50 1,089,137.50 347,775.00
2022 536,387.50 609,075.00 294,250.00 1,439,712.50 1,086,837.50 352,875.00
2023 535,137.50 609,625.00 286,000.00 1,430,762.50 1,078,625.00 352,137.50
2024 538,587.50 598,875.00 277,750.00 1,415,212.50 1,069,575.00 345,637.50
2025 531,587.50 598,125.00 269,500.00 1,399,212.50 1,055,075.00 344,137.50
2026 534,437.50 606,025.00 261,250.00 1,401,712.50 1,049,862.50 351,850.00
2027 536,837.50 602,225.00 253,000.00 1,392,062.50 1,043,612.50 348,450.00
2028 533,787.50 596,950.00 244,750.00 1,375,487.50 1,031,300.00 344,187.50
2029 535,437.50 601,350.00 236,500.00 1,373,287.50 1,023,525.00 349,762.50
2030 531,637.50 600,100.00 228,250.00 1,359,987.50 1,015,137.50 344,850.00
2031 532,537.50 597,075.00 220,000.00 1,349,612.50 1,005,612.50 344,000.00
2032 532,987.50 557,200.00 211,750.00 1,301,937.50 989,937.50 312,000.00
2033 531,737.50 241,800.00 203,500.00 977,037.50 977,037.50 0.00
2034 0.00 243,200.00 195,250.00 438,450.00 438,450.00 0.00
2035 0.00 239,200.00 187,000.00 426,200.00 426,200.00 0.00
2036 0.00 0.00 178,750.00 178,750.00 178,750.00 0.00
2037 0.00 0.00 170,500.00 170,500.00 170,500.00 0.00
2038 0.00 0.00 162,250.00 162,250.00 162,250.00 0.00
2039 0.00 0.00 154,000.00 154,000.00 154,000.00 0.00
2040 0.00 0.00 145,750.00 145,750.00 145,750.00 0.00
(a) Assuming all BANs are retired with bonds having first interest payments in 2016 and principal payments in 2017, being
paid serially and over the number of years at the estimated interest rates referred to in the ordinance authorizing the
BANs. See also Debt Table D.
* Preliminary, subject to change.
DT-3
DEBT TABLE D
Outstanding GO Bond Anticipation Notes
The following debt is reflected in Debt Tables A, B and C.
Estimated Original Notes

Bond Year
General Purpose Principal Maturity Interest of Principal
of Issue Amount Due Years Rate Issuance Amount
Municipal Court $3,300,000 04/29/2016 20 6.00% 2007 $ 5,000,000
The ability of the City to retire BANs from the proceeds of the sale of either bonds or
renewal BANs will be dependent upon the marketability of those obligations under market conditions
prevailing at the time of that sale. Under present laws applicable to the City, there is no statutory
maximum interest rate applicable to those bonds or renewal BANs.
DT-4
DEBT TABLE E
Outstanding GO Bonds(a)
The following debt is reflected in Debt Tables A, B and C.
Bonds
Original Outstanding
Date of Final Principal Principal
Issue Issuance Maturity Amount Amount
Various Purpose Bonds, Series 2008 05/08/2008 2016(b) $8,620,000 $ 535,000
Various Purpose Refunding Bonds, Series 2014 06/24/2014 2035 8,575,000 8,550,000
The Bonds 07/16/2015 2033 9,115,000 9,115,000
(a) Not included in this Table are City bond issues that have been refunded but yet to be paid until they mature or are called for
redemption in accordance with provisions of a related escrow agreement.
(b) Certain Bonds of this Series having been refunded.

DT-5
APPENDIX A
Comparative Cash-Basis Summary of General Fund Receipts

and Expenditures for Fiscal Years 2010 through 2013
and Budgeted Fiscal Year 2015
Budgeted
2010 2011 2012 2013 2014 2015
Receipts
Municipal Income Tax $ 8,431,290 $ 8,990,412 $ 9,255,952 $ 9,848,885 $ 9,861,597 $10,187,166
Property Taxes 5,038,563 5,031,502 4,579,344 4,675,759 4,600,906 4,510,000
Special Assessments 7,553 4,675 9,678 6,373 5,014 0
Charges for Services 331,507 378,720 424,113 364,697 395,498 370,000
Licenses and Permits 663,389 733,361 832,976 872,223 949,522 768,000
Fines and Forfeitures 2,277,502 2,392,541 2,479,373 2,346,329 2,270,356 2,230,000
Intergovernmental 3,479,019 3,075,542 2,909,252 3,051,648 2,004,105 1,853,760
Investment Income 66,234 50,597 88,155 70,254 75,101 85,000
Other 808,084 565,346 523,039 542,375 868,057 567,000
Total Receipts $21,103,141 $21,222,696 $21,101,882 $21,778,543 $20,030,156 $20,570,926
Expenditures
Current
General Government $ 8,153,730 $ ,621,817 $ 7,599,485 $ 7,756,026 $ 7,422,504 $ 8,271,369
Security of Persons and
Property 9,720,022 9,611,430 9,912,044 10,132,853 10,846,702 10,597,521
Public Health and
Welfare 367,568 377,044 378,268 353,523 385,479 396,922
Transportation 607,008 843,160 916,005 948,182 655,944 493,555
Community Environment 1,115,531 1,028,066 1,019,096 1,024,625 1,034,172 952,867
Leisure Time Activities 1,668,908 1,513,375 1,404,844 1,225,048 1,116,165 1,185,656
Capital Outlay 0 0 0 0 0 0
Total Expenditures $21,632,767 $20,994,892 $21,229,742 $21,470,257 $21,460,966 $21,897,890
Excess of Revenues Over

(Under) Expenditures $ (529,626) $ 227,804 $ (127,860) $ 308,286 $(1,430,810) $(1,326,964)
Other Financing Sources

(Uses)
Other Financing Sources $ 0 $ 0 $ 0 $ 0 $ 0 0
Other Financing Uses 0 0 0 0 0 0
Sale of Fixed Assets 0 0 0 0 0 0
Operating Transfers In 550,000 500,000 173,000 425,541 372,767 650,000
Operating Transfers Out (566,923) (602,673) $ (693,228) (642,914) (19,700) (20,000)
Total Other Financing
Sources (Uses) $ (16,923) $ (102,673) $ (520,228) $ (217,373) $ 353,067 $ 630,000
Excess of Revenues and

Other Financing Sources
Over (Under)
Expenditures and Other
Financing Uses $ (546,549) $ 125,131 $ (648,088) $ 90,913 $(1,077,743) $ (696,964)
Beginning Balance 3,641,398 3,540,081 4,174,785 4,041,256 4,752,208 4,517,548
Prior Year Encumbrances 445,232 509,573 514,559 620,039 843,083 0
Ending Balance $ 3,540,081 $ 4,174,785 $ 4,041,256 $ 4,752,208 $ 4,517,548 $ 3,820,584
A-1
APPENDIX B-1
All-Funds Summary 2013(a)

(Cash Basis)
Gross Beginning Net Ending

Fund Balance Receipts Expenditures Balance
General $ 4,661,295 $26,757,288 $26,666,374 $ 4,752,209
Special Revenue 4,485,557 8,006,807 8,554,773 3,937,591
Debt Service 0 946,678 946,678 0
E M S Levy 73,457 2,217,536 2,251,086 39,907
Enterprise 5,185,462 6,672,235 7,402,491 4,455,206
Internal Service 1,365,007 2,539,160 2,499,168 1,404,999
Capital Projects 5,278,190 15,130,088 15,605,092 4,803,185
Agency 614,444 361,074 384,087 591,431
Fiduciary 1,286 0 0 1,286
Totals $21,664,698 $62,630,867 $64,309,750 $19,985,815
(a) The General Fund beginning and ending balances shown for 2013 in Appendix A are net balances and, therefore, vary from
the balances shown in Appendix B, which are gross balances and include encumbrances. The General Fund receipts and
expenditures shown for 2013 in Appendix B vary from those shown for the General Fund in Appendix A due to the fact that
the financial activity for the General Fund shown in Appendix B is presented on a gross basis as part of the City’s total cash
position. In Appendix B, the income tax revenue is reported entirely in the General Fund and has not been allocated directly
to the project funds.
B-1-1
APPENDIX B-2
All-Funds Summary 2014(a)

(Cash Basis)
Gross Beginning Net Ending

Fund Balance Receipts Expenditures Balance
General $ 5,346,752 $25,957,321 $26,786,526 $ 4,517,548
Special Revenue 4,821,709 7,161,473 7,817,537 4,165,644
Debt Service 0 946,380 946,380 0
E M S Levy 45,378 1,998,875 2,015,754 28,498
Enterprise 5,278,931 11,370,076 12,498,821 4,150,186
Internal Service 1,404,999 2,723,659 2,871,644 1,257,014
Capital Projects 6,199,533 20,920,393 21,205,206 5,914,720
Agency 592,685 366,243 717,230 241,698
Fiduciary 950 0 0 950
Totals $23,690,937 $71,444,420 $74,859,099 $20,276,258
(a) The General Fund beginning and ending balances shown for 2014 in Appendix A are net balances and, therefore, vary from
the balances shown in Appendix B, which are gross balances and include encumbrances. The General Fund receipts and
expenditures shown for 2014 in Appendix B vary from those shown for the General Fund in Appendix A due to the fact that
the financial activity for the General Fund shown in Appendix B is presented on a gross basis as part of the City’s total cash
position. In Appendix B, the income tax revenue is reported entirely in the General Fund and has not been allocated directly
to the project funds.
B-2-1
APPENDIX C
Basic Financial Statements from

the City’s Financial Report for Fiscal Year 2013 (Audited)
C-1
INDEPENDENT AUDITOR’S REPORT
City of Stow
Summit County
3760 Darrow Road
Stow, Ohio 44224-4094
To the City Council:
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund, and the aggregate discretely presented component unit and remaining fund
information of the City of Stow, Summit County, Ohio (the City), as of and for the year ended December
31, 2013, and the related notes to the financial statements, which collectively comprise the City’s basic
financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for preparing and fairly presenting these financial statements in accordance
with accounting principles generally accepted in the United States of America; this includes designing,
implementing, and maintaining internal control relevant to preparing and fairly presenting financial
statements that are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to opine on these financial statements based on our audit. We audited in accordance
with auditing standards generally accepted in the United States of America and the financial audit
standards in the Comptroller General of the United States’ Government Auditing Standards. Those
standards require us to plan and perform the audit to reasonably assure the financial statements are free
from material misstatement.
An audit requires obtaining evidence about financial statement amounts and disclosures. The procedures
selected depend on our judgment, including assessing the risks of material financial statement
misstatement, whether due to fraud or error. In assessing those risks, we consider internal control
relevant to the City's preparation and fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not to the extent needed to opine on the
effectiveness of the City's internal control. Accordingly, we express no opinion. An audit also includes
evaluating the appropriateness of management’s accounting policies and the reasonableness of their
significant accounting estimates, as well as our evaluation of the overall financial statement presentation.
We believe the audit evidence we obtained is sufficient and appropriate to support our audit opinions.
101 Central Plaza South, 700 Chase Tower, Canton, Ohio 44702‐1509
Phone: 330‐438‐0617 or 800‐443‐9272 Fax: 330‐471‐0001
www.ohioauditor.gov
1
City of Stow
Summit County
Independent Auditor’s Report
Page 2
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major fund,
and the aggregate discretely presented component unit and remaining fund information of the City of
Stow, Summit County, Ohio, as of December 31, 2013, and the respective changes in financial position
and, where applicable, cash flows thereof and the respective budgetary comparisons for the General,
and EMS/Fire Tax Levy funds thereof for the year then ended in accordance with the accounting
principles generally accepted in the United States of America.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require this presentation to
include Management’s discussion and analysis, listed in the table of contents, to supplement the basic
financial statements. Although this information is not part of the basic financial statements, the
Governmental Accounting Standards Board considers it essential for placing the basic financial
statements in an appropriate operational, economic, or historical context. We applied certain limited
procedures to the required supplementary information in accordance with auditing standards generally
accepted in the United States of America, consisting of inquiries of management about the methods of
preparing the information and comparing the information for consistency with management’s responses to
our inquiries, to the basic financial statements, and other knowledge we obtained during our audit of the
basic financial statements. We do not opine or provide any assurance on the information because the
limited procedures do not provide us with sufficient evidence to opine or provide any other assurance.
Supplementary and Other Information
Our audit was conducted to opine on the City’s basic financial statements taken as a whole. The
introductory section, the financial section’s combining statements, individual fund statements and
schedules, and the statistical section information present additional analysis and are not a required part of
the basic financial statements.
The statements and schedules are management’s responsibility, and derive from and relate directly to the
underlying accounting and other records used to prepare the basic financial statements. We subjected
these statements and schedules to the auditing procedures we applied to the basic financial statements.
We also applied certain additional procedures, including comparing and reconciling statements and
schedules directly to the underlying accounting and other records used to prepare the basic financial
statements or to the basic financial statements themselves in accordance with auditing standards
generally accepted in the United States of America. In our opinion, these statements and schedules are
fairly stated in all material respects in relation to the basic financial statements taken as a whole.
We did not subject the introductory section and statistical section information to the auditing procedures
applied in the audit of the basic financial statements and, accordingly, we express no opinion or any other
assurance on them.
2
City of Stow
Summit County
Independent Auditor’s Report
Page 3
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated July 28, 2014,
on our consideration of the City’s internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts and grant agreements and other matters. That
report describes the scope of our internal control testing over financial reporting and compliance, and the
results of that testing, and does not opine on internal control over financial reporting or on compliance.
That report is an integral part of an audit performed in accordance with Government Auditing Standards in
considering the City’s internal control over financial reporting and compliance.
Dave Yost
Auditor of State
Columbus, Ohio
July 28, 2014
3
THIS PAGE IS INTENTIONALLY LEFT BLANK
4
CITY OF STOW, OHIO
STATEMENT OF NET POSITION

DECEMBER 31, 2013
Primary Government
Governmental Business-type Component
Activities Activities Total Unit
Assets:
Equity in pooled cash and cash equivalents . . $ 15,009,722 $ 8,031,576 $ 23,041,298 $ 45,260
Receivables:
Property taxes . . . . . . . . . . . . . . . . 6,965,132 - 6,965,132 -
Income taxes. . . . . . . . . . . . . . . . . 2,081,061 54,560 2,135,621 -
Accounts. . . . . . . . . . . . . . . . . . . 293,437 475,171 768,608 -
Intergovernmental . . . . . . . . . . . . . . 1,814,993 - 1,814,993 -
Accrued interest . . . . . . . . . . . . . . . 19,318 - 19,318 -
Internal balance. . . . . . . . . . . . . . . . . 142,704 (142,704) - -
Materials and supplies inventory. . . . . . . . 583,956 126,022 709,978 -
Capital assets:
Nondepreciable capital assets . . . . . . . . 13,280,135 7,077,808 20,357,943 -
Depreciable capital assets, net. . . . . . . . 51,476,243 27,884,066 79,360,309 -
Total capital assets, net. . . . . . . . . . . . . 64,756,378 34,961,874 99,718,252 -
Total assets . . . . . . . . . . . . . . . . . . . . 91,666,701 43,506,499 135,173,200 45,260
Deferred outflows of resources:

Unamortized deferred charges on debt refunding. 164,751 - 164,751 -
Liabilities:
Accounts payable. . . . . . . . . . . . . . . . 762,701 138,476 901,177 -
Contracts payable. . . . . . . . . . . . . . . . 15,655 50,984 66,639 -
Accrued wages and benefits payable . . . . . . 487,578 33,241 520,819 -
Intergovernmental payable . . . . . . . . . . . 1,052,527 518,593 1,571,120 -
Accrued interest payable . . . . . . . . . . . . 83,909 17,593 101,502 -
Claims payable . . . . . . . . . . . . . . . . . 450,252 - 450,252 -
Notes payable. . . . . . . . . . . . . . . . . . 1,450,000 - 1,450,000 -
Long-term liabilities:
Due within one year . . . . . . . . . . . . . 2,079,818 281,828 2,361,646 -
Due in more than one year. . . . . . . . . . 20,701,044 5,582,418 26,283,462 -
Total liabilities . . . . . . . . . . . . . . . . . . 27,083,484 6,623,133 33,706,617 -
Deferred inflows of resources:

Property taxes levied for the next fiscal year. . . 6,623,350 - 6,623,350 -
Net position:
Net investment in capital assets. . . . . . . . . 45,313,451 29,369,155 74,682,606 -
Restricted for:
Capital projects . . . . . . . . . . . . . . . 276,025 - 276,025 -
Transportation projects . . . . . . . . . . . 3,447,213 - 3,447,213 -
Public service programs. . . . . . . . . . . 45,611 - 45,611 -
Community development programs . . . . . 69,753 - 69,753 -
Police and fire pension . . . . . . . . . . . 7,476 - 7,476 -
Other purposes. . . . . . . . . . . . . . . . 913,312 - 913,312 -
Security programs . . . . . . . . . . . . . . 1,146,398 - 1,146,398 -
Unrestricted . . . . . . . . . . . . . . . . . . 6,905,379 7,514,211 14,419,590 45,260
Total net position . . . . . . . . . . . . . . . . . $ 58,124,618 $ 36,883,366 $ 95,007,984 $ 45,260
SEE ACCOMPANYING NOTES TO THE BASIC FINANCIAL STATEMENTS
15
CITY OF STOW, OHIO
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED DECEMBER 31, 2013
Program Revenues
Charges for Operating Grants Capital Grants
Expenses Services and Sales and Contributions and Contributions
Governmental activities:
General government . . . . . . . . . . . . $ 8,351,841 $ 4,380,103 $ 81,027 $ -
Security of persons and property . . . . . . 14,576,858 831,052 272,427 -
Public health . . . . . . . . . . . . . . . . 483,060 58,433 20,382 -
Leisure time activity . . . . . . . . . . . . 1,373,291 320,879 184,830 -
Community and economic development . . 1,165,860 207,271 2,395 -
Transportation . . . . . . . . . . . . . . . 4,722,114 12,255 2,431,705 1,639,994
Interest and fiscal charges . . . . . . . . . 770,369 - - -
Total governmental activities . . . . . . . . . 31,443,393 5,809,993 2,992,766 1,639,994
Business-type activities:
Water . . . . . . . . . . . . . . . . . . . . 4,350,339 5,194,737 - 147,668
Golf . . . . . . . . . . . . . . . . . . . . . 1,155,959 920,428 - -
Storm Water Utility . . . . . . . . . . . . . 767,610 828,123 - -
Total business-type activities . . . . . . . . . 6,273,908 6,943,288 - 147,668
Total primary government . . . . . . . . . . . $ 37,717,301 $ 12,753,281 $ 2,992,766 $ 1,787,662
Component Unit:
Stow Community Improvement
Corporation . . . . . . . . . . . . . . . . $ 76,207 $ - $ 50,000 $ -
General revenues:
Property taxes levied for:
General purposes . . . . . . . . . . . . .
Special revenue . . . . . . . . . . . . . .
Municipal income taxes . . . . . . . . . . .
Grants and entitlements not restricted
to specific programs . . . . . . . . . . . .
Investment earnings . . . . . . . . . . . . .
Miscellaneous . . . . . . . . . . . . . . . .
Total general revenues . . . . . . . . . . . . .
Transfers . . . . . . . . . . . . . . . . . . . .
Total general revenues and transfers . . . . . .
Change in net position . . . . . . . . . . . . .
Net position at beginning of year . . . . . . .
Net position at end of year. . . . . . . . . . .
16
Primary Government
Net (Expense) Revenue and Changes in Net Position
Governmental Business-type Component
Activities Activities Total Unit
$ (3,890,711) $ - $ (3,890,711) $ -
(13,473,379) - (13,473,379) -
(404,245) - (404,245) -
(867,582) - (867,582) -
(956,194) - (956,194) -
(638,160) - (638,160) -
(770,369) - (770,369) -
(21,000,640) - (21,000,640) -
- 992,066 992,066 -
- (235,531) (235,531) -
- 60,513 60,513 -
- 817,048 817,048 -
(21,000,640) 817,048 (20,183,592) -
- - - (26,207)
4,637,739 - 4,637,739 -
2,278,694 - 2,278,694 -
13,944,273 361,561 14,305,834 -
3,434,601 - 3,434,601 -
58,986 - 58,986 -
382,470 180,519 562,989 -
24,736,763 542,080 25,278,843 -
(38,362) 38,362 - -
24,698,401 580,442 25,278,843 -
3,697,761 1,397,490 5,095,251 (26,207)
54,426,857 35,485,876 89,912,733 71,467
$ 58,124,618 $ 36,883,366 $ 95,007,984 $ 45,260
17
CITY OF STOW, OHIO
BALANCE SHEET
GOVERNMENTAL FUNDS
DECEMBER 31, 2013
General Other Total

EMS/Fire Capital Governmental Governmental
General Tax Levy Improvements Funds Funds
Assets:
Equity in pooled cash and cash equivalents . . $ 5,371,645 $ 45,378 $ 3,446,888 $ 4,740,810 $ 13,604,721
Receivables:
Property taxes . . . . . . . . . . . . . . . . 4,799,999 1,672,726 - 492,407 6,965,132
Income taxes. . . . . . . . . . . . . . . . . 1,460,451 - 291,169 329,441 2,081,061
Accounts. . . . . . . . . . . . . . . . . . . 292,445 - 511 481 293,437
Intergovernmental . . . . . . . . . . . . . . 881,756 111,350 - 821,887 1,814,993
Accrued interest . . . . . . . . . . . . . . . 19,318 - - - 19,318
Loans to other funds . . . . . . . . . . . . . . 150,000 - - - 150,000
Materials and supplies inventory. . . . . . . . 139,387 - - 444,569 583,956
Total assets . . . . . . . . . . . . . . . . . . . . $ 13,115,001 $ 1,829,454 $ 3,738,568 $ 6,829,595 $ 25,512,618
Liabilities:
Accounts payable. . . . . . . . . . . . . . . . $ 261,304 $ 872 $ 197,505 $ 303,020 $ 762,701
Contracts payable. . . . . . . . . . . . . . . . - - 15,655 - 15,655
Accrued wages and benefits payable . . . . . . 427,331 57,442 - 2,805 487,578
Compensated absences payable . . . . . . . . 46,976 - - - 46,976
Intergovernmental payable . . . . . . . . . . . 588,243 146,310 - 317,974 1,052,527
Accrued interest payable. . . . . . . . . . . . - 666 8,988 - 9,654
Notes payable. . . . . . . . . . . . . . . . . . - 100,000 1,350,000 - 1,450,000
Total liabilities . . . . . . . . . . . . . . . . . . 1,323,854 305,290 1,572,148 623,799 3,825,091
Deferred inflows of resources:

Property taxes levied for the next fiscal year . . 4,601,487 1,603,547 - 418,316 6,623,350
Delinquent property tax revenue not available . 198,512 69,179 - 18,048 285,739
Accrued interest not available . . . . . . . . . . 15,055 - - - 15,055
Income tax revenue not available . . . . . . . . 379,523 - 75,666 85,612 540,801
Intergovernmental nonexchange transactions. . 724,070 111,350 - 444,443 1,279,863
Total deferred inflows of resources . . . . . . . . 5,918,647 1,784,076 75,666 966,419 8,744,808
Fund balances:
Nonspendable . . . . . . . . . . . . . . . . . 289,387 - - 444,569 733,956
Restricted. . . . . . . . . . . . . . . . . . . . - - 1,070,732 3,850,846 4,921,578
Committed . . . . . . . . . . . . . . . . . . . 20,793 - 1,020,022 1,229,905 2,270,720
Assigned . . . . . . . . . . . . . . . . . . . . 3,933,706 - - - 3,933,706
Unassigned (deficit) . . . . . . . . . . . . . . 1,628,614 (259,912) - (285,943) 1,082,759
Total fund balances. . . . . . . . . . . . . . . . 5,872,500 (259,912) 2,090,754 5,239,377 12,942,719
Total liabilities, deferred inflows
of resources and fund balances. . . . . . . . . $ 13,115,001 $ 1,829,454 $ 3,738,568 $ 6,829,595 $ 25,512,618
18
CITY OF STOW, OHIO
RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES TO

NET POSITION OF GOVERNMENTAL ACTIVITIES
DECEMBER 31, 2013
Total governmental fund balances $ 12,942,719
Amounts reported for governmental activities on the

statement of net position are different because:
Capital assets used in governmental activities are not financial

resources and therefore are not reported in the funds. 64,756,378
Other long-term assets are not available to pay for current-

period expenditures and therefore are deferred inflows in the funds.
Income taxes receivable $ 540,801
Real and other taxes receivable 285,739
Intergovernmental receivable 1,279,863
Accrued interest receivable 15,055
Total 2,121,458
Long-term liabilities, including bonds payable, are not due and

payable in the current period and therefore are not reported
in the funds.
Compensated absences (4,563,421)
Capital lease payable (609,854)
General obligation bonds payable (13,244,659)
Construction notes payable (4,125,000)
Total (22,542,934)
Accrued interest payable is not due and payable in the current

period and therefore is not reported in the funds. (74,255)
Unamortized deferred amounts on refundings are not recognized

in the governmental funds. 164,751
Unamortized premiums on bond and note issuances are not recognized

in the funds. (190,952)
Internal service funds are used by management to charge the costs of

insurance to individual funds. The assets and liabilities of the internal
service funds are included in governmental activities in the statement of
net position. 954,749
An internal balance is recorded in governmental activities to reflect

underpayments to the internal service funds by the business-type
actvities. (7,296)
Net position of governmental activities $ 58,124,618
19
CITY OF STOW, OHIO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES

GOVERNMENTAL FUNDS
General Other Total

EMS/Fire Capital Governmental Governmental
General Tax Levy Improvements Funds Funds
Revenues:
Property and other local taxes. . . . . . . . $ 4,675,759 $ 1,629,431 $ - $ 665,968 $ 6,971,158
Income taxes . . . . . . . . . . . . . . . . 9,842,578 - 1,975,537 2,209,146 14,027,261
Special assessments . . . . . . . . . . . . . 6,373 - 12,255 51,412 70,040
Charges for services. . . . . . . . . . . . . 364,557 - - 787,458 1,152,015
Licenses and permits . . . . . . . . . . . . 997,249 - - - 997,249
Fines and forfeitures . . . . . . . . . . . . 2,364,981 - - 990,014 3,354,995
Intergovernmental. . . . . . . . . . . . . . 3,057,893 289,396 1,550,952 2,766,316 7,664,557
Investment income. . . . . . . . . . . . . . 56,408 - - 10,107 66,515
Rent . . . . . . . . . . . . . . . . . . . . . 156,831 - - 75,919 232,750
Contributions and donations. . . . . . . . . 30 - - 43,299 43,329
Other . . . . . . . . . . . . . . . . . . . . 385,384 21,090 89,042 203,156 698,672
Total revenues . . . . . . . . . . . . . . . . . 21,908,043 1,939,917 3,627,786 7,802,795 35,278,541
Expenditures:
Current:
General government . . . . . . . . . . . 7,343,229 - - 397,395 7,740,624
Security of persons and property . . . . . 10,007,858 2,249,599 - 1,376,208 13,633,665
Public health . . . . . . . . . . . . . . . 382,737 - - 84,793 467,530
Leisure time activties . . . . . . . . . . . 1,128,678 - - 93,074 1,221,752
Community and economic development . 1,015,890 - - 102,450 1,118,340
Transportation . . . . . . . . . . . . . . 953,730 - - 1,719,972 2,673,702
Capital outlay . . . . . . . . . . . . . . . . - - 2,453,827 2,059,446 4,513,273
Debt service:
Principal retirement. . . . . . . . . . . . - 23,429 5,535,743 988,895 6,548,067
Interest and fiscal charges . . . . . . . . - 7,513 354,358 421,797 783,668
Total expenditures . . . . . . . . . . . . . . . 20,832,122 2,280,541 8,343,928 7,244,030 38,700,621
Excess (deficiency) of revenues

over (under) expenditures. . . . . . . . . . 1,075,921 (340,624) (4,716,142) 558,765 (3,422,080)
Other financing sources (uses):

Note issuance . . . . . . . . . . . . . . . . - 175,000 3,950,000 - 4,125,000
Premium on sale of notes . . . . . . . . . . - 1,881 36,252 - 38,133
Transfers in . . . . . . . . . . . . . . . . . 450,000 101,000 428,153 1,171,244 2,150,397
Transfers (out). . . . . . . . . . . . . . . . (652,373) - - (1,498,024) (2,150,397)
Total other financing sources (uses) . . . . . . (202,373) 277,881 4,414,405 (326,780) 4,163,133
Net change in fund balances . . . . . . . . . . 873,548 (62,743) (301,737) 231,985 741,053
Fund balances (deficit) at beginning of year . 4,998,952 (197,169) 2,392,491 5,007,392 12,201,666
Fund balances (deficit) at end of year . . . . $ 5,872,500 $ (259,912) $ 2,090,754 $ 5,239,377 $ 12,942,719
20
CITY OF STOW, OHIO
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES

IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
Net change in fund balances - total governmental funds $ 741,053
Amounts reported for governmental activities in the

statement of activities are different because:
Government funds report capital outlays as expenditures. However, in the

statement of activities, the cost of those assets is allocated over their
estimated useful lives as depreciation expense. This is the amount by which
capital outlays exceeded depreciation expense in the current period.
Capital asset additions $ 4,110,452
Current year depreciation (3,329,926)
Total 780,526
Governmental funds only report the disposal of capital assets to the

extent proceeds are received from the sale. In the statement of activities,
a gain or loss is reported for each disposal. (236,532)
Revenues in the statement of activities that do not provide current financial

resources are not reported as revenues in the funds.
Delinquent property taxes (54,725)
Intergovernmental 36,110
Municipal income taxes (82,988)
Interest 2,578
Total (99,025)
Repayment of long-term debt is an expenditure in the governmental funds,

but the repayment reduces long-term liabilities in the statement of net position. 6,548,067
In the statement of activities, interest is accrued on outstanding bonds and notes,

whereas in governmental funds, interest is expensed when due.
Accrued interest 12,169
Unamortized charges (32,950)
Bond and note premium (4,053)
Total (24,834)
The issuance of notes is recorded as revenue in the funds, however, in the

statement of activities, notes are not reported as other financing sources as
they increase liabilities on the statement of net position. (4,125,000)
Some expenses, such as compensated absences, reported in the statement

of activities do not require the use of financial resources and therefore are
not reported as expenditures in governmental funds. 39,343
Internal service funds used by management to charge the cost of insurance,

to individual funds are not reported in the expenditures and related internal
service fund revenues are eliminated. The net revenue of the internal service
funds is allocated among the governmental activities. 74,163
Change in net position of governmental activities $ 3,697,761
21
CITY OF STOW, OHIO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN

FUND BALANCE - BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS)
GENERAL FUND
Variance with
Budgeted Amounts Final Budget
Positive
Original Final Actual (Negative)
Revenues:
Property and other taxes. . . . . . . . . . . . . . $ 4,613,955 $ 4,613,955 $ 4,675,759 $ 61,804
Income taxes . . . . . . . . . . . . . . . . . . . . 8,646,796 8,646,796 9,848,885 1,202,089
Special assessments . . . . . . . . . . . . . . . . 25,000 25,000 6,373 (18,627)
Charges for services . . . . . . . . . . . . . . . . 480,500 480,500 364,697 (115,803)
Licenses and permits. . . . . . . . . . . . . . . . 1,129,858 1,129,858 872,225 (257,633)
Fines and forfeitures. . . . . . . . . . . . . . . . 2,417,500 2,417,500 2,346,329 (71,171)
Intergovernmental . . . . . . . . . . . . . . . . . 3,090,475 3,081,685 3,051,647 (30,038)
Investment income . . . . . . . . . . . . . . . . 108,000 108,000 73,382 (34,618)
Rent . . . . . . . . . . . . . . . . . . . . . . . . 165,100 165,100 156,831 (8,269)
Contributions and donations. . . . . . . . . . . . 10,000 10,000 30 (9,970)
Other . . . . . . . . . . . . . . . . . . . . . . . 467,010 467,010 382,386 (84,624)
Total revenues . . . . . . . . . . . . . . . . . . . . 21,154,194 21,145,404 21,778,544 633,140
Expenditures:
Current:
General government . . . . . . . . . . . . . . 9,800,589 9,800,589 7,756,024 2,044,565
Security of persons and property. . . . . . . . 10,562,528 10,562,528 10,132,853 429,675
Public health . . . . . . . . . . . . . . . . . . 383,585 383,585 383,524 61
Leisure time activities . . . . . . . . . . . . . 1,322,029 1,322,029 1,225,048 96,981
Community and economic environment . . . . 1,058,289 1,058,289 1,024,626 33,663
Transportation . . . . . . . . . . . . . . . . . 952,059 952,059 948,182 3,877
Total expenditures . . . . . . . . . . . . . . . . . . 24,079,079 24,079,079 21,470,257 2,608,822
Excess (deficiency) of revenues

over (under) expenditures . . . . . . . . . . . . . (2,924,885) (2,933,675) 308,287 3,241,962
Other financing sources (uses):

Transfers in . . . . . . . . . . . . . . . . . . . . 550,000 550,000 450,000 (100,000)
Transfers (out). . . . . . . . . . . . . . . . . . . (643,044) (643,044) (667,373) (24,329)
Total other financing sources (uses). . . . . . . . . (93,044) (93,044) (217,373) (124,329)
Net change in fund balance . . . . . . . . . . . . . (3,017,929) (3,026,719) 90,914 3,117,633
Fund balance at beginning of year . . . . . . . . 4,041,256 4,041,256 4,041,256 -

Prior year encumbrances appropriated. . . . . . 620,039 620,039 620,039 -
Fund balance at end of year . . . . . . . . . . . . $ 1,643,366 $ 1,634,576 $ 4,752,209 $ 3,117,633
22
CITY OF STOW, OHIO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN

FUND BALANCE - BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS)
EMS/FIRE TAX LEVY FUND
Variance with
Budgeted Amounts Final Budget
Positive
Original Final Actual (Negative)
Revenues:
Property and other local taxes . . . . . . . $ 1,599,809 $ 1,599,809 $ 1,629,431 $ 29,622
Intergovernmental. . . . . . . . . . . . . . . . . 517,000 517,000 290,134 (226,866)
Other . . . . . . . . . . . . . . . . . . . . . . . 123,458 123,458 21,090 (102,368)
Total revenues. . . . . . . . . . . . . . . . . . . . 2,240,267 2,240,267 1,940,655 (299,612)
Expenditures:
Current:
Security of persons and property. . . . . . . . 2,266,982 2,514,203 2,221,147 293,056
Capital outlay. . . . . . . . . . . . . . . . . . . 522 579 - 579
Debt service:
Principal retirement . . . . . . . . . . . . . . 21,125 23,429 23,429 -
Interest and fiscal charges . . . . . . . . . . . 5,870 6,510 6,510 -
Total expenditures . . . . . . . . . . . . . . . . . 2,294,499 2,544,721 2,251,086 293,635
Excess of expenditures over revenues . . . . . . . (54,232) (304,454) (310,431) (5,977)
Other financing sources:

Sale of notes. . . . . . . . . . . . . . . . . . . . 310,000 310,000 275,000 (35,000)
Premium on notes. . . . . . . . . . . . . . . . . - - 1,881 1,881
Transfers in . . . . . . . . . . . . . . . . . . . . 37,042 37,042 - (37,042)
Total other financing sources:. . . . . . . . . . . . . 347,042 347,042 276,881 (70,161)
Net change in fund balance . . . . . . . . . . . . . 292,810 42,588 (33,550) (76,138)
Fund balance at beginning of year . . . . . . . . 72,656 72,656 72,656 -

Prior year encumbrances appropriated. . . . . . 802 802 802 -
Fund balance at end of year . . . . . . . . . . . . $ 366,268 $ 116,046 $ 39,908 $ (76,138)
23
CITY OF STOW, OHIO
STATEMENT OF NET POSITION

PROPRIETARY FUNDS
DECEMBER 31, 2013
Business-type Activities - Enterprise Funds Governmental

Activities -
Storm Water Internal
Water Golf Utility Total Service Funds
Assets:
Current assets:
Equity in pooled cash and cash equivalents . $ 6,966,265 $ 238,716 $ 826,595 $ 8,031,576 $ 1,405,001
Receivables:
Income taxes. . . . . . . . . . . . . . . . - 54,560 - 54,560 -
Accounts. . . . . . . . . . . . . . . . . . 392,467 - 82,704 475,171 -
Materials and supplies inventory. . . . . . . 98,871 27,151 - 126,022 -
Total current assets . . . . . . . . . . . . . . . 7,457,603 320,427 909,299 8,687,329 1,405,001
Noncurrent assets:
Capital assets:
Nondepreciable capital assets. . . . . . . 1,962,443 5,115,365 - 7,077,808 -
Depreciable capital assets, net. . . . . . . 20,650,108 235,269 6,998,689 27,884,066 -
Total capital assets, net. . . . . . . . . . . . 22,612,551 5,350,634 6,998,689 34,961,874 -
Total assets . . . . . . . . . . . . . . . . . . . . 30,070,154 5,671,061 7,907,988 43,649,203 1,405,001
Liabilities:
Current liabilities:
Accounts payable. . . . . . . . . . . . . . . 50,369 39,886 48,221 138,476 -
Contracts payable. . . . . . . . . . . . . . . - - 50,984 50,984 -
Accrued wages and benefits payable . . . . . 26,018 1,274 5,949 33,241 -
Intergovernmental payable . . . . . . . . . . 499,151 10,131 9,311 518,593 -
Accrued interest payable . . . . . . . . . . . 1,625 15,968 - 17,593 -
Claims payable . . . . . . . . . . . . . . . . - - - - 450,252
Current portion of compensated absences. . . 24,213 - 10,336 34,549 -
Current portion of general obligation bonds . 16,120 170,000 - 186,120 -
Current portion of OPWC loan . . . . . . . . 11,584 - - 11,584 -
Current portion of capital lease obligation . . - - 49,575 49,575 -
Total current liabilities . . . . . . . . . . . . . 629,080 237,259 174,376 1,040,715 450,252
Long-term liabilities:
Compensated absences. . . . . . . . . . . . 172,141 - 64,837 236,978 -
General obligation bonds. . . . . . . . . . . 467,289 4,619,688 - 5,086,977 -
OPWC loan . . . . . . . . . . . . . . . . . 127,431 - - 127,431 -
Loans from other funds. . . . . . . . . . . . 150,000 - - 150,000 -
Capital lease obligation . . . . . . . . . . . - - 131,032 131,032 -
Total long-term liabilities. . . . . . . . . . . . 916,861 4,619,688 195,869 5,732,418 -
Total liabilities. . . . . . . . . . . . . . . . . . . 1,545,941 4,856,947 370,245 6,773,133 450,252
Net position:
Net investment in capital assets . . . . . . . . . 21,990,127 560,946 6,818,082 29,369,155 -
Unrestricted . . . . . . . . . . . . . . . . . . . 6,534,086 253,168 719,661 7,506,915 954,749
Total net position . . . . . . . . . . . . . . . . . $ 28,524,213 $ 814,114 $ 7,537,743 36,876,070 $ 954,749
Adjustment to reflect the consolidation of the internal service funds activities related to enterprise funds. 7,296
Net position of business-type activities $ 36,883,366
24
CITY OF STOW, OHIO
STATEMENT OF REVENUES, EXPENSES AND

CHANGES IN NET POSITION
PROPRIETARY FUNDS

Activities -
Operating revenues:
Charges for services . . . . . . . . . . . . $ 5,146,407 $ 920,428 $ 808,048 $ 6,874,883 $ 2,536,237
Tap-in fees. . . . . . . . . . . . . . . . . 48,295 - - 48,295 -
Other operating revenues . . . . . . . . . 2,950 150,033 27,536 180,519 2,923
Total operating revenues. . . . . . . . . . . 5,197,652 1,070,461 835,584 7,103,697 2,539,160
Operating expenses:
Personal services . . . . . . . . . . . . . 1,026,670 415,851 327,229 1,769,750 -
Contract services. . . . . . . . . . . . . . 2,619,483 102,090 88,878 2,810,451 347,857
Materials and supplies. . . . . . . . . . . 310,929 431,545 32,613 775,087 -
Claims expense . . . . . . . . . . . . . . - - - - 2,102,636
Depreciation. . . . . . . . . . . . . . . . 380,419 10,807 311,917 703,143 -
Total operating expenses. . . . . . . . . . . 4,337,501 960,293 760,637 6,058,431 2,450,493
Operating income . . . . . . . . . . . . . . 860,151 110,168 74,947 1,045,266 88,667
Nonoperating revenues (expenses):

Income taxes. . . . . . . . . . . . . . . . - 361,561 - 361,561 -
Special assessments . . . . . . . . . . . . 35 - 20,075 20,110 -
Interest and fiscal charges . . . . . . . . . (21,507) (198,808) (9,666) (229,981) -
Total nonoperating revenues (expenses). . . (21,472) 162,753 10,409 151,690 -
Income before capital contributions. . . . . . 838,679 272,921 85,356 1,196,956 88,667
Capital contributions. . . . . . . . . . . . 147,668 38,362 - 186,030 -
Change in net position . . . . . . . . . . . . 986,347 311,283 85,356 1,382,986 88,667
Net position at beginning of year . . . . . . 27,537,866 502,831 7,452,387 866,082
Net position at end of year . . . . . . . . . $ 28,524,213 $ 814,114 $ 7,537,743 $ 954,749
Adjustment to reflect the consolidation of internal service funds activities related to enterprise funds. 14,504
Change in net position of business-type activities. $ 1,397,490
25
CITY OF STOW, OHIO
STATEMENT OF CASH FLOWS

PROPRIETARY FUNDS

Activities -
Cash flows from operating activities:
Cash received from customers. . . . . . . . . . . . $ 5,154,419 $ 920,428 $ 808,175 $ 6,883,022 $ 2,536,237
Cash received from tap-in fees. . . . . . . . . . . . 48,295 - - 48,295 -
Cash received from other operations. . . . . . . . . 2,950 150,033 27,536 180,519 2,923
Cash payments for personal services. . . . . . . . . (1,017,394) (417,175) (320,736) (1,755,305) -
Cash payments for contract services . . . . . . . . . (2,640,987) (103,460) (125,139) (2,869,586) (347,857)
Cash payments for materials and supplies . . . . . . (194,632) (398,578) (30,891) (624,101) -
Cash payments for claims . . . . . . . . . . . . . . - - - - (2,151,310)
Net cash provided by

operating activities . . . . . . . . . . . . . . . 1,352,651 151,248 358,945 1,862,844 39,993
Cash flows from noncapital financing activities:

Income taxes . . . . . . . . . . . . . . . . . . . . . - 367,940 - 367,940 -
Net cash provided by noncapital

financing activities . . . . . . . . . . . . . . . - 367,940 - 367,940 -
Cash flows from capital and related

financing activities:
Acquisition of capital assets . . . . . . . . . . . . . (186,915) - (461,611) (648,526) -
Special assessments . . . . . . . . . . . . . . . . . 35 - 20,075 20,110 -
Intergovernmental . . . . . . . . . . . . . . . . . . 147,668 - - 147,668 -
Principal retirement . . . . . . . . . . . . . . . . . (232,907) (165,000) (47,530) (445,437) -
Interest and fiscal charges . . . . . . . . . . . . . . (23,280) (202,940) (9,666) (235,886) -
Net cash used in capital and related

financing activities . . . . . . . . . . . . . . . (295,399) (367,940) (498,732) (1,162,071) -
Net increase (decrease) in cash and

cash equivalents. . . . . . . . . . . . . . . . . . . . 1,057,252 151,248 (139,787) 1,068,713 39,993
Cash and cash equivalents at beginning of year . . . 5,909,013 87,468 966,382 6,962,863 1,365,008
Cash and cash equivalents at end of year . . . . . . . $ 6,966,265 $ 238,716 $ 826,595 $ 8,031,576 $ 1,405,001
- - Continued
26
CITY OF STOW, OHIO
STATEMENT OF CASH FLOWS

PROPRIETARY FUNDS (CONTINUED)

Activities -
Reconciliation of operating income to net
cash provided by operating activities:
Operating income . . . . . . . . . . . . . . . . . . . $ 860,151 $ 110,168 $ 74,947 $ 1,045,266 $ 88,667
Adjustments:
Depreciation. . . . . . . . . . . . . . . . . . . . . 380,419 10,807 311,917 703,143 -
Changes in assets and liabilities:

Decrease in materials and supplies inventory . . . . . 130,685 3,978 - 134,663 -
Decrease in accounts receivable . . . . . . . . . . . 8,012 127 8,139 -
Increase (decrease) in accounts payable . . . . . . . (21,310) 28,064 (34,539) (27,785) -
Increase in accrued wages and benefits. . . . . . . . 4,345 316 200 4,861 -
Increase (decrease) in intergovernmental payable . . . (12,270) (2,085) 2,365 (11,990) -
Increase in compensated absences payable . . . . . . 2,619 - 3,928 6,547 -
(Decrease) in claims payable. . . . . . . . . . . . . - - - - (48,674)
Net cash provided by operating activities . . . . . . . $ 1,352,651 $ 151,248 $ 358,945 $ 1,862,844 $ 39,993
Non-Cash Transactions:
During 2013 and 2012, the Water fund purchased $20,036 and $248,331, respectively, of capital assets on account.
During 2013, the Storm Water Utility fund purchased $50,984 of capital assets on account.
The Golf fund received $38,362 in capital contributions from governmental activities during 2013.
27
CITY OF STOW, OHIO
STATEMENT OF FIDUCIARY NET POSITION

FIDUCIARY FUNDS
DECEMBER 31, 2013
Private-Purpose
Trust Agency
Assets:
Current assets:
Equity in pooled cash and cash equivalents . . $ 1,286 $ 605,311
Cash in segregated accounts. . . . . . . . . . - 568,973
Receivables:
Accounts . . . . . . . . . . . . . . . . . . - 2,122
Total assets. . . . . . . . . . . . . . . . . . . . 1,286 $ 1,176,406
Liabilities:
Current liabilities:
Intergovernmental payable . . . . . . . . . . $ - $ 249,218
Deposits held and due to others. . . . . . . . - 23,099
Undistributed monies . . . . . . . . . . . . . - 904,089
Total liabilities. . . . . . . . . . . . . . . . . . - $ 1,176,406
Net position:
Held in trust . . . . . . . . . . . . . . . . . . 1,286
Total net position . . . . . . . . . . . . . . . . $ 1,286
28
CITY OF STOW, OHIO
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION

FIDUCIARY FUNDS
Private-Purpose
Trust
Net position at beginning of year. . . . . . . $ 1,286
Net position at end of year . . . . . . . . . . $ 1,286
29
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30
CITY OF STOW, OHIO
NOTES TO THE BASIC FINANCIAL STATEMENTS

NOTE 1 - DESCRIPTION OF THE CITY
The City of Stow, Ohio, (the “City”) is a home rule municipal corporation which was established under the
laws of the State of Ohio and operates under its own charter. The current charter, which provides for a
Mayor/Council form of government, was adopted in 1958 and became effective January 2, 1960.
Amendments to the charter have been approved by the electorate in 1965, 1968, 1970, 1972, 1975, 1980,
1985, 1990, 1991, 1997, 1998, 2000, 2002, 2005 and 2010.
The City provides various services and consists of many different activities and smaller accounting entities
which include police, fire-fighting and EMS forces, street and highway maintenance, building and zoning
inspection, comprehensive community planning, various general government services and a water
distribution system. The City offers numerous parks and recreation programs and operates a park system, a
golf course, three municipal cemeteries and a group of rental lodges available for public or private events.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The basic financial statements (BFS) of the City have been prepared in conformity with accounting
principles generally accepted in the United States of America (GAAP) as applied to local governmental
units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for
establishing governmental accounting and financial principles. The City’s significant accounting policies
are described below.
A. Reporting Entity
A reporting entity is comprised of the primary government, component units and other organizations
that are included to ensure that the financial statements are not misleading. The primary government
of the City consists of all funds, departments, boards, agencies and commissions that are not legally
separate from the City.
Component units are legally separate organizations for which the City is financially accountable. The
City is financially accountable for an organization if the City appoints a voting majority of the
organization’s Governing Board and (1) the City is able to significantly influence the programs or
services performed or provided by the organization; or (2) the City is legally entitled to or can
otherwise access the organization’s resources; (3) the City is legally obligated or has otherwise
assumed the responsibility to finance deficits of, or provide financial support to, the organization; (4)
or the City is obligated for the debt of the organization. Component units may also include
organizations for which the City approves the budget, the issuance of debt, or the levying of taxes.
Certain organizations are also included as component units if the nature and significance of the
relationship between the primary government and the organization is such that exclusion by the
primary government would render the primary governments financial statements incomplete or
misleading. The City has one component unit.
Stow Community Improvement Corporation (CIC) - The Stow Community Improvement

Corporation was formed pursuant to Ohio Revised Code Section 1724. The Articles of
Incorporation were approved on November 8, 1985. The CIC was designated as a not-for-profit
agency of the City for advancing, encouraging and promoting the industrial, economic,
commercial, and civic development of Stow and the surrounding territory surrounding Stow.
The Board of Trustees consists of nineteen members, which include the Mayor, Director of
Planning and Development, Director of Finance, Law Director, City Council President, City
Council Finance Committee Chairperson, Stow-Munroe Falls School District Treasurer or
Designee, and City Council Chairperson. Trustees also include at least one representative of each
of the following categories: private citizens, small business, commerce, industry, civic
organizations, and financial institution.
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CITY OF STOW, OHIO

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
The CIC operates independently, but with oversight by the City, which includes City Council
approval of the CIC’s annual budget. The CIC has the authority to expend its funds as it
determines within the approved budget. The City is the primary source of funding for the CIC (in
most years, the City provides the CIC’s entire funding allocation). If the CIC developed its own
funding sources, its independence would increase. No debt would be issued by the CIC without
the concurrence of the City. The CIC has no taxing authority. The City does not appoint a
majority of the Board of Trustees and the CIC does not provide services entirely or almost entirely
to the City.
Financial statements can be obtained from the Director of Finance, Stow Community
Improvement Corporation, 3760 Darrow Road, Stow, Ohio 44224. Information relative to the
component unit is presented in Note 22.
B. Basis of Presentation - Fund Accounting
The City’s BFS consist of government-wide statements, including a statement of net position and a
statement of activities and fund financial statements which provide a more detailed level of financial
information.
Government-wide Financial Statements - The statement of net position and the statement of activities
display information about the City as a whole. These statements include the financial activities of the
primary government, except for fiduciary funds. The activities of the internal service funds are
eliminated to avoid “doubling up” revenues and expenses. The statements distinguish between those
activities of the City that are governmental and those that are considered business-type activities.
The statement of net position presents the financial condition of the governmental and business-type
activities of the City at year end. The statement of activities presents a comparison between direct
expenses and program revenues for each program or function of the City’s governmental activities and
for the business-type activities of the City. Direct expenses are those that are specifically associated
with a service, program or department and therefore clearly identifiable to a particular function.
Program revenues include charges paid by the recipient of the goods or services offered by the
program, grants and contributions that are restricted to meeting the operational or capital requirements
of a particular program and interest earned on grants that is required to be used to support a particular
program. Revenues which are not classified as program revenues are presented as general revenues of
the City, with certain limited exceptions. The comparison of direct expenses with program revenues
identifies the extent to which each business segment or governmental functions are self-financing or
draw from the general revenues of the City.
Fund Financial Statements - During the year, the City segregates transactions related to certain City
functions or activities in separate funds in order to aid financial management and to demonstrate legal
compliance. Fund financial statements are designed to present financial information of the City at this
more detailed level. The focus of governmental and enterprise fund financial statements is on major
funds. Each major fund is presented in a separate column. Nonmajor funds are aggregated and
presented in a single column. The internal service funds are presented in a single column on the face
of the proprietary fund financial statements. Fiduciary funds are reported by type.
32
CITY OF STOW, OHIO

Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund’s principal ongoing operation. The principal operating revenues of
the City’s proprietary funds are charges for services. Operating expenses for the enterprise funds
include personnel and other expenses related to water, golf course and storm water operations and
operating expenses for the internal service funds include claims and administrative expenses. All
revenues and expenses not meeting these definitions are reported as nonoperating revenues and
expenses.
C. Fund Accounting
The City uses funds to maintain its financial records during the year. A fund is defined as a fiscal and
accounting entity with a self balancing set of accounts. There are three categories of funds:
governmental, proprietary and fiduciary. The following categories are used by the City:
Governmental Funds - Governmental funds are those through which most governmental functions
typically are financed. Governmental fund reporting focuses on the sources, uses and balances of
current financial resources. Expendable assets are assigned to the various governmental funds
according to the purposes for which they may or must be used. Current liabilities are assigned to the
fund from which they will be paid. The difference between governmental fund assets and liabilities is
reported as fund balance. The following are the City's major governmental funds:
General fund - The general fund is used to account for and report all financial resources not
accounted for and reported in another fund. The general fund balance is available to the City for
any purpose provided it is expended or transferred according to the charter of the City of Stow
and/or the general laws of Ohio.
EMS/fire tax levy fund - The EMS/fire tax levy fund is a special revenue fund that accounts for
proceeds of levy money that is legally restricted to expenditures to provide EMS and fire
protection services.
General capital improvements fund - The general capital improvements fund accounts for the
portion of municipal income tax designated by Council for the purpose of improving, constructing,
maintaining, and purchasing the capital items necessary to enhance the operation of the City.
Other governmental funds of the City are used to account for (a) specific revenue sources that are
restricted or committed to expenditures for specified purposes other than debt service or capital
projects and (b) financial resources that are restricted, committed, or assigned to expenditure for
principal and interest.
Proprietary Funds - Proprietary fund reporting focuses on changes in net position, financial position
and cash flows. Proprietary funds are classified as either enterprise or internal service.
Enterprise funds - The enterprise funds may be used to account for any activity for which a fee is
charged to external users for goods or services. The following are the City’s major enterprise funds:
Water fund - This fund accounts for revenues generated from the charges for the treatment and
provisions of water to the residents and commercial users of the City.
Golf fund - The golf fund accounts for revenues generated and expenses for the Fox Den golf
course.
33
CITY OF STOW, OHIO

Storm water utility fund - The storm water utility fund accounts for the provision of storm
drainage runoff service to the residents and commercial users located within the City.
Internal service fund - Internal service funds account for the financing of services provided by one
department or agency to other departments or agencies of the City on a cost-reimbursement basis. The
City’s internal service funds are the Administrative Insurance fund and the Self-Insurance fund which
report on the administrative costs and the payments of premiums and claims for healthcare.
Fiduciary Funds - Fiduciary fund reporting focuses on net position and changes in net position. The
fiduciary fund category is split into four classifications: pension trust funds, investment trust funds,
private-purpose trust funds and agency funds. Trust funds are used to account for assets held by the
City under a trust agreement for individuals, private organizations, or other governments and are
therefore not available to support the City’s own programs. The City’s trust funds are private-purpose
trust funds established to account for funds bequeathed and donated to the City for the Wells Perkins
cemetery, scholarships and Stow seniors commission. The City’s agency funds are purely custodial
(assets equal liabilities) and thus do not involve measurement of results of operations. The City’s
agency funds account for building permit fees collected on behalf of the State, municipal court
collections that are distributed to various local governments, performance bonds pledged by
contractors, a flexible spending plan and money on deposit with the Stow Municipal Court. The City
does not have pension trust funds or investment trust funds.
D. Measurement Focus
Government-wide Financial Statements - The government-wide financial statements are prepared

using the economic resources measurement focus. All non-fiduciary assets and all liabilities associated
with the operation of the City are included on the statement of net position. The statement of activities
presents increases (e.g. revenues) and decreases (e.g. expenses) in total net position.
Fund Financial Statements - All governmental funds are accounted for using a flow of current
financial resources measurement focus. With this measurement focus, only current assets and current
liabilities generally are included on the balance sheet. The statement of revenues, expenditures and
changes in fund balances reports on the sources (i.e., revenues and other financing sources) and uses
(i.e., expenditures and other financing uses) of current financial resources. This approach differs from
the manner in which the governmental activities of the government-wide financial statements are
prepared. Governmental fund financial statements therefore include a reconciliation with brief
explanations to better identify the relationship between the government-wide statements and the
financial statements for governmental funds.
Like the government-wide statements, all proprietary funds are accounted for on a flow of economic
resources measurement focus. All assets and all liabilities associated with the operation of these funds
are included on the statement of net position. The statement of changes in fund net position presents
increases (i.e., revenues) and decreases (i.e., expenses) in total net position. The statement of cash
flows provides information about how the City finances and meets the cash flow needs of its
proprietary activities. The private-purpose trust fund is accounted for using the flow of economic
resources measurement focus.
The agency funds do not report on a measurement focus as they do not report operations.
34
CITY OF STOW, OHIO

E. Basis of Accounting
Basis of accounting determines when transactions are recorded in the financial records and reported on
the financial statements. Government-wide financial statements are prepared using the accrual basis of
accounting. Governmental funds use the modified accrual basis of accounting. Proprietary and
fiduciary funds also use the accrual basis of accounting. Differences in the accrual and modified
accrual basis of accounting arise in the recognition of revenue, the recording of deferred inflows of
resources and deferred outflows of resources, and in the presentation of expenses versus expenditures.
Revenues - Exchange and Nonexchange Transactions - Revenue resulting from exchange

transactions, in which each party gives and receives essentially equal value, is recorded on the accrual
basis when the exchange takes place. On a modified accrual basis, revenue is recorded in the fiscal
year in which the resources are measurable and become available. Available means that the resources
will be collected within the current fiscal year or are expected to be collected soon enough thereafter to
be used to pay liabilities of the current fiscal year. For the City, available means expected to be
received within sixty days of year-end.
Nonexchange transactions, in which the City receives value without directly giving equal value in
return, include income taxes, property taxes, grants, entitlements and donations. On an accrual basis,
revenue from income taxes is recognized in the period in which the income is earned (See Note 8).
Revenue from property taxes is recognized in the year for which the taxes are levied (See Note 7).
Revenue from grants, entitlements and donations is recognized in the year in which all eligibility
requirements have been satisfied. Eligibility requirements include timing requirements, which specify
the year when the resources are required to be used or the year when use is first permitted, matching
requirements, in which the City must provide local resources to be used for a specified purpose, and
expenditure requirements, in which the resources are provided to the City on a reimbursement basis.
On a modified accrual basis, revenue from nonexchange transactions must also be available before it
can be recognized.
Under the modified accrual basis, the following revenue sources are considered to be both measurable
and available at year end: income tax, State-levied locally shared taxes (including gasoline tax, local
government funds and permissive tax), interest, grants, fees and rentals.
Deferred Inflows of Resources and Deferred Outflows of Resources - A deferred inflow of resources
is an acquisition of net position by the City that is applicable to a future reporting period. A deferred
outflow of resources is a consumption of net position by the City that is applicable to a future reporting
period.
Property taxes for which there is an enforceable legal claim as of December 31, 2013, but which were
levied to finance year 2014 operations, and other revenues received in advance of the year for which
they were intended to finance, have been recorded as deferred inflows of resources. Income taxes and
special assessments not received within the available period, grants and entitlements received before
the eligibility requirements are met, and delinquent property taxes due at December 31, 2013, are
recorded as deferred inflows of resources in governmental funds.
On governmental fund financial statements, receivables that will not be collected within the available
period have been reported as a deferred inflow of resources.
Expenses/Expenditures - On the accrual basis of accounting, expenses are recognized at the time they
are incurred.
35
CITY OF STOW, OHIO

The measurement focus of governmental fund accounting is on decreases in net financial resources
(expenditures) rather than expenses. Expenditures are generally recognized in the accounting period in
which the related fund liability is incurred, if measurable. Allocations of cost, such as depreciation and
amortization, are not recognized in governmental funds.
F. Budgetary Process
The budgetary process is prescribed by provisions of the Ohio Revised Code and entails the
preparation of budgetary documents within an established timetable. The major documents prepared
are the Tax Budget (or the Alternative Tax Budget as permitted by law), the certificate of estimated
resources and the annual appropriation ordinance, all of which are prepared on the budgetary basis of
accounting. The certificate of estimated resources and the annual appropriation ordinance are subject to
amendment throughout the year with the legal restriction that appropriations cannot exceed estimated
resources, as certified. All funds, other than agency funds, are legally required to be budgeted and
appropriated. The legal level of budgetary control has been established by Council at the personal
services and other object level within each department of each fund. For both the personal services
and object levels the Finance Director has been authorized to allocate appropriations within any object
level which he maintains on his books.
Estimated Resources - The County Budget Commission determines if the budget substantiates a need
to levy all or part of previously authorized taxes and reviews estimated revenue. The Commission
certifies its actions to the City by September 1. As part of this certification, the City receives the
official certificate of estimated resources, which states the projected revenue of each fund. Prior to
December 31, the City must revise its budget so that the total contemplated expenditures from any
fund during the ensuing year will not exceed the amount available as stated in the certificate of
estimated resources. The revised budget then serves as the basis for the annual appropriation
ordinance. On or about January 1, the certificate of estimated resources is amended to include
unencumbered fund balances at December 31 of the preceding year. The certificate of estimated
resources may be further amended during the year if the Finance Director determines and the Budget
Commission agrees that an estimate needs to be either increased or decreased. The amounts reported
on the budgetary statements reflect the amounts in the original and final amended official certificate of
estimated resources issued during 2013.
Appropriations - For management, a temporary appropriation ordinance to control expenditures may

be passed on or about January 1 of each year for the period January 1 to March 31. The Annual
Appropriation Ordinance must be passed by April 1 of each year for the period January 1 to December
31. Appropriations by fund must be within the estimated resources as certified by the County Budget
Commission and the total of expenditures and encumbrances may not exceed the appropriations at any
level of control.
Any revisions that alter the appropriations of the legal level of budgetary control within a fund must
first be approved by City Council. Council may pass supplemental fund appropriations so long as the
total appropriations by fund do not exceed the amounts set forth in the most recent certificate of
estimated resources.
Formal budgetary integration is employed as a management control device during the year for all funds
consistent with statutory provisions. Appropriation amounts are as originally adopted, or as amended
by City Council throughout the year by supplemental appropriations which either reallocate or increase
the original appropriation amounts. During the year, supplemental appropriation measures were legally
enacted; however, none of these amendments were significant. The budgetary figures which appear in
the statements of budgetary comparisons represent the original and final appropriation amounts,
including all amendments and modifications.
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Encumbrances - As part of formal budgetary control, purchase orders, contracts and other
commitments for the expenditure of monies are recorded as the equivalent of expenditures on the non-
GAAP budgetary basis in order to reserve that portion of the applicable appropriation and to determine
and maintain legal compliance. The Ohio Revised Code prohibits expenditures plus encumbrances
from exceeding appropriations at the legal level of budgetary control. On the GAAP basis,
encumbrances outstanding at year end are reported as assigned, committed, or restricted fund balances
for subsequent-year expenditures for governmental funds.
Lapsing of Appropriations - At the close of each year, the unencumbered balance of each
appropriation reverts to the respective fund from which it was appropriated and becomes subject to
future appropriations. The encumbered appropriation balance is carried forward to the succeeding year
and is not reappropriated.
G. Cash, Cash Equivalents and Investments
To improve cash management, cash received by the City is pooled. Monies for all funds, including
proprietary funds, are maintained in this pool. Individual fund integrity is maintained through the
City’s records. Each fund’s interest in the pool is presented as “equity in pooled cash and cash
equivalents” on the financial statements.
During 2013, investments were limited to the State Treasury Asset Reserve of Ohio (STAR Ohio),
non-negotiable certificates of deposit, repurchase agreements, and federal agency securities.
Except for nonparticipating investment contracts, investments are reported at fair value which is based
on quoted market prices. Nonparticipating investment contracts such as non-negotiable certificates of
deposit and repurchase agreements are reported at cost.
STAR Ohio is an investment pool managed by the State Treasurer’s Office which allows governments
within the State to pool their funds for investment purposes. STAR Ohio is not registered with the
SEC as an investment company, but does operate in a manner consistent with Rule 2a7 of the
Investment Company Act of 1940. Investments in STAR Ohio are valued at STAR Ohio’s shares
price which is the price the investment could be sold for on December 31, 2013.
Following Ohio statutes, the City has, by resolution, specified the funds to receive an allocation of
interest earnings. Interest revenue credited to the general fund during 2013 amounted to $56,408 of
which $44,634 was assigned from other City funds.
For purposes of the statement of cash flows and for presentation on the statement of net position,
investments of the cash management pool and investments with original maturities of three months or
less at the time they are purchased by the City, are considered to be cash equivalents. Investments with
maturities greater than three months at the time of purchase are reported as investments. An analysis
of the City's investment account at year end is provided in Note 4.
H. Interfund Balances
On fund financial statements, long-term interfund loans are classified as “loans to/from other funds”.
These amounts are eliminated in the governmental and business-type activities columns of the
statement of net position, except for any net residual amounts due between governmental and business-
type activities, which are presented as internal balances.
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CITY OF STOW, OHIO

I. Inventory
Inventories of all funds are stated at cost which is determined on a first-in, first-out basis. Inventory in
governmental funds consists of expendable supplies held for consumption. The cost of inventory items
is recorded as expenditures in the governmental fund types and as expenses in the proprietary fund
type.
J. Capital Assets
General capital assets are those assets not specifically related to activities reported in the proprietary
funds. These assets generally result from expenditures in the governmental funds. These assets are
reported in the governmental activities column of the government-wide statement of net position, but
are not reported in the fund financial statements. Capital assets utilized by the proprietary funds are
reported both in the business-type activities column of the government-wide statement of net position
and in the respective funds.
All capital assets are capitalized at cost (or estimated historical cost) and updated for additions and
retirements during the year. The City was able to estimate the historical cost for the initial reporting of
infrastructure by back trending (i.e. estimating the current replacement cost of the infrastructure to be
capitalized and using an appropriate price-level index to deflate the cost of the acquisition year or
estimated acquisition year). Donated capital assets are recorded at their fair market values as of the
date received. The City maintains a capitalization threshold of $5,000. The City’s infrastructure
consists of bridges, culverts, curbs, storm sewers, streets, irrigation systems, water and sewer lines and
infrastructure acquired December 31, 1980 and later. Improvements are capitalized; the costs of
normal maintenance and repairs that do not add to the value of the asset or materially extend an asset’s
life are not. Interest incurred during the construction of capital assets is also capitalized for business-
type activities.
All reported capital assets are depreciated except for land and construction in progress. Improvements
are depreciated over the remaining useful lives of the related capital assets. Useful lives for
infrastructure were estimated based on the City’s historical records of necessary improvements and
replacement. Depreciation is computed using the straight-line method over the following useful lives:
Governmental Business-Type
Activities Activities
Description Estimated Lives Estimated Lives
Buildings and improvements 4 to 50 years 4 to 50 years
Infrastructure 20 to 75 years 20 to 75 years
Equipment, furniture and fixtures 3 to 15 years 3 to 15 years
Vehicles 15 years 15 years
K. Compensated Absences
Vacation benefits are accrued as a liability as the benefits are earned if the employee’s rights to receive
compensation are attributable to services already rendered and it is probable that the City will
compensate the employees for the benefits through paid time off or some other means. The City
records a liability for accumulated unused vacation time when earned for all employees with more than
one year of service.
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Sick leave benefits are accrued as a liability using the termination method. An accrual for sick leave is
made to the extent that it is probable that benefits will result in termination payments. The liability is
an estimate based on the City’s past experience of making termination payments. In proprietary funds,
the entire amount of compensated absences is reported as a fund liability. The entire compensated
absence liability is reported on the government-wide financial statements.
For governmental funds, the current portion of unpaid compensated absences is the amount expected to
be paid using expendable available resources based upon the occurrence of employee resignations and
retirements. These amounts are recorded in the account “compensated absences payable” in the fund
from which the employees who have accumulated unpaid leave are paid.
L. Accrued Liabilities and Long-Term Obligations
All payables, accrued liabilities and long-term obligations are reported in the government-wide
financial statements, and all payables, accrued liabilities and long-term obligations payable from
proprietary funds are reported on the proprietary fund financial statements.
In general, governmental fund payables and accrued liabilities that, once incurred, are paid in a timely
manner and in full from current financial resources are reported as obligations of the funds. However,
claims and judgments and compensated absences that will be paid from governmental funds are
reported as a liability in the fund financial statements only to the extent that they are due for payment
during the current year. Bonds, long-term notes and capital leases are recognized as a liability on the
governmental fund financial statements when due.
M. Fund Balance
Fund balance is divided into five classifications based primarily on the extent to which the City is
bound to observe constraints imposed upon the use of the resources in the governmental funds. The
classifications are as follows:
Nonspendable - The nonspendable fund balance classification includes amounts that cannot be
spent because they are not in spendable form or legally required to be maintained intact. The “not
in spendable form” criterion includes items that are not expected to be converted to cash. It also
includes the long-term amount of loans receivable in the general fund.
Restricted - Fund balance is reported as restricted when constraints are placed on the use of
resources that are either externally imposed by creditors (such as through debt covenants),
grantors, contributors, or laws or regulations of other governments, or imposed by law through
constitutional provisions or enabling legislation.
Committed - The committed fund balance classification includes amounts that can be used only for
the specific purposes imposed by a formal action (ordinance) of City Council (the highest level of
decision making authority). Those committed amounts cannot be used for any other purpose
unless City Council removes or changes the specified use by taking the same type of action
(ordinance) it employed to previously commit those amounts. Committed fund balance also
incorporates contractual obligations to the extent that existing resources in the fund have been
specifically committed for use in satisfying those contractual requirements.
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CITY OF STOW, OHIO

Assigned - Amounts in the assigned fund balance classification are intended to be used by the City
for specific purposes, but do not meet the criteria to be classified as restricted or committed. In
governmental funds other than the general fund, assigned fund balance represents the remaining
amount that is not restricted or committed. These amounts are assigned by City Council. In the
general fund, assigned amounts represent intended uses established by City Council or ordinance
or by State statute. State statute authorizes the Director of Finance to assign fund balance for
purchases on order provided such amounts have been lawfully appropriated.
Unassigned - Unassigned fund balance is the residual classification for the general fund and
includes all spendable amounts not contained in the other classifications. In other governmental
funds, the unassigned classification is only used to report a deficit fund balance resulting from
overspending for specific purposes for which amounts had been restricted, committed, or assigned.
The City applies restricted resources first when expenditures are incurred for purposes for which
restricted and unrestricted (committed, assigned, and unassigned) fund balance is available. Similarly,
within unrestricted fund balance, committed amounts are reduced first followed by assigned, and then
unassigned amounts when expenditures are incurred for purposes for which amounts in any of the
unrestricted fund balance classifications could be used.
N. Net Position
Net position represents the difference between assets plus deferred outflows of resources less liabilities
plus deferred inflows of resources. Net investment in capital assets consists of capital assets, net of
accumulated depreciation, reduced by the outstanding balances of any borrowing used for the
acquisition, construction or improvement of those assets. Net position is reported as restricted when
there are limitations imposed on the use of resources either through enabling legislation or through
external restrictions imposed by creditors, grantors or laws or regulations of other governments.
The City applies restricted resources first when an expense is incurred for purposes for which both
restricted and unrestricted net position is available.
O. Unamortized Premiums/Accounting Gain or Loss
Bond and note premiums are amortized over the term of the bonds and notes using the straight-line
method. Premiums are presented as an addition to the face amount of the bonds and notes.
For advance refunding resulting in the defeasance of debt, the difference between the reacquisition
price and the net carrying amount of the old debt is deferred and amortized as a component of interest
expense. This accounting gain or loss is amortized over the remaining life of the old debt or the life of
the new debt, whichever is shorter, and is presented as a deferred outflow of resources.
On the governmental fund financial statements, issuance costs, premiums, discounts, and deferred
charges from refunding are recognized in the current period.
P. Operating Revenues and Expenses
Operating revenues are those revenues that are generated directly from the primary activity of the
proprietary funds. For the City, these revenues are for water, golf course, storm water utility and self-
insurance programs. Operating expenses are necessary costs incurred to provide the goods or services
that are the primary activity of the funds. All revenues and expenses not meeting these definitions are
reported as non-operating.
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Q. Contributions of Capital
Contributions of capital in proprietary fund financial statements arise from outside contributions of
capital assets or from grants or outside contributions of resources restricted to capital acquisition and
construction and from contributions from governmental funds. During 2013, the golf fund received
contributions of capital in the amount of $38,362 from governmental activities. During 2013, the
water fund received contributions of capital in the amount of $147,668 from the State for Issue II Ohio
Public Works Commission funding.
R. Interfund Activity
Transfers between governmental and business-type activities on the government-wide statements are
reported in the same manner as general revenues.
Exchange transactions between funds are reported as revenues in the seller funds and as
expenditures/expenses in the purchaser funds. Flows of cash or goods from one fund to another
without a requirement for repayment are reported as interfund transfers. Interfund transfers are
reported as other financing sources/uses in governmental funds and after nonoperating
revenues/expenses in proprietary funds. Repayments from funds responsible for particular
expenditures/expenses to the funds that initially paid for them are not presented on the Basic Financial
Statements (“BFS”).
S. Extraordinary and Special Items
Extraordinary items are transactions or events that are both unusual in nature and infrequent in
occurrence. Special items are transactions or events that are within the control of the City
Administration and that are either unusual in nature or infrequent in occurrence. Neither item occurred
during 2013.
T. Estimates
The preparation of the BFS in conformity with GAAP requires management to make estimates and
assumptions that affect the amounts reported in the BFS and accompanying notes. Actual results may
differ from those estimates.
NOTE 3 - ACCOUNTABILITY AND COMPLIANCE
A. Change in Accounting Principles
For fiscal year 2013, the City has implemented GASB Statement No. 61, “The Financial Reporting
Entity: Omnibus an amendment of GASB Statements No. 14 and No. 34” and GASB Statement No. 66,
“Technical Corrections-2012”.
GASB Statement No. 61 modifies certain requirements for inclusion of component units in the
financial reporting entity. The Statement amends the criteria for reporting component units as if they
were part of the primary government in certain circumstances. Finally, the Statement also clarifies the
reporting of equity interests in legally separate organizations. The implementation of GASB Statement
No. 61 did not have an effect on the financial statements of the City.
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CITY OF STOW, OHIO

NOTE 3 - ACCOUNTABILITY AND COMPLIANCE - (Continued)
GASB Statement No. 66 improves accounting and financial reporting by resolving conflicting
guidance that resulted from the issuance of two pronouncements; GASB Statement No. 54, “Fund
Balance Reporting and Governmental Fund Type Definitions” and GASB Statement No. 62,
“Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989
FASB and AICPA pronouncements”. The implementation of GASB Statement No. 66 did not have an
effect on the financial statements of the City.
B. Deficit Fund Balances
Fund balances/net position, at December 31, 2013 included the following individual fund deficits:
Major governmental fund Deficit

EMS/Fire tax levy $ 259,912
Nonmajor governmental funds
Police pension and disability 144,357
Fire pension and disability 141,586
These funds complied with Ohio State law, which does not permit a cash basis deficit at year end. The
general fund is liable for any deficit in these funds and provides transfers when cash is required, not
when accruals occur.
NOTE 4 - DEPOSITS AND INVESTMENTS
State statutes classify monies held by the City into three categories:
Active deposits are public deposits necessary to meet current demands on the treasury. Such monies must
be maintained either as cash in the City Treasury, in commercial accounts payable or withdrawable on
demand, including negotiable order of withdrawal (NOW) accounts, or in money market deposit accounts.
Inactive deposits are public deposits that Council has identified as not required for use within the current
five year period of designation of depositories. Inactive deposits must either be evidenced by certificates of
deposit maturing not later than the end of the current period of designation of depositories, or by savings or
deposit accounts including, but not limited to, passbook accounts.
Interim deposits are deposits in interim monies. Interim monies are those monies which are not needed for
immediate use, but which will be needed before the end of the current period of designation of depositories.
Interim deposits must be evidenced by time certificates of deposit maturing not more than one year from
the date of deposit or by savings or deposit accounts including passbook accounts. Interim monies may be
deposited or invested in the following securities:
1. United States Treasury Notes, Bills, Bonds, or any other obligation or security issued by the United
States Treasury or any other obligation guaranteed as to principal or interest by the United States;
2. Bonds, notes, debentures, or any other obligations or securities issued by any federal government
agency or instrumentality, including, but not limited to, the Federal National Mortgage Association,
Federal Home Loan Bank, Federal Farm Credit Bank, Federal Home Loan Mortgage Corporation,
Government National Mortgage Association, and Student Loan Marketing Association. All federal
agency securities shall be direct issuances of federal government agencies or instrumentalities;
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NOTE 4 - DEPOSITS AND INVESTMENTS - (Continued)
3. Written repurchase agreements in the securities listed above provided that the market value of the
securities subject to the repurchase agreement must exceed the principal value of the agreement by at
least two percent and be marked to market daily, and that the term of the agreement must not exceed
thirty days;
4. Bonds and other obligations of the State of Ohio;
5. No-load money market mutual funds consisting exclusively of obligations described in items (1) or (2)
and repurchase agreements secured by such obligations, provided that investments in securities
described in this division are made only through eligible institutions;
6. The State Treasurer’s investment pool (STAR Ohio);
7. High grade commercial paper for a period not to exceed 180 days in an amount not to exceed twenty-
five percent of the City’s interim monies available for investment; and,
8. Bankers acceptances for a period not to exceed 180 days and in an amount not to exceed twenty-five
percent of the City’s interim monies available for investment.
The City may also invest any monies not required to be used for a period of six months or more in the
following:
1. Bonds of the State of Ohio;
2. Bonds of any municipal corporation, village, county, township, or other political subdivision of this
State, as to which there is no default of principal, interest or coupons;
3. Obligations of the City.
Protection of the City’s deposits is provided by the Federal Deposit Insurance Corporation (FDIC), by
eligible securities pledged by the financial institution as security for repayment, by surety company bonds
deposited with the finance director by the financial institution or by a single collateral pool established by
the financial institution to secure the repayment of all public monies deposited with the institution.
Investments in stripped principal or interest obligations, reverse repurchase agreements and derivatives are
prohibited. The issuance of taxable notes for the purpose of arbitrage, the use of leverage and short selling
are also prohibited. An investment must mature within five years from the date of purchase unless matched
to a specific obligation or debt of the City, and must be purchased with the expectation that it will be held
to maturity. Investments may only be made through specified dealers and institutions. Payment for
investments may be made only upon delivery of the securities representing the investments to the treasurer
or qualified trustee or, if the securities are not represented by a certificate, upon receipt of confirmation of
transfer from the custodian.
A. Cash in Segregated Accounts
Cash in Segregated Accounts: At year end, the City had $568,973 deposited with a financial
institution for monies related to the Stow Municipal Court agency fund. This amount is included in the
City’s depository balance below.
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CITY OF STOW, OHIO

B. Deposits with Financial Institutions
At December 31, 2013, the carrying amount of all City deposits was $5,395,955, which includes
$5,000,000 in non-negotiable certificates of deposit and excludes the $10,505,000 in repurchase
agreements included in investments below. As of December 31, 2013, the City’s bank balance was
$5,801,535, of which $331,256 was exposed to custodial risk as discussed below, while $5,470,279
was covered by the FDIC.
Custodial credit risk is the risk that, in the event of bank failure, the City will not be able to recover
deposits or collateral securities that are in the possession of an outside party. As permitted by Ohio
Revised Code, the City’s deposits are collateralized by a pool of eligible securities deposited with
Federal Reserve Banks, or at member banks of the Federal Reserve System, in the name of the
depository bank and pledged as a pool of collateral against all public deposits held by the depository.
The City has no deposit policy for custodial credit risk beyond the requirements of State statute.
Although the securities were held by the pledging institutions’ trust department and all statutory
requirements for the deposit of money had been followed, noncompliance with federal requirements
could potentially subject the City to a successful claim by the FDIC.
C. Investments
As of December 31, 2013, the City had the following investments and maturities:
Investment Maturities
6 months or 7 to 12 13 to 18 19 to 24 Greater than
Investment type Fair Value less months months months 24 months
FFCB $ 6,746,568 $ - $ - $ 2,500,200 $ 2,499,320 $ 1,747,048
STAR Ohio 1,569,345 1,569,345 - - - -
Repurchase agreements 10,505,000 10,505,000 - - - -
Total $ 18,820,913 $ 12,074,345 $ - $ 2,500,200 $ 2,499,320 $ 1,747,048
Interest Rate Risk: The Ohio Revised Code generally limits security purchases to those that mature
within five years of the settlement date. Interest rate risk arises because potential purchasers of debt
securities will not agree to pay face value for those securities if interest rates subsequently increase.
The City’s investment policy addresses interest rate risk by requiring the consideration of market
conditions and cash flow requirements in determining the term of an investment.
Custodial Credit Risk: For an investment, custodial credit risk is the risk that, in the event of the
failure of the counterparty, the City will not be able to recover the value of its investment or collateral
securities that are in the possession of an outside party. The City has no investment policy dealing
with investment custodial risk beyond the requirement in Ohio law that prohibits payments for
investments prior to the delivery of the securities representing such investments to the treasurer or
qualified trustee. The City’s investment in repurchase agreements is collateralized by underlying
securities pledged by the investment’s counterparty, not in the name of the City. Ohio law requires the
fair value of the securities subject to a repurchase agreement must exceed the principal value of
securities subject to a repurchase agreement by 2%. The City has no investment policy dealing with
investment custodial risk beyond the requirement in State statute that prohibits payment for
investments prior to the delivery of the securities representing such investments to the Treasurer or
qualified trustee.
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CITY OF STOW, OHIO

Credit Risk: STAR Ohio carries a rating of AAAm by Standard & Poor’s. Ohio law requires that
STAR Ohio maintain the highest rating provided by at least one nationally recognized standard rating
service. The City’s investments in federal agency securities, and the federal agency securities that
underlie the repurchase agreement, were rated AA+ and Aaa by Standard & Poor’s and Moody’s
Investor Services, respectively. The City’s investment policy does not specifically address credit risk
beyond requiring the City to only invest in securities authorized by State statute.
Concentration of Credit Risk: The City’s investment policy addresses concentration of credit risk by
requiring investments to be diversified to reduce the risk of loss resulting from over concentration of
assets in a specific issue or specific class of securities.
The following table includes the percentage of each investment type held by the City at December 31,
2013:
Investment type Fair Value % of Total
FFCB $ 6,746,568 35.85
STAR Ohio 1,569,345 8.34
Repurchase agreements 10,505,000 55.81
Total $ 18,820,913 100.00
D. Reconciliation of Cash and Investments to the Statement of Net Position
The following is a reconciliation of cash and investments as reported in the note above to cash and
investments as reported on the statement of net position as of December 31, 2013:
Cash and investments per note

Carrying amount of deposits $ 5,395,955
Investments 18,820,913
Total $ 24,216,868
Equity in pooled cash and investments per statement of net position

Governmental activities $ 15,009,722
Business type activities 8,031,576
Private purpose trust funds 1,286
Agency funds 1,174,284
Total $ 24,216,868
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CITY OF STOW, OHIO

NOTE 5 - INTERFUND TRANSACTIONS
A. Long-term loans to/from other funds at December 31, 2013, consist of the following:
Receivable
Fund
Payable fund General
Water $ 150,000
Loan balances between governmental funds are eliminated for reporting on the government-wide
statement of net position. The loan is scheduled to be repaid by fiscal year 2014. Loan balances
between governmental activities and business-type activities are reported as a component of the
“internal balances” reported on the statement of net position.
B. Interfund transfers for the year ended December 31, 2013, consisted of the following:
Transfers From
Nonmajor Total
Transfers To General Governmental Transfers In
General $ - $ 450,000 $ 450,000

EMS/Fire tax levy - 101,000 101,000
General capital
improvements 24,459 403,694 428,153
Nonmajor
governmental 627,914 543,330 1,171,244
Total Transfers Out $ 652,373 $ 1,498,024 $ 2,150,397
Transfers are used to move revenues from the fund that statute or budget requires to collect them to the
fund that statute or budget requires to expend them; to move unrestricted revenues collected in the
general fund to finance various programs accounted for in other funds in accordance with budgetary
authorizations; to segregate money for anticipated capital projects; to provide additional resources for
current operations or debt service; and to return money to the fund from which it was originally
provided once a project is completed.
Transfers out from the court special projects, probation and IDIA monitoring nonmajor special revenue
funds in the amount of $1,069,694, $84,000, and $243,330, respectively, were court ordered to provide
for reimbursement from one court fund to another for expenditures, were for court capital
improvements, and were to supplement, or cover the deficit, of the overall general fund court operating
budget. A transfer out from the EMS transport nonmajor special revenue fund to the EMS/Fire tax
levy major fund in the amount of $101,000 was required to for the principal retirement and refinancing
of the short-term note payable for fire rescue vehicles (see Note 11 for detail) reported as a fund
liability in the EMS/Fire tax levy fund.
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CITY OF STOW, OHIO

NOTE 6 - RECEIVABLES
Receivables at December 31, 2013, consisted primarily of taxes, accounts (billings for user charged
services, rents and royalties), accrued interest, loans receivable and intergovernmental receivables arising
from grants, entitlements and shared revenues. All receivables are deemed collectible in full. All
receivables, other than loans, are expected to be collected within the subsequent year.
NOTE 7 - PROPERTY TAXES
Property taxes include amounts levied against all real and public utility property located in the City. Taxes
collected from real property taxes (other than public utility) in one calendar year are levied in the preceding
calendar year on the assessed value as of January 1 of that preceding year, the lien date. Assessed values
are established by the County Auditor at 35 percent of appraised market value. All property is required to
be revaluated every six years. Real property taxes are payable annually or semi-annually. If paid annually,
payment is due December 31; if paid semi-annually, the first payment is due December 31, with the
remainder payable by June 20. Under certain circumstances, State statute permits later payment dates to be
established.
Public utility real and tangible personal property taxes collected in one calendar year are levied in the
preceding calendar year on assessed values determined as of December 31 of the second year proceeding
the tax collection year, the lien date. Public utility tangible personal property is assessed at varying
percentages of true value; public utility real property is assessed at 35 percent of true value. 2013 public
utility property taxes became a lien December 31, 2012, are levied after October 1, 2013, and are collected
in 2014 with real property taxes. Public utility property taxes are payable on the same dates as real
property taxes described previously.
The Summit County Fiscal Officer collects property taxes on behalf of all taxing districts in the County,
including the City of Stow. The Summit County Fiscal Officer periodically remits to the City its portion of
the taxes collected. Property taxes receivable represents real property taxes, public utility taxes, tangible
personal property taxes and outstanding delinquencies which are measurable as of December 31, 2013 and
for which there is an enforceable legal claim. In the governmental funds, the current portion receivable has
been offset by unearned revenue since the current taxes were not levied to finance 2013 operations and the
collection of delinquent taxes has been offset by a deferred inflow of resources since the collection of the
taxes during the available period is not subject to reasonable estimation. On a full accrual basis, collectible
delinquent property taxes have been recorded as a receivable and revenue while on a modified accrual basis
the revenue is reported as a deferred inflow of resources.
The full tax rate for all City operations for the year ended December 31, 2013 was $9.50 per $1,000 of
assessed value. The assessed values of real and tangible personal property upon which 2013 property tax
receipts were based are as follows:
Real Property
Residential/Agricultural $ 606,858,290
Commercial/Industrial/Mineral 174,134,370
Public Utility
Real 14,950
Personal 8,909,660
Total Assessed Value $ 789,917,270
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CITY OF STOW, OHIO

NOTE 8 - INCOME TAX
The City levies and collects a municipal income tax of two percent on all income earned within the City as
well as on income of residents earned outside of the City. In the latter case, the City allows a credit of 100
percent on the income earned outside of the City and paid to another municipality. Employers within the
City are required to withhold income tax on employee earnings and remit the tax to the City at least
quarterly. Corporations and other individual taxpayers are required to pay their estimated tax at least
quarterly and file a final return annually.
Income tax revenues are distributed among the general fund (60 percent) and the general capital
improvement fund and further distribution to other funds, including the street construction fund to be used
for existing and future capital projects and/or expansion or for debt service for existing and future capital
improvements (40 percent). In accordance with the City’s codified ordinances, all income tax revenues are
first recorded in the general fund. Subsequently, 40 percent of those revenues, net of collection
expenditures, are distributed to the capital improvement fund and other funds mentioned above, unless a
lesser amount than 40 percent is approved by City Council.
NOTE 9 - CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2013, was as follows:
Balance Balance
Governmental activities: 12/31/12 Additions Deductions 12/31/13
Capital assets, not being depreciated:
Land $ 11,202,207 $ - $ - $ 11,202,207
Construction in progress 1,300,837 777,091 - 2,077,928
Total capital assets, not being depreciated 12,503,044 777,091 - 13,280,135
Capital assets, being depreciated:

Buildings and building improvements 32,448,909 - - 32,448,909
Vehicles 7,348,039 299,050 (422,761) 7,224,328
Equipment, furniture and fixtures 6,476,595 294,841 (104,052) 6,667,384
Infrastructure 34,854,896 2,739,470 (553,638) 37,040,728
Total capital assets, being depreciated 81,128,439 3,333,361 (1,080,451) 83,381,349
Less: accumulated depreciation:

Buildings and building improvements (8,145,547) (866,288) - (9,011,835)
Vehicles (4,223,206) (391,465) 366,070 (4,248,601)
Equipment, furniture and fixtures (4,086,742) (366,382) 97,321 (4,355,803)
Infrastructure (12,963,604) (1,705,791) 380,528 (14,288,867)
Total accumulated depreciation (29,419,099) (3,329,926) 843,919 (31,905,106)
Total capital assets, being depreciated, net 51,709,340 3,435 (236,532) 51,476,243
Governmental activities capital assets, net $ 64,212,384 $ 780,526 $ (236,532) $ 64,756,378
48
CITY OF STOW, OHIO

NOTE 9 - CAPITAL ASSETS - (Continued)
Depreciation expense was charged to governmental activities as follows:
General government $ 426,425

Security of persons and property 923,056
Public health 7,799
Leisure time activities 141,441
Community and economic development 36,455
Transportation 1,794,750
Total depreciation expense $ 3,329,926
Capital assets of the business-type activities are as follows:
Balance Balance
Business-type activities: 12/31/12 Additions Deductions 12/31/13
Capital assets, not being depreciated:
Land $ 5,377,376 $ - $ - $ 5,377,376
Construction in progress 1,749,360 145,199 (194,127) 1,700,432
Total capital assets, not being depreciated 7,126,736 145,199 (194,127) 7,077,808
Capital assets, being depreciated:

Buildings and building improvements 3,415,519 7,548 - 3,423,067
Vehicles 929,198 - - 929,198
Equipment, furniture and fixtures 429,270 38,362 - 467,632
Infrastructure 30,306,242 512,595 - 30,818,837
Total capital assets, being depreciated 35,080,229 558,505 - 35,638,734
Less: accumulated depreciation:

Buildings and building improvements (793,443) (76,271) - (869,714)
Vehicles (306,582) (61,946) - (368,528)
Equipment, furniture and fixtures (257,345) (21,349) - (278,694)
Infrastructure (5,694,155) (543,577) - (6,237,732)
Total accumulated depreciation (7,051,525) (703,143) - (7,754,668)
Total capital assets, being depreciated, net 28,028,704 (144,638) - 27,884,066
Business-type activities capital assets, net $ 35,155,440 $ 561 $ (194,127) $ 34,961,874
49
CITY OF STOW, OHIO

NOTE 9 - CAPITAL ASSETS - (Continued)
Depreciation expense was charged to business - type activities as follows:
Water $ 380,419
Golf 10,807
Storm water utility 311,917
Total depreciation expense $ 703,143
NOTE 10 - LEASES
A. Capital Leases - Lessee Disclosure
In prior years, the City entered into capital lease agreements for courthouse furnishings, brine
equipment, a bus, a leaf machine, two road rescue/EMS vehicles, a vactor truck, dispatch consoles and
cabinetry. Principal and interest payments for the courthouse furnishings, brine equipment, bus, road
rescue/EMS vehicles, dispatch consoles and cabinetry will be paid from the governmental funds and
the principal and interest payments for the leaf machine and vactor truck will be paid from the storm
water utility enterprise fund.
Capital lease payments in governmental funds have been reclassified and are reflected as debt service
expenditures in the combined BFS and are reported as function expenditures on the budgetary
statements. In the enterprise fund a liability has been recorded.
Capital assets have been capitalized in the statement of net position in the amount of $1,413,327 in
governmental activities. This amount represents the present value of the minimum lease payments at
the time of acquisition. A liability of $609,854 is reported on the statement of net position at year end,
which represents the amount of principal payments the EMS/fire levy fund and the capital projects
fund will be making. Principal and interest payments in 2013 totaled $193,597 and $33,762,
respectively.
Capital assets have been capitalized in the storm water utility enterprise fund in the amount of
$383,367. The amount of $180,607 represents the present value of the future minimum lease payments
and has been recorded as a liability in the storm water utility fund. Principal and interest payments in
2013 totaled $47,530 and $9,644, respectively.
The assets acquired through capital leases are as follows:
Governmental Business-type
Activities Activities
Assets:
Equipment $ 1,063,556 $ -
Vehicles 349,771 383,367
Less: accumulated depreciation (484,514) (126,345)
Total $ 928,813 $ 257,022
50
CITY OF STOW, OHIO

NOTE 10 - LEASES - (Continued)
The following is a schedule of the future long-term minimum lease payments required under the
capital leases and the present value of the minimum lease payments as of December 31, 2013.
Year Ending Governmental Business-type

December 31, Activities Activities
2014 $ 227,360 $ 57,175

2015 112,869 36,243
2016 112,870 36,244
2017 112,869 36,243
2018 112,870 36,244
Total 678,838 202,149
Less: amount representing interest (68,984) (21,542)
Present value of net minimum lease payments $ 609,854 $ 180,607
B. Operating Leases - Lessee Disclosure
In February 2006, the City acquired a golf course and the City assumed an existing operating lease
agreement with George and Patricia Hanson to use their premises to operate a driving range. The City
renewed the operating lease for a period commencing April 1, 2012 through April 1, 2015. Monthly
lease payments have been established at $2,000 per month for thirty-six consecutive months under
both lease renewals. The amount of the future lease payments required under the operating lease at
December 31, 2013 are:
Year Ending
December 31, Amount
2014 $ 24,000
2015 6,000
Total $ 30,000
The City entered into an operating lease agreement on April 18, 2008, with South East Golf Car
Company to lease fifty eight golf cars for use on the Fox Den golf course. The lease was for a period
of five years, commencing on March 1, 2009, and ending on March 1, 2013. The lease payments were
$900 per car per year, or $52,200 per year with payments due in five equal monthly installments of
$10,440 due on the tenth day of the months of May through September for each year of the agreement.
The City paid $52,200 on the operating lease during 2013.
51
CITY OF STOW, OHIO

NOTE 10 - LEASES - (Continued)
The City entered into an operating lease agreement on December 6, 2013, with South East Golf Car
Company to lease sixty-two golf cars for use on the Fox Den golf course. The lease is for a period of
seven years, commencing on or about March 1, 2014, and ending on March 1, 2021. The lease
payments are $840 per car per year, or $52,080 per year with payments due in five equal monthly
installments of $10,416 due on the tenth day of the months of May through September for each year of
the agreement.
The amount of the future lease payments required under the operating lease at December 31, 2013 are:
Year Ending
December 31, Amount
2014 $ 52,080
2015 52,080
2016 52,080
2017 52,080
2018 52,080
2019 52,080
2020 52,080
Total $ 364,560
C. Operating Leases - Lessor Disclosure
The City entered into a lease agreement on January 2, 2013, with Enviroscience, Inc. (“lessee”), to
lease its Parks and Urban Forestry facility. The lessee shall pay the City $54,000 annually from the
effective date through December 31, 2017, and $68,000 annually from January 1, 2018, through
December 31, 2020. The lease includes a purchase option at the expiration of the lease term that may
be exercised with written notice to the City no earlier than January 1, 2020, and not later than June 30,
2020. The amount of the future lease payments required under the operating lease at December 31,
2013 are:
Year Ending
December 31, Amount
2014 $ 54,000
2015 54,000
2016 54,000
2017 54,000
2018 68,000
2019-2020 136,000
Total $ 420,000
52
CITY OF STOW, OHIO

NOTE 11 - SHORT-TERM NOTES PAYABLE
Changes in the City’s short-term note activity for the year ended December 31, 2013, was as follows:
Balance Balance
12/31/2012 Issued Retired 12/31/2013
Governmental fund notes
Fire rescue vehicles - 1.00% $ 100,000 $ 100,000 $ (100,000) $ 100,000
Municipal courthouse construction - 1.00% 500,000 400,000 (500,000) 400,000
Rt. 8/Seasons Road interchange - 1.00% 350,000 450,000 (350,000) 450,000
Hudson Drive - 1.00% 500,000 500,000 (500,000) 500,000
Total governmental fund notes $ 1,450,000 $ 1,450,000 $ (1,450,000) $ 1,450,000
Balance Balance
12/31/2012 Issued Retired 12/31/2013
Enterprise fund notes
Automated water reading system - 1.00% $ 200,000 $ - $ (200,000) $ -
The short-term notes outstanding at December 31, 2013 were issued on May 2, 2013 and represent the
portion of the 2013 note issues that will be retired when the notes are refinanced on May 1, 2014 (see Note
23 for detail). All short-term notes were backed by the full faith and credit of the City and mature within
one year. The short-term note liability is reflected in the fund which received the proceeds. The short-term
notes were issued in anticipation of long-term bond financing and will be refinanced until such funds are
issued.
NOTE 12 - LONG-TERM OBLIGATIONS
The original issue date, interest rate, original issue amount and date of maturity of each of the City’s debt
issues follows:
Interest Original Date of

Debt Issue Rate Issue Amount Maturity
Business-type activities:
OPWC Lillian Road waterline improvement 0.00% $ 231,688 7/1/2025
Golf course general obligation bonds 4.25%-5.25% 5,500,000 12/1/2032
Service center general obligation bonds 3.25%-6.25% 546,068 12/1/2033
Governmental activities:
Safety center construction general
obligation bond 2.00%-4.05% 6,440,000 12/1/2018
Courthouse general obligation bonds 4.25%-5.25% 4,200,000 12/1/2035
Service center general obligation bonds 3.25%-6.25% 5,923,932 12/1/2033
Fire station general obligation bonds 3.25%-6.25% 2,150,000 12/1/2033
2013 Fire rescue vehicles note 1.00% 175,000 5/1/2014
2013 Municipal court construction note 1.00% 3,700,000 5/1/2014
2013 Hudson Drive reconstruction note 1.00% 250,000 5/1/2014
53
CITY OF STOW, OHIO

NOTE 12 - LONG-TERM OBLIGATIONS - (Continued)
Long-term obligations activity for the year ended December 31, 2013 was as follows:
Amounts
Balance Balance Due in
Governmental activities: 12/31/2012 Increase Decrease 12/31/2013 One Year
General obligation bonds:

Safety center construction
general obligation bonds $ 2,940,000 $ - $ (445,000) $ 2,495,000 $ 460,000
Service center construction
general obligation bonds 5,325,129 - (168,470) 5,156,659 174,880
Add: unamortized premium 101,904 - (4,872) 97,032 -
Fire station construction
general obligation bonds 1,934,000 - (61,000) 1,873,000 64,000
Municipal court general
obligation bonds 3,825,000 - (105,000) 3,720,000 110,000
Total general obligation bonds 14,211,028 - (788,204) 13,422,824 808,880
Long-term notes:
2012 Fire rescue vehicles note 275,000 - (275,000) - -
2012 Municipal court construction note 4,100,000 - (4,100,000) - -
2012 Rt. 8/Seasons Rd. interchange note 450,000 - (450,000) - -
2012 Hudson Drive reconstruction note 750,000 - (750,000) - -
2013 Fire rescue vehicles note - 175,000 - 175,000 -
2013 Municipal court construction note - 3,700,000 - 3,700,000 -
2013 Hudson Drive reconstruction note - 250,000 - 250,000 -
Add: unamortized premium - 38,133 (25,346) 12,787 -
Total long-term notes 5,575,000 4,163,133 (5,600,346) 4,137,787 -
Other debt:
Capital lease obligation 803,451 - (193,597) 609,854 201,794
Compensated absences 4,741,925 978,584 (1,110,112) 4,610,397 1,069,144
Total other debt 5,545,376 978,584 (1,303,709) 5,220,251 1,270,938
Total governmental activities $ 25,331,404 $ 5,141,717 $ (7,692,259) $ 22,780,862 $ 2,079,818
54
CITY OF STOW, OHIO

Amounts
Balance Balance Due in
Business-type activities: 12/31/2012 Increase Decrease 12/31/2013 One Year
General obligation bonds:

Golf course general
obligation bonds $ 4,890,000 $ - $ (165,000) $ 4,725,000 $ 170,000
Service center general
obligation bonds 490,871 - (15,530) 475,341 16,120
Add: unamortized premium 8,473 - (405) 8,068 -
Total general obligation bonds 5,457,452 - (184,355) 5,273,097 186,120
Other debt:
OPWC Lillian Road water line
Improvement 156,392 - (17,377) 139,015 11,584
Capital lease obligation 228,137 - (47,530) 180,607 49,575
Compensated absences 264,980 41,385 (34,838) 271,527 34,549
Total other debt 649,509 41,385 (99,745) 591,149 95,708
Total business-type activities $ 6,106,961 $ 41,385 $ (284,100) $ 5,864,246 $ 281,828
General Obligation Bonds

The government issues general obligation bonds to provide funds for the acquisition and construction of
major capital facilities. General obligation bonds have been issued for governmental activities. During
2004, general obligation bonds totaling $6,440,000 were issued to refund general obligation bonds of
$5,820,000. During 2007, the City issued $4,200,000 in general obligation bonds to finance the
construction of the Municipal Courthouse. During 2008, the City issued $6,470,000 and $2,150,000 in
general obligation bonds to retire notes issued to finance the construction of the service and parks
maintenance center building and the fire station, respectively. Approximately 8.44 percent of the service
and parks maintenance center construction bond is being used to finance the water department maintenance
and operational areas of the new service building. Therefore, $546,068 (approximately 8.44 percent) of the
above mentioned $6,470,000 bond was allocated to the water fund. General obligation bonds are direct
obligations and pledge the full faith and credit of the government. The general obligation bonds will be
repaid from income tax monies allocated into the debt service fund from the capital projects funds.
55
CITY OF STOW, OHIO

Loans Payable
The OPWC loan will be repaid with operating revenue from the water fund.
Long-Term Notes Payable

The City issued various long-term notes payable on May 2, 2013. The notes bear an interest rate of 1.00%
and mature on May 1, 2014. The $175,000 long-term note in governmental activities is being used to
finance the purchase of fire/rescue vehicles and is accounted for in the EMS/fire levy fund. The City
reissued $3,700,000 in municipal courthouse construction notes during 2013. The City also reissued long-
term notes in the amount of $250,000 in 2013 to finance the Hudson Drive reconstruction.
Notes that were refinanced prior to the issuance of the financial statements and have a new maturity beyond
the end of the year in which the report is issued have been reported in the government-wide statements as a
long-term liability. The portion of the 2013 note issues that was retired on May 1, 2014 (see Note 23 for
detail) have been reported as short-term notes payable in Note 11. The notes are backed by the full faith
and credit of the City.
Compensated Absences
Compensated absences will be paid from the funds from which the employees’ salaries are paid. For the
City, compensated absences will be paid from the general, EMS/fire tax levy, water, and storm water utility
funds.
Capital Lease Obligations

See Note 10 for detail on the City’s capital lease obligations.
Legal Debt Margin

As of December 31, 2013, the City’s overall legal debt margin (the ability to issue additional amounts of
general obligation debt) was $63,750,211 and the unvoted legal debt margin was $24,150,450.
The annual requirements to amortize all long-term debt outstanding as of December 31, 2013 are as
follows:
Governmental Activities Business-Type Activities

Year General Obligation Bonds Payable General Obligation Bonds Payable
Ended Principal Interest Total Principal Interest Total
2014 $ 808,880 $ 543,400 $ 1,352,280 $ 186,120 $ 214,050 $ 400,170
2015 833,542 506,642 1,340,184 191,458 204,198 395,656
2016 872,614 467,643 1,340,257 202,386 193,983 396,369
2017 902,276 428,039 1,330,315 207,724 186,051 393,775
2018 936,348 393,559 1,329,907 218,652 178,306 396,958
2019 - 2023 2,269,584 1,624,874 3,894,458 1,230,416 759,550 1,989,966
2024 - 2028 2,762,050 1,143,759 3,905,809 1,492,950 496,539 1,989,489
2029 - 2033 3,364,365 534,252 3,898,617 1,470,635 161,820 1,632,455
2034 - 2035 495,000 31,876 526,876 - - -
Total $ 13,244,659 $ 5,674,044 $ 18,918,703 $ 5,200,341 $ 2,394,497 $ 7,594,838
56
CITY OF STOW, OHIO

Business-Type Activities
Year OPWC Loan Payable
Ended Principal Interest Total
2014 $ 11,584 $ - $ 11,584
2015 11,584 - 11,584
2016 11,584 - 11,584
2017 11,584 - 11,584
2018 11,584 - 11,584
2019 - 2023 57,926 - 57,926
2024 - 2025 23,169 - 23,169
Total $ 139,015 $ - $ 139,015
NOTE 13 - RISK MANAGEMENT
A. Liability Insurance
The City is exposed to various risks of loss related to torts, theft, damage to or destruction of assets,
errors and omissions, employee injuries, and natural disasters. The City has a comprehensive property
and casualty policy with a deductible of $1,000 per incident. The City’s vehicle liability insurance
policy limit is $1,000,000 with a $1,000 collision deductible; vehicles with a cost of over $100,000
have a $1,000 deductible. All Council members, administrators and employees are covered under a
City professional liability policy. The limits of this coverage are $1,000,000 per occurrence and
$1,000,000 in aggregate. The general liability aggregate is $2,000,000. The City also carries a
$10,000,000 umbrella liability extending coverage of the general, automobile and employers/public
official’s liability. Settled claims have not exceeded this commercial coverage in any of the past three
years. There has not been a reduction of coverage from the prior year.
B. Fidelity Bond
The Finance Director, Assistant Finance Director/Director of Budget and Management and Tax
Administrator has a $100,000 position bond. All City employees are covered by a $1,000,000 public
employee crime coverage policy, which includes employee dishonesty and faithful performance of
duty coverage.
C. Workers’ Compensation
The City pays the State Workers’ Compensation System, an insurance purchasing pool, a premium
based on a rate per $100 of salaries. This rate is calculated based on accident history and administrative
costs. The City participates in a group rating plan to help control workers’ compensation premium
costs.
57
CITY OF STOW, OHIO

NOTE 13 - RISK MANAGEMENT - (Continued)
D. Employee Health Insurance
The City has elected to provide employee medical, prescription and dental benefits through a self-
insurance program. The City maintains a self-insurance internal service fund to account for and finance
its uninsured risk of loss in this program. This 2013 plan provides a medical plan with a $800.00
family and $400.00 single deductible and a dental plan with a $150.00 family and $50.00 single
deductible. A third party administrator, a subsidiary of Medical Mutual of Ohio (MMO), reviews all
medical and dental claims which are then paid by the City. The City has purchased stop-loss coverage
of $150,000 per employee and for claims in excess of $2,880,978 in the aggregate from Medical
Mutual of Ohio. The City pays into the self-insurance internal service fund $969.26 per month for each
employee with family medical coverage and $310.40 per month for each employee with individual
medical coverage. Premiums for dental coverage are $107.70 monthly for each employee with family
coverage and $34.48 monthly for each employee with individual coverage. All premiums are paid by
the fund that pays the salary for the employee.
The claims liability of $450,252 reported in the self-insurance internal service fund at December 31,
2013 is based on the requirements of GASB Statement No. 10, “Accounting and Financial Reporting
for Risk Financing and Related Insurance Services”, which requires that a liability for unpaid claim
costs, including estimates of costs relating to incurred but not reported claims, be reported. The claims
liability is based on an estimate supplied by the City’s third party administrator. The claims liability is
expected to be paid within one year.
A summary of the fund’s claims liability during the past two years is as follows:
Balance at
Beginning Current Claims Balance at
of Year Claims Payment End of Year
2013 $ 498,926 $ 2,102,636 $ (2,151,310) $ 450,252

2012 520,387 3,120,136 (3,141,597) 498,926
NOTE 14 - PENSION PLANS
A. Ohio Public Employees Retirement System
Plan Description - The City participates in the Ohio Public Employees Retirement System (OPERS).
OPERS administers three separate pension plans. The Traditional Pension Plan is a cost-sharing,
multiple-employer defined benefit pension plan. The Member-Directed Plan is a defined contribution
plan in which the member invests both member and employer contributions (employer contributions
vest over five years at 20% per year). Under the Member-Directed Plan, members accumulate
retirement assets equal to the value of the member and vested employer contributions plus any
investment earnings. The Combined Plan is a cost-sharing, multiple-employer defined benefit pension
plan that has elements of both a defined benefit and a defined contribution plan. Under the Combined
Plan, employer contributions are invested by the retirement system to provide a formula retirement
benefit similar to the Traditional Pension Plan benefit. Member contributions, whose investment is
self-directed by the member, accumulate retirement assets in a manner similar to the Member-Directed
Plan.
58
CITY OF STOW, OHIO

NOTE 14 - PENSION PLANS - (Continued)
OPERS provides retirement, disability, survivor and death benefits and annual cost of living
adjustments to members of the Traditional Pension and the Combined Plans. Members of the
Member-Directed Plan do not qualify for ancillary benefits. Authority to establish and amend benefits
is provided by Chapter 145 of the Ohio Revised Code. OPERS issues a stand-alone financial report
which may be obtained by visiting https://www.opers.org/investments/cafr.shtml, writing to OPERS,
277 East Town Street, Columbus, OH 43215-4642 or by calling (614) 222-5601 or (800) 222-7377.
Funding Policy - The Ohio Revised Code provides statutory authority for member and employer
contributions. For 2013, member and contribution rates were consistent across all three plans. The
2013 member contribution rates were 10.00% for members. The City’s contribution rate for 2013 was
14.00% of covered payroll.
The City’s contribution rate for pension benefits for members in the Traditional Plan for 2013 was
13.00%. The City’s contribution rate for pension benefits for members in the Combined Plan for 2013
was 13.00%. The City’s required contributions for pension obligations to the Traditional Pension and
Combined Plans for the years ended December 31, 2013, 2012, and 2011 were $1,140,487, $864,418,
and $923,268, respectively; 89.46% has been contributed for 2013 and 100% has been contributed for
2012 and 2011. The remaining 2013 pension liability has been reported as intergovernmental payable
on the basic financial statements. Contributions to the member-directed plan for 2013 were $17,506
made by the City and $12,504 made by the plan members.
B. Ohio Police and Fire Pension Fund
Plan Description - The City contributes to the Ohio Police and Fire Pension Fund (OP&F), a cost-
sharing multiple-employer defined benefit pension plan. OP&F provides retirement and disability
benefits, annual cost-of-living adjustments, and death benefits to plan members and beneficiaries.
Benefit provisions are established by the Ohio State Legislature and are codified in Chapter 742 of the
Ohio Revised Code. OP&F issues a publicly available financial report that includes financial
statements and required supplementary information for the plan. That report may be obtained by
writing to the OP&F, 140 East Town Street, Columbus, Ohio 43215-5164 or by visiting the website at
www.op-f.org.
Funding Policy - From January 1, 2013 through July 1, 2013, plan members were required to
contribute 10.00% of their annual covered salary. From July 2, 2013 through December 31, 2013, plan
members were required to contribute 10.75% of their annual covered salary. Throughout 2013, the
City was required to contribute 19.50% and 24.00% for police officers and firefighters, respectively.
Contribution rates are established by State statute.
For 2013, the portion of the City’s contributions to fund pension obligations was 14.81% for January 1,
2013 through May 31, 2013 and 16.65% for June 1, 2013 through December 31, 2013 for police
officers and 19.31% for January 1, 2013 through May 31, 2013 and 21.15% for June 1, 2013 through
December 31, 2013 for firefighters. The City’s required contributions for pension obligations to
OP&F for police officers and firefighters were $458,153 and $761,664 for the year ended December
31, 2013, $358,771 and $643,400 for the year ended December 31, 2012, and $366,291 and $631,257,
for the year ended December 31, 2011. The full amount has been contributed for 2012 and 2011.
74.37% has been contributed for police and 74.33% has been contributed for firefighters for 2013. The
remaining 2013 pension liability has been reported as intergovernmental payable on the basic financial
statements.
59
CITY OF STOW, OHIO

NOTE 15 - POSTRETIREMENT BENEFIT PLANS
A. Ohio Public Employees Retirement System
Plan Description - OPERS maintains a cost-sharing multiple employer defined benefit post-
employment healthcare plan, which includes a medical plan, prescription drug program and Medicare
Part B premium reimbursement, to qualifying members of both the Traditional Pension and the
Combined Plans. Members of the Member-Directed Plan do not qualify for ancillary benefits,
including post-employment health care coverage.
To qualify for post-employment health care coverage, age-and-service retirees under the Traditional
Pension and Combined Plans must have ten years or more of qualifying Ohio service credit. The Ohio
Revised Code permits, but does not mandate, OPERS to provide OPEB benefits to its eligible
members and beneficiaries. Authority to establish and amend benefits is provided in Chapter 145 of
the Ohio Revised Code.
Disclosures for the healthcare plan are presented separately in the OPERS financial report which may
be obtained by visiting https://www.opers.org/investments/cafr.shtml, writing to OPERS, 277 East
Town Street, Columbus, OH 43215-4642 or by calling (614) 222-5601 or (800) 222-7377.
Funding Policy - The post-employment healthcare plan was established under, and is administered in
accordance with, Internal Revenue Code Section 401(h). State statute requires that public employers
fund post-employment healthcare through contributions to OPERS. A portion of each employer’s
contribution to the Traditional or Combined Plans is set aside for the funding of post-employment
health care.
Employer contribution rates are expressed as a percentage of the covered payroll of active employees.
In 2013, local government employers contributed 14.00% of covered payroll. Each year the OPERS’
Retirement Board determines the portion of the employer contribution rate that will be set aside for the
funding of the postemployment health care benefits. The portion of employer contributions allocated
to fund post-employment healthcare for members in the Traditional Plan for 2013 was 1.00%. The
portion of employer contributions allocated to fund post-employment healthcare for members in the
Combined Plan for 2013 was 1.00%.
The OPERS Retirement Board is also authorized to establish rules for the payment of a portion of the
health care benefits provided, by the retiree or their surviving beneficiaries. Payment amounts vary
depending on the number of covered dependents and the coverage selected. Active members do not
make contributions to the post-employment healthcare plan.
The City’s contributions allocated to fund post-employment health care benefits for the years ended
December 31, 2013, 2012, and 2011 were $87,730, $354,513, and $377,740, respectively; 89.46% has
been contributed for 2013 and 100% has been contributed for 2012 and 2011. The remaining 2013
post-employment health care benefits liability has been reported as intergovernmental payable on the
basic financial statements.
Changes to the health care plan were adopted by the OPERS Board of Trustees on September 19,
2012, with a transition plan commencing January 1, 2014. With the recent passage of pension
legislation under State Bill 343 and the approved health care changes, OPERS expects to be able to
consistently allocate 4 percent of the employer contributions toward the health care fund after the end
of the transition period.
60
CITY OF STOW, OHIO

NOTE 15 - POSTRETIREMENT BENEFIT PLANS - (Continued)
B. Ohio Police and Fire Pension Fund
Plan Description - The City contributes to the OP&F Pension Fund sponsored health care program, a
cost-sharing multiple-employer defined postemployment health care plan administered by OP&F.
OP&F provides healthcare benefits including coverage for medical, prescription drugs, dental, vision,
Medicare Part B Premium and long term care to retirees, qualifying benefit recipients and their eligible
dependents.
OP&F provides access to post-employment health care coverage to any person who receives or is
eligible to receive a monthly service, disability or survivor benefit check or is a spouse or eligible
dependent child of such person.
The Ohio Revised Code allows, but does not mandate OP&F to provide OPEB benefits. Authority for
the OP&F Board of Trustees to provide health care coverage to eligible participants and to establish
and amend benefits is codified in Chapter 742 of the Ohio Revised Code.
OP&F issues a publicly available financial report that includes financial statements and required
supplementary information for the plan. That report may be obtained by writing to the OP&F, 140
East Town Street, Columbus, Ohio 43215-5164 or by visiting the website at www.op-f.org.
Funding Policy - The Ohio Revised Code provides for contribution requirements of the participating
employers and of plan members to the OP&F (defined benefit pension plan). Participating employers
are required to contribute to the pension plan at rates expressed as percentages of the payroll of active
pension plan members, currently, 19.50% and 24.00% of covered payroll for police and fire
employers, respectively. The Ohio Revised Code states that the employer contribution may not exceed
19.50% of covered payroll for police employer units and 24.00% of covered payroll for fire employer
units. Active members do not make contributions to the OPEB Plan.
OP&F maintains funds for health care in two separate accounts, one account is for health care benefits
under an Internal Revenue Code Section 115 trust and the other account is for Medicare Part B
reimbursements administered as an Internal Revenue Code Section 401(h) account, both of which are
within the defined benefit pension plan, under the authority granted by the Ohio Revised Code to the
OP&F Board of Trustees.
The Board of Trustees is authorized to allocate a portion of the total employer contributions made into
the pension plan into the Section 115 trust and the Section 401(h) account as the employer contribution
for retiree health care benefits. The portion of employer contributions allocated to health care was
4.69% of covered payroll from January 1, 2013 through May 31, 2013 and 2.85% of covered payroll
from June 1, 2013 through December 31, 2013. The amount of employer contributions allocated to the
health care plan each year is subject to the Trustees’ primary responsibility to ensure that the pension
benefits are adequately funded and is limited by the provisions of Sections 115 and 401(h).
The OP&F Board of Trustees also is authorized to establish requirements for contributions to the
health care plan by retirees and their eligible dependents, or their surviving beneficiaries. Payment
amounts vary depending on the number of covered dependents and the coverage selected.
61
CITY OF STOW, OHIO

NOTE 15 - POSTRETIREMENT BENEFIT PLANS - (Continued)
The City’s contributions to OP&F which were allocated to fund post-employment healthcare benefits
for police officers and firefighters were $105,132 and $136,413 for the year ended December 31, 2013,
$189,938 and $251,765 for the year ended December 31, 2012, and $193,919 and $247,013, for the
year ended December 31, 2011. The full amount has been contributed for 2012 and 2011. 74.37% has
been contributed for police and 74.33% has been contributed for firefighters for 2013. The remaining
2013 post-employment health care benefits liability has been reported as intergovernmental payable on
the basic financial statements.
NOTE 16 - COMPENSATED ABSENCES
Full-time City employees earn and accumulate paid vacation leave for each work hour or paid service hour
completed for the City. The maximum base used for accumulation of vacation pay is eighty hours per pay
period. Based upon length of service, employees can earn vacation at rates varying from two weeks to six
weeks per year. Part-time employees may earn partial vacation credits while seasonal employees are
ineligible for vacation benefits. Upon termination from the City, an employee is entitled to compensation
at his or her current base rate of pay for all earned, but unused vacation leave to his or her credit at the time
of termination, subject to the maximum amount which can be accumulated at any time, provided the 50th
week of employment had been reached. In the case of death, unused vacation leave is paid in the name of
the employee to his or her spouse.
Full-time City employees and certain part-time employees earn sick leave at the rate of .05769 hours for
every paid service hour completed for the City. The maximum base used for accumulation of sick pay is
80 hours per pay period. Sick leave to be paid for time away from work due to illness may be accumulated
without limit. For employees hired prior to July 1, 1996, an employee or his/her estate is paid upon
retirement or death 100 percent of the unused amount accumulated equivalent up to 1,000 hours and 50
percent of unused sick leave up to a maximum hours of an additional 1,000 hours at the current base rate,
but only to the extent such benefits have been earned as employees of the City. In the case of retirement or
death of an employee hired on or after July 1, 1996, the employee or his/her estate is paid 100 percent of
the unused amount accumulated to a maximum of 1,000 hours and is not eligible to receive cash payment
of 50 percent of unused sick leave up to a maximum of an additional 1,000 hours. The entitlement award
for firefighters is prorated according to their respective work year.
Full-time police officers, communication specialists and firefighters are permitted to accumulate holiday
time. Police department employees must use their accumulated holiday time prior to April 1 of the
following year and the employees of the fire department by July 1 of the following year.
As of December 31, 2013, the liability for compensated absences was $4,881,924 for the entire City.
NOTE 17 - JOINT ECONOMIC DEVELOPMENT ZONE AGREEMENT
The City of Stow and the City of Akron entered into a Joint Economic Development Zone Agreement
(JEDZ Agreement). The revenue sharing agreement was established to facilitate economic development, to
create or preserve jobs and employment opportunities, and to improve the economic welfare in the region.
The agreement became effective November 6, 2001 and will continue for a period of ninety-nine years,
unless modified, supplemented, rescinded, or canceled by mutual agreement.
The JEDZ Agreement establishes three joint economic development zones and details how income tax
revenues will be collected and shared within each zone between the City of Stow and the City of Akron.
The City made payments of $258,522, which includes $60,061 in accounts payable, during 2013 to the City
of Akron as a result of this agreement.
62
CITY OF STOW, OHIO

NOTE 18 - BUDGETARY BASIS OF ACCOUNTING
While reporting financial position, results of operations, and changes in fund balance on the basis of
generally accepted accounting principles (GAAP), the budgetary basis as provided by law is based upon
accounting for certain transactions on a basis of cash receipts and disbursements.
The statement of revenue, expenditures and changes in fund balance - budget and actual (non-GAAP
budgetary basis) presented for the general fund and the EMS/fire tax levy fund is presented on the
budgetary basis to provide a meaningful comparison of actual results with the budget. The major
differences between the budget basis and the GAAP basis are that:
(a) Revenues and other financing sources are recorded when received in cash (budget basis) as opposed to
when susceptible to accrual (GAAP basis);
(b) Expenditures and other financing uses are recorded when paid in cash (budget basis) as opposed to
when the liability is incurred (GAAP basis);
(c) In order to determine compliance with Ohio law, and to reserve that portion of the applicable
appropriation, total outstanding encumbrances (budget basis) are recorded as the equivalent of an
expenditure, as opposed to assigned, committed, or restricted fund balance for that portion of
outstanding encumbrances not already recognized as an account payable (GAAP basis);
(d) Advances-in and advances-out are operating transactions (budget basis) as opposed to balance sheet
transactions (GAAP basis);
(e) Investments are reported at fair value (GAAP basis) rather than cost (budget basis); and,
(f) Some funds are included in the general fund (GAAP basis), but have separate legally adopted budgets
(budget basis).
The following table summarizes the adjustments necessary to reconcile the GAAP basis statements (as
reported in the fund financial statements) to the budgetary basis statements for all governmental funds for
which a budgetary basis statement is presented:
Net Change in Fund Balance

EMS/Fire
General Tax Levy
Budget basis $ 90,914 $ (33,550)
Net adjustment for revenue accruals 119,499 (738)
Net adjustment for expenditure accruals 50,754 (34,925)
Net adjustment for other sources (uses) 15,000 1,000
Funds budgeted elsewhere 2,838 -
Adjustment for encumbrances 594,543 5,470
GAAP basis $ 873,548 $ (62,743)
63
CITY OF STOW, OHIO

NOTE 19 - FUND BALANCE
Fund balance is classified as nonspendable, restricted, committed, assigned and/or unassigned based
primarily on the extent to which the City is bound to observe constraints imposed upon the use of resources
in the governmental funds. The constraints placed on fund balance for the major governmental funds and
all other governmental funds are presented below:
General Nonmajor Total
Fire/EMS Capital Governmental Governmental
Fund balance General Tax Levy Improvements Funds Funds
Nonspendable:
Materials and supplies inventory $ 139,387 $ - $ - $ 444,569 $ 583,956
Loans 150,000 - - - 150,000
Total nonspendable 289,387 - - 444,569 733,956
Restricted:
Police and fire - - - 276,025 276,025
Street repair and maintenance - - - 2,538,669 2,538,669
Public health - - - 45,611 45,611
Leisure time activities - - - 69,753 69,753
Special assessments - - - 7,476 7,476
Municipal court - - - 913,312 913,312
Capital outlay - - 1,070,732 - 1,070,732
Total restricted - - 1,070,732 3,850,846 4,921,578
Committed:
General government 20,793 - - 405,190 425,983
Police and fire - - - 220,149 220,149
Leisure time activities - - - 302,651 302,651
Community & economic development - - - 198,017 198,017
Debt service - - - 103,898 103,898
Capital outlay - - 1,020,022 - 1,020,022
Total committed 20,793 - 1,020,022 1,229,905 2,270,720
Assigned:
Subsequent year appropriations 3,494,647 - - - 3,494,647
General government 199,686 - - - 199,686
Police and fire 171,160 - - - 171,160
Street repair and maintenance 656 - - - 656
Leisure time activities 58,356 - - - 58,356
Community & economic development 9,201 - - - 9,201
Total assigned 3,933,706 - - - 3,933,706
Unassigned (deficit) 1,628,614 (259,912) - (285,943) 1,082,759
Total fund balances $ 5,872,500 $ (259,912) $ 2,090,754 $ 5,239,377 $ 12,942,719
64
CITY OF STOW, OHIO

NOTE 20 - CONTINGENCIES
A. Grants
The City receives significant financial assistance from numerous federal and State agencies in the form
of grants. The disbursement of funds received under these programs generally requires compliance
with terms and conditions specified in the grant agreements and are subject to audit by the grantor
agencies. Any disallowed claims resulting from such audits could become a liability of the general
fund or other applicable funds. However, in the opinion of management, any such disallowed claims
will not have a material effect on any of the financial statements of the reporting units included herein
or on the overall financial position of the City at December 31, 2013.
B. Litigation
The City is a party to legal proceedings. The City management is of the opinion that ultimate
disposition of these claims and legal proceedings will not have a material effect, if any, on the financial
condition of the City.
NOTE 21 - OTHER COMMITMENTS
The City utilizes encumbrance accounting as part of its budgetary controls. Encumbrances outstanding at
year end may be reported as part of restricted, committed, or assigned classifications of fund balance. At
year end, the City’s commitments for encumbrances in the governmental funds were as follows:
Year-End
Fund Encumbrances
General fund $ 448,893
Fire/EMS levy fund 4,833
General capital improvements fund 443,229
Other governmental 669,701
Total $ 1,566,656
NOTE 22 - STOW COMMUNITY IMPROVEMENT CORPORATION
The Stow Community Improvement Corporation (“CIC”) was formed pursuant to Ohio Revised Code
Section 1724. The Articles of Incorporation were approved on November 8, 1985. The CIC was
designated as a not-for-profit agency of the City for advancing, encouraging and promoting the industrial,
economic, commercial, and civic development of Stow and the territory surrounding Stow.
The City of Stow (the “City”) is a charter municipal corporation incorporated under the laws of the State of
Ohio. In accordance with the Governmental Accounting Standards Board (GASB) Statement No. 14, The
Financial Reporting Entity, the City’s financial statements include all organizations, activities and
functions which comprise the primary government and those legally separate entities for which the City is
financially accountable.
65
CITY OF STOW, OHIO

NOTE 22 - STOW COMMUNITY IMPROVEMENT CORPORATION - (Continued)
The CIC operates independently, but with oversight by the City, which includes City Council approval of
the CIC’s annual budget. The CIC has the authority to expend its funds as it determines within the
approved budget. The City is the primary source of funding for the CIC (in most years, the City provides
the CIC’s entire funding allocation). If the CIC developed its own funding sources, its independence would
increase. No debt would be issued by the CIC without the concurrence of the City. The CIC has no taxing
authority. The City does not appoint a majority of the Board of Trustees and the CIC does not provide
services entirely or almost entirely to the City. The CIC is presented as a discrete component unit of the
City. The CIC does not include any other units in its presentation.
Summary of Significant Accounting Policies
The basic financial statements (BFS) of the CIC have been prepared in conformity with accounting
principles generally accepted in the United States of America (GAAP) as applied to governmental units.
The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for
establishing governmental accounting and financial reporting principles.
The CIC’s significant accounting policies are described below.
A. Basis of Accounting
The financial statements of the CIC are prepared using the accrual basis of accounting.
B. Federal Income Tax
The Stow Community Improvement Corporation is exempt from federal income tax under Section 501
(c) (3) of the Internal Revenue Code.
C. Cash
All monies received by the CIC are deposited in a demand deposit account and covered by FDIC.
D. Net position
Net position represents the difference between assets and liabilities.
E. Estimates
The preparation of financial statements in conformity with GAAP requires management to make
estimates and assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results may differ from those estimates.
Related Party Transactions and Economic Dependence
The CIC received contributions from the City of Stow in the amount of $50,000 to support operations of
the CIC for fiscal year 2013.
66
CITY OF STOW, OHIO

NOTE 22 - STOW COMMUNITY IMPROVEMENT CORPORATION - (Continued)
Ohio Department of Development Loan
On July 12, 2011, the CIC, acting as a pass-through entity, received a $1,250,000 loan from the Ohio
Department of Development (ODOD) to be used for the purchase and subsequent leaseback of certain
machinery and equipment owned by Wrayco LLC. The CIC then entered into an agreement to assign the
lease payments from Wrayco LLC to the ODOD for payment of the loan. The principal and interest
payments on the loan will be made directly from Wrayco LLC to the ODOD. The loan is scheduled to
mature on August 1, 2018 and bears an interest rate of 1% in the first year and an interest rate of 3% for the
remaining years. The CIC has no responsibility for the payment of the debt issued as the repayment is
supported solely by pledged receipts of Wrayco LLC. The CIC has no obligation to the ODOD in the event
of Wrayco LLC’s default.
NOTE 23 - SIGNIFICANT SUBSEQUENT EVENTS
The following notes were due and refinanced in 2014:
 The $275,000 2013 fire/rescue vehicles notes were retired and $175,000 was refinanced on May 1,
2014.
 The $4,100,000 2013 municipal courthouse construction notes were retired and $3,700,000 was
refinanced on May 1, 2014.
 The $750,000 2013 Hudson Drive reconstruction project notes were retired and reissued for
$250,000 on May 1, 2014.
67
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS
REQUIRED BY GOVERNMENT AUDITING STANDARDS
City of Stow
Summit County
3760 Darrow Road
Stow, Ohio 44224-4094
We have audited, in accordance with auditing standards generally accepted in the United States and the
Comptroller General of the United States’ Government Auditing Standards, the financial statements of the
governmental activities, the business-type activities, each major fund, and the aggregate discretely
presented component unit and remaining fund information of the City of Stow, Summit County, (the City)
as of and for the year ended December 31, 2013 and the related notes to the financial statements, which
collectively comprise the City’s basic financial statements and have issued our report thereon dated July
28, 2014.
Internal Control Over Financial Reporting
As part of our financial statement audit, we considered the City’s internal control over financial reporting
(internal control) to determine the audit procedures appropriate in the circumstances to the extent
necessary to support our opinions on the financial statements, but not to the extent necessary to opine on
the effectiveness of the City’s internal control. Accordingly, we have not opined on it.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, when performing their assigned functions, to prevent, or detect and timely
correct misstatements. A material weakness is a deficiency, or combination of internal control
deficiencies resulting in a reasonable possibility that internal control will not prevent or detect and timely
correct a material misstatement of the City’s financial statements. A significant deficiency is a deficiency,
or a combination of deficiencies, in internal control that is less severe than a material weakness, yet
important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all internal control deficiencies that might be material
weaknesses or significant deficiencies. Given these limitations, we did not identify any deficiencies in
internal control that we consider material weaknesses. However, unidentified material weaknesses may
exist.
101 Central Plaza South, 700 Chase Tower, Canton, Ohio 44702-1509
Phone: 330-438-0617 or 800-443-9272 Fax: 330-471-0001
www.ohioauditor.gov
1
City of Stow
Summit County
Independent Auditor’s Report on Internal Control Over
Financial Reporting and on Compliance and Other Matters
Required by Government Auditing Standards
Page 2
Compliance and Other Matters
As part of reasonably assuring whether the City’s financial statements are free of material misstatement,
we tested its compliance with certain provisions of laws, regulations, contracts, and grant agreements,
noncompliance with which could directly and materially affect the determination of financial statement
amounts. However, opining on compliance with those provisions was not an objective of our audit and
accordingly, we do not express an opinion. The results of our tests disclosed no instances of
noncompliance or other matters we must report under Government Auditing Standards.
Purpose of this Report
This report only describes the scope of our internal control and compliance testing and our testing results,
and does not opine on the effectiveness of the City’s internal control or on compliance. This report is an
integral part of an audit performed under Government Auditing Standards in considering the City’s
internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
Dave Yost
Auditor of State
Columbus, Ohio
July 28, 2014
2
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH REQUIREMENTS
APPLICABLE TO THE MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER
COMPLIANCE REQUIRED BY OMB CIRCULAR A-133
City of Stow
Summit County
3760 Darrow Road
Stow, Ohio 44224-4094
Report on Compliance for the Major Federal Program
We have audited the City of Stow’s (the City) compliance with the applicable requirements described in
the U.S. Office of Management and Budget (OMB) Circular A-133, Compliance Supplement that could
directly and materially affect the City of Stow’s major federal program for the year ended December 31,
2013. The Summary of Auditor’s Results in the accompanying schedule of findings identifies the City’s
major federal program.
Management’s Responsibility
The City’s Management is responsible for complying with the requirements of laws, regulations, contracts,
and grants applicable to its federal program.
Auditor’s Responsibility
Our responsibility is to opine on the City’s compliance for the City’s major federal program based on our
audit of the applicable compliance requirements referred to above. Our compliance audit followed
auditing standards generally accepted in the United States of America; the standards for financial audits
included in the Comptroller General of the United States’ Government Auditing Standards; and OMB
Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. These standards
and OMB Circular A-133 require us to plan and perform the audit to reasonably assure whether
noncompliance with the applicable compliance requirements referred to above that could directly and
materially affect a major federal program occurred. An audit includes examining, on a test basis,
evidence about the City’s compliance with those requirements and performing such other procedures as
we considered necessary in the circumstances.
We believe our audit provides a reasonable basis for our compliance opinion on the City’s major program.
However, our audit does not provide a legal determination of the City’s compliance.
101 Central Plaza South, 700 Chase Tower, Canton, Ohio 44702-1509
Phone: 330-438-0617 or 800-443-9272 Fax: 330-471-0001
www.ohioauditor.gov
3
City of Stow
Summit County
Independent Auditor’s Compliance with Requirements
Applicable to the Major Federal Program and on Internal Controls
Over Compliance Required By OMB Circular A-133
Page 2
Opinion on the Major Federal Program
In our opinion, the City of Stow complied, in all material respects with the compliance requirements
referred to above that could directly and materially affect its major federal program for the year ended
December 31, 2013.
Report on Internal Control Over Compliance
The City’s management is responsible for establishing and maintaining effective internal control over
compliance with the applicable compliance requirements referred to above. In planning and performing
our compliance audit, we considered the City’s internal control over compliance with the applicable
requirements that could directly and materially affect a major federal program, to determine our auditing
procedures appropriate for opining on each major federal program’s compliance and to test and report on
internal control over compliance in accordance with OMB Circular A-133, but not to the extent needed to
opine on the effectiveness of internal control over compliance. Accordingly, we have not opined on the
effectiveness of the City’s internal control over compliance.
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, when performing their assigned functions, to
prevent, or to timely detect and correct, noncompliance with a federal program’s applicable compliance
requirement. A material weakness in internal control over compliance is a deficiency, or combination of
deficiencies, in internal control over compliance, such that there is a reasonable possibility that material
noncompliance with a federal program compliance requirement will not be prevented, or timely detected
and corrected. A significant deficiency in internal control over compliance is a deficiency, or a
combination of deficiencies, in internal control over compliance with federal program’s applicable
compliance requirement that is less severe than a material weakness in internal control over compliance,
yet important enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the first
paragraph of this section and would not necessarily identify all deficiencies in internal control over
compliance that might be material weaknesses or significant deficiencies. We did not identify any
deficiencies in internal control over compliance that we consider to be material weaknesses. However,
material weaknesses may exist that have not been identified.
This report only describes the scope of our internal control compliance tests and the results of this testing
based on OMB Circular A-133 requirements. Accordingly, this report is not suitable for any other
purpose.
Report on Schedule of Federal Awards Expenditures Required by OMB Circular A-133
We have also audited the financial statements of the governmental activities, the business-type activities,
each major fund, and the aggregate discretely presented component unit and remaining fund information
of the City of Stow as of and for the year ended December 31, 2013, and the related notes to the financial
statements, which collectively comprise the City’s basic financial statements. We issued our unmodified
report thereon dated July 28, 2014. We conducted our audit to opine on the City’s basic financial
statements. The accompanying schedule of federal awards expenditures (Schedule) presents additional
analysis required by the U.S. Office of Management and Budget Circular A-133, Audits of States, Local
Governments, and Non-Profit Organizations and is not a required part of the basic financial statements.
4
City of Stow
Summit County
Independent Auditor’s Compliance with Requirements
Applicable to the Major Federal Program and on Internal Controls
Over Compliance Required By OMB Circular A-133
Page 3
The schedule is management’s responsibility, and was derived from and relates directly to the underlying
accounting and other records management used to prepare the basic financial statements. We subjected
this schedule to the auditing procedures we applied to the basic financial statements. We also applied
certain additional procedures, including comparing and reconciling this schedule directly to the underlying
accounting and other records used to prepare the basic financial statements or to the basic financial
statements themselves, in accordance with auditing standards generally accepted in the United States of
America. In our opinion, this schedule is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
Dave Yost
Auditor of State
Columbus, Ohio
July 28, 2014
5
THIS PAGE INTENTIONALLY LEFT BLANK.
6
CITY OF STOW
SUMMIT COUNTY
SCHEDULE OF FEDERAL AWARDS EXPENDITURES

Federal Grantor/ Pass Through Federal

Pass Through Grantor/ Entity CFDA
Program Title Number Number Expenditures
U.S. DEPARTMENT OF TRANSPORTATION

Passed Through Ohio Department of Transportation
Highway Planning and Construction

Hudson Drive Widening Project PID 81785 20.205 $ 158,527
Safe Routes to School PID 91004 20.205 221,169
Safe Routes to School PID 93608 20.205 442,270
Hudson Drive Resurfacing PID 92675 20.205 215,334
Stow Road Resurfacing PID 92705 20.205 255,587
Commerce Drive Resurfacing PID 92666 20.205 295,919
Graham Road PID 84977 20.205 631,721
Total Highway Planning and Construction 2,220,528
U.S. DEPARTMENT OF HOMELAND SECURITY

Passed Through the Federal Emergency
Management Agency
SAFER (Staffing for Adequate Fire & Emergency Response) Grant EMW-2010-FH-00025 97.083 415,371
U.S. DEPARTMENT OF JUSTICE

Direct
Bulletproof Vest Partnership Program (BVP) N/A 16.607 1,893
Passed Through Ohio Governor's Office of Criminal

Justice Services
Law Enforcement Assistance Narcotics and Dangerous Drugs NA 16.001 22,024

Laboratory Analysis (commonly known as DARE Grant Program)
Total U.S. Department of Justice 23,917
Grand Totals $ 2,659,816
The accompanying notes to this schedule are an integral part of this schedule.
7
CITY OF STOW
SUMMIT COUNTY
NOTES TO THE SCHEDULE OF FEDERAL AWARDS EXPENDITURES

FISCAL YEAR ENDED DECEMBER 31, 2013
NOTE A - SIGNIFICANT ACCOUNTING POLICIES
The accompanying Schedule of Federal Awards Expenditures (the Schedule) reports the City of Stow,
Summit County, Ohio (the City’s) federal award programs’ disbursements. The Schedule has been
prepared on the cash basis of accounting.
NOTE B - MATCHING REQUIREMENTS
Certain Federal programs require the City to contribute non-Federal funds (matching funds) to support the
Federally-funded programs. The City has met its matching requirements. The Schedule does not include
the expenditure of non-Federal matching funds.
8
CITY OF STOW
SUMMIT COUNTY
SCHEDULE OF FINDINGS
OMB CIRCULAR A -133 § .505
December 31, 2013
1. SUMMARY OF AUDITOR’S RESULTS
(d)(1)(i) Type of Financial Statement Opinion Unmodified

(d)(1)(ii) Were there any material control weaknesses No
reported at the financial statement level
(GAGAS)?
(d)(1)(ii) Were there any significant deficiencies in No
internal control reported at the financial
statement level (GAGAS)?
(d)(1)(iii) Was there any reported material No
noncompliance at the financial statement level
(GAGAS)?
(d)(1)(iv) Were there any material internal control No
weaknesses reported for major federal
programs?
(d)(1)(iv) Were there any significant deficiencies in No
internal control reported for major federal
programs?
(d)(1)(v) Type of Major Programs’ Compliance Opinion Unmodified
(d)(1)(vi) Are there any reportable findings under No
§ .510(a)?
(d)(1)(vii) Major Programs (list): Highway Planning and
Construction CFDA #20.205
(d)(1)(viii) Dollar Threshold: Type A\B Programs Type A: > $ 300,000
Type B: all others
(d)(1)(ix) Low Risk Auditee? Yes
2. FINDINGS RELATED TO THE FINANCIAL STATEMENTS

REQUIRED TO BE REPORTED IN ACCORDANCE WITH GAGAS
None
3. FINDINGS AND QUESTIONED COSTS FOR FEDERAL AWARDS
None
9
APPENDIX D
Proposed Text of Opinion of Bond Counsel
We have served as bond counsel to our client the City of Stow, Ohio (the “City”) and not
as counsel to any other person in connection with the issuance by the City of its $9,115,000 *
Various Purpose Refunding Bonds, Series 2015 (the “Bonds”), dated the date of this letter and
issued for the purpose of refunding at a lower interest certain of the City’s outstanding (i) Safety
Center Construction Refunding Bonds, Series 2004, dated as of August 1, 2004, which were
issued for the purpose of constructing, furnishing and equipping a Safety Center and, in
connection therewith, constructing and installing water mains, sanitary sewers and drainage
facilities, constructing roads for ingress and egress, constructing driveways, parking lots and
sidewalks, improving intersections, installing street lighting and improving the Safety Center
site, and (ii) Various Purpose Bonds, Series 2008, dated as of May 8, 2008, which were issued
for the purpose of (i) constructing, furnishing and equipping a service maintenance center and
parks maintenance and urban forestry center and improving the sites therefor and
(ii) constructing, furnishing and equipping two fire stations, improving the sites therefor and
acquiring any necessary real estate therefor. In our capacity as bond counsel, we have examined
the transcript of proceedings relating to the issuance of the Bonds, a copy of the signed and
authenticated Bond of the first maturity and such other documents, matters and law as we deem
necessary to render the opinions set forth in this letter.
Based on that examination and subject to the limitations stated below, we are of the
opinion that under existing law:
1. The Bonds constitute valid and binding general obligations of the City, and the
principal of and interest on the Bonds, unless paid from other sources, are to be paid
from the proceeds of the levy of ad valorem taxes, within the 7.2-mill limitation
provided by the City’s Charter, on all property subject to ad valorem taxes levied by
the City.
2. Interest on the Bonds is excluded from gross income for federal income tax
purposes under Section 103 of the Internal Revenue Code of 1986, as amended (the
“Code”), and is not an item of tax preference for purposes of the federal alternative
minimum tax imposed on individuals and corporations; however, portions of the
interest on the Bonds earned by certain corporations may be subject to a corporate
alternative minimum tax. The Bonds are qualified tax-exempt obligations as
defined in Section 265(b)(3) of the Code. Interest on, and any profit made on the
sale, exchange or other disposition of, the Bonds are exempt from all Ohio state and
local taxation, except the estate tax, the domestic insurance company tax, the
dealers in intangibles tax, the tax levied on the basis of the total equity capital of
financial institutions, and the net worth base of the corporate franchise tax. We
express no opinion as to any other tax consequences regarding the Bonds.
The opinions stated above are based on an analysis of existing laws, regulations, rulings
and court decisions and cover certain matters not directly addressed by such authorities. In
rendering all such opinions, we assume, without independent verification, and rely upon (i) the
accuracy of the factual matters represented, warranted or certified in the proceedings and
documents we have examined and (ii) the due and legal authorization, execution and delivery of
those documents by, and the valid, binding and enforceable nature of those documents upon, any
parties other than the City.
*
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In rendering those opinions with respect to the treatment of the interest on the Bonds and
the status of the Bonds as qualified tax-exempt obligations under the federal tax laws, we further
assume and rely upon compliance with the covenants in the proceedings and documents we have
examined, including those of the City. Failure to comply with certain of those covenants
subsequent to issuance of the Bonds may cause interest on the Bonds to be included in gross
income for federal income tax purposes retroactively to their date of issuance and may cause the
Bonds not to be qualified tax-exempt obligations.
The rights of the owners of the Bonds and the enforceability of the Bonds are subject to
bankruptcy, insolvency, arrangement, fraudulent conveyance or transfer, reorganization,
moratorium and other laws relating to or affecting creditors’ rights, to the application of
equitable principles, to the exercise of judicial discretion, and to limitations on legal remedies
against public entities.
The opinions rendered in this letter are stated only as of this date, and no other opinion
shall be implied or inferred as a result of anything contained in or omitted from this letter. Our
engagement as bond counsel with respect to the Bonds has concluded on this date.
Respectfully submitted,
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APPENDIX E
Book-Entry System; DTC
Book-Entry System
The information set forth in the following numbered paragraphs is based on

information provided by The Depository Trust Company in its “Sample Offering Document
Language Describing DTC and Book-Entry-Only Issuance” (June 2013). As such, the City
believes it to be reliable, but the City takes no responsibility for the accuracy or completeness of
that information. It has been adapted to the Bond issue by substituting “Bonds” for
“Securities,” “City” for “Issuer” and “Bond Registrar” for “registrar” and by the addition of
the italicized language set forth in the text. See also the additional information following those
numbered paragraphs.
1. The Depository Trust Company (“DTC”), New York, will act as securities
depository for the Bonds. The Bonds will be issued as fully-registered securities 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 Bond certificate will be issued for each
(maturity) of the Bonds, each in the aggregate principal amount of such (maturity), and will be
deposited with and retained in the custody of DTC or its agent.
2. DTC, the world’s largest securities 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
1934. 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 a Standard & Poor’s rating of
AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange
Commission. More information about DTC can be found at www.dtcc.com. (This internet site
is included for reference only, and the information in this internet site is not incorporated by
reference in this Official Statement.)
3. Purchases of Bonds under the DTC system must be made by or through Direct
Participants, which will receive a credit for the Bonds on DTC’s records. The ownership interest
of each actual purchaser of each Bond (“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
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the transaction. Transfers of ownership interests in the Bonds 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 Bonds,
except in the event that use of the book-entry system for the Bonds is discontinued.
4. To facilitate subsequent transfers, all Bonds 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 Bonds with
DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect
any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of
the Bonds; DTC’s records reflect only the identity of the Direct Participants to whose accounts
such Bonds 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.
5. 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 Bonds may wish to take certain steps to augment the transmission to them
of notices of significant events with respect to the Bonds, such as redemptions, tenders, defaults
and proposed amendments to the Bond documents. For example, Beneficial Owners of Bonds
may wish to ascertain that the nominee holding the Bonds 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 Bond Registrar and request that copies of notices be
provided directly to them.
6. Redemption notices shall be sent to DTC. If less than all of the Bonds 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.
7. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or
vote with respect to Bonds 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 Bonds are credited on the record date
(identified in a listing attached to the Omnibus Proxy).
8. Redemption proceeds, distributions and dividends (debt charges payments) on
the Bonds 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 Bond
Registrar, on the 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 Bond Registrar, 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 dividends (debt charges) 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 Bond
Registrar, 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.
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9. (Not Applicable to the Bonds.)
10. DTC may discontinue providing its services as depository with respect to the
Bonds at any time by giving reasonable notice to the City or the Bond Registrar. Under such
circumstances, in the event that a successor depository is not obtained, Bond certificates are
required to be printed (or otherwise produced) and delivered.
11. The City may decide to discontinue use of the system of book-entry-only
transfers through DTC (or a successor securities depository). In that event, Bond certificates will
be printed (or otherwise produced) and delivered to DTC. (See also Revision of Book-Entry
System; Replacement Bonds.)
12. The information (above) in this section concerning DTC and DTC’s book-
entry system has been obtained from sources that the City believes to be reliable, but the City
takes no responsibility for the accuracy thereof.
Direct Participants and Indirect Participants may impose service charges on

Beneficial Owners in certain cases. Purchasers of book-entry interests should discuss that
possibility with their brokers.
The City and the Bond Registrar have no role in the purchases, transfers or sales of
book-entry interests. The rights of Beneficial Owners to transfer or pledge their interests, and
the manner of transferring or pledging those interests, may be subject to applicable state law.
Beneficial Owners may want to discuss with their legal advisors the manner of transferring or
pledging their book-entry interests.
The City and the Bond Registrar have no responsibility or liability for any aspects of
the records or notices relating to, or payments made on account of, beneficial ownership, or for
maintaining, supervising or reviewing any records relating to that ownership.
The City and the Bond Registrar cannot and do not give any assurances that DTC,
Direct Participants, Indirect Participants or others will distribute to the Beneficial Owners
payments of debt charges on the Bonds made to DTC as the registered owner, or redemption, if
any, or other notices, or that they will do so on a timely basis, or that DTC, Direct Participants or
Indirect Participants will serve or act in a manner described in this Official Statement.
For all purposes under the Bond proceedings (except the Continuing Disclosure
Agreement under which others as well as DTC may be considered an owner or holder of the
Bonds, see Continuing Disclosure Agreement), DTC will be and will be considered by the City
and the Bond Registrar to be the owner or holder of the Bonds.
Beneficial Owners will not receive or have the right to receive physical delivery of
Bonds, and, except to the extent they may have rights as Beneficial Owners or holders under the
Continuing Disclosure Agreement, will not be or be considered by the City and the Bond
Registrar to be, and will not have any rights as, owners or holders of Bonds under the Bond
proceedings.
Reference herein to “DTC” includes when applicable any successor securities

depository and the nominee of the depository.
Revision of Book-Entry System; Replacement Bonds
The Bond proceedings provide for issuance of fully-registered Bonds (Replacement

Bonds) directly to owners of Bonds other than DTC only in the event that DTC (or a successor
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securities depository) determines not to continue to act as securities depository for the Bonds.
Upon occurrence of this event, the City may in its discretion attempt to have established a
securities depository book-entry relationship with another securities depository. If the City does
not do so, or is unable to do so, and after the Bond Registrar has made provision for notification
of the Beneficial Owners of the Bonds by appropriate notice to DTC, the City and the Bond
Registrar will authenticate and deliver Replacement Bonds of any one maturity, in authorized
denominations, to or at the direction of any persons requesting such issuance, and, if the event is
not the result of City action or inaction, at the expense (including legal and other costs) of those
requesting.
Debt charges on Replacement Bonds will be payable when due without deduction for
the services of the Bond Registrar as paying agent. Principal of and any premium on
Replacement Bonds will be payable when due to the registered owner upon presentation and
surrender at the designated corporate trust office of the Bond Registrar. Interest on Replacement
Bonds will be payable on the interest payment date by the Bond Registrar by transmittal to the
registered owner of record on the Bond Register as of the 15th day preceding the interest payment
date. Replacement Bonds will be exchangeable for other Replacement Bonds of authorized
denominations, and transferable, at the designated corporate trust office of the Bond Registrar
without charge (except taxes or governmental fees). Exchange or transfer of then-redeemable
Replacement Bonds is not required to be made: (i) between the 15th day preceding the mailing of
notice of redemption of Replacement Bonds and the date of that mailing, or (ii) of a particular
Replacement Bond selected for redemption (in whole or part).
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APPENDIX F
Proposed Form of Continuing Disclosure Agreement
$9,115,000*
City of Stow, Ohio
Various Purpose Refunding Bonds, Series 2015
CONTINUING DISCLOSURE AGREEMENT
THIS CONTINUING DISCLOSURE AGREEMENT, dated as of July 16, 2015 (the

Agreement), is made, signed and delivered by the CITY OF STOW, OHIO, a municipal
corporation and political subdivision duly organized and existing under its Charter and the
Constitution and laws of the State of Ohio (the City), for the benefit of the Holders and
Beneficial Owners (as defined herein) from time to time of the City’s $9,115,000* Various
Purpose Refunding Bonds, Series 2015 (the Bonds), authorized by Ordinance Nos. 2015-29 and
2015-30, each passed by the City Council on February 26, 2015 (collectively, the Bond
Ordinances).
RECITAL
The City, by passage of the Bond Ordinances, has determined to issue the Bonds to
provide funds for City purposes, and _______________ (the Participating Underwriter), has
agreed to provide those funds to the City by purchasing the Bonds. As a condition to the
purchase of the Bonds from the City and the sale of Bonds to Holders and Beneficial Owners, the
Participating Underwriter is required to reasonably determine that the City has undertaken, in a
written agreement for the benefit of Holders and Beneficial Owners of the Bonds, to provide
certain information in accordance with the Rule (as defined herein).
NOW, THEREFORE, in accordance with the Bond Ordinances, the City covenants and
agrees as set forth in this Continuing Disclosure Agreement.
Section 1. Purpose of Continuing Disclosure Agreement. This Agreement is being

entered into, signed and delivered for the benefit of the Holders and Beneficial Owners of the
Bonds and in order to assist the Participating Underwriter of the Bonds in complying with
Rule 15c2-12(b)(5) promulgated by the Securities and Exchange Commission (SEC) pursuant to
the Securities Exchange Act of 1934, as may be amended from time to time (the Rule).
Section 2. Definitions. In addition to the definitions set forth above, the following
capitalized terms shall have the following meanings in this Agreement, unless the context clearly
otherwise requires. Reference to “Sections” shall mean sections of this Agreement.
*
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“Annual Filing” means any Annual Information Filing provided by the City pursuant to,
and as described in, Sections 3 and 4.
“Audited Financial Statements” means the audited basic financial statements of the City,
prepared in conformity with generally accepted accounting principles.
“Beneficial Owner” means any person that (a) has the power, directly or indirectly, to
vote or consent with respect to, or to dispose of ownership of, any Bonds (including persons
holding Bonds through nominees, depositories or other intermediaries), or (b) is treated as the
owner of any Bonds for federal income tax purposes.
“EMMA” means the Electronic Municipal Market Access system of the MSRB;
information regarding submissions to EMMA is available at http://emma.msrb.org.
“Filing Date” means the last day of the ninth month following the end of each Fiscal Year
(or the next succeeding business day if that day is not a business day), beginning September 30,
2016.
“Fiscal Year” means the 12-month period beginning on January 1 of each year or such
other 12-month period as the City shall adopt as its fiscal year.
“Holder” means, with respect to the Bonds, the person in whose name a Bond is
registered in accordance with the Bond Ordinance.
“MSRB” means the Municipal Securities Rulemaking Board.
“Obligated Person” means, any person, including the issuer of municipal securities (such
as the Bonds), who is generally committed by contract or other arrangement to support payment
of all or part of the obligations on the municipal securities being sold in an offering document
(such as the Official Statement); the City is the only Obligated Person for the Bonds.
“Official Statement” means the Official Statement for the Bonds dated July ___, 2015.
“Participating Underwriter” means any of the original underwriters of the Bonds required
to comply with the Rule in connection with offering of the Bonds.
“Specified Events” means any of the events with respect to the Bonds as set forth in
Section 5(a).
“State” means the State of Ohio.
Section 3. Provision of Annual Information.
(a) The City shall provide (or cause to be provided) not later than the Filing Date to
the MSRB an Annual Filing, which is consistent with the requirements of Section 4. The Annual
Filing shall be submitted in an electronic format and contain such identifying information as is
prescribed by the MSRB, and may be submitted as a single document or as separate documents
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comprising a package, and may cross-reference other information as provided in Section 4;
provided that the Audited Financial Statements of the City may be submitted separately from the
balance of the Annual Filing and later than the Filing Date if they are not available by that date.
If the City’s Fiscal Year changes, it shall give notice of such change in the same manner as for a
Specified Event under Section 5.
(b) If the City is unable to provide to the MSRB an Annual Filing by the Filing Date,
the City shall, in a timely manner, send a notice to the MSRB in an electronic format as
prescribed by the MSRB.
Section 4. Content of Annual Filing. The City’s Annual Filing shall contain or include
by reference the following:
(a) Financial information and operating data of the type included in the Official
Statement under the captions: Ad Valorem Property Taxes – Collections, – Special
Assessments and – Delinquencies, together with information as to aggregate assessed valuation
of the City and overlapping and City tax rates; Municipal Income Tax; State Local
Government Assistance Funds; City Debt and Other Long-Term Obligations, including
Debt Tables, as applicable; and Appendices A and B.
(b) The Audited Financial Statements of the City utilizing generally accepted
accounting principles applicable to governmental units as described in the Official Statement,
except as may be modified from time to time and described in such financial statements.
The foregoing shall not obligate the City to prepare or update projections of any financial
information or operating data.
Any or all of the items listed above may be included by specific reference to other
documents, including annual information statements of the City or official statements of debt
issues of the City or related public entities, which have been submitted to the MSRB or the
Securities and Exchange Commission. The City shall clearly identify each such other document
so included by reference.
Section 5. Reporting Specified Events.
(a) The City shall provide to the MSRB, in an electronic format and containing such
identifying information as is prescribed by the MSRB and in a timely manner but not later than
ten business days after the occurrence of the event, notice of any of the following events with
respect to the Bonds, as specified by the Rule:
(1) Principal and interest payment delinquencies;
(2) Non-payment-related defaults, if material;
(3) Unscheduled draws on debt service reserves reflecting financial

difficulties; (a)
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(4) Unscheduled draws on credit enhancements reflecting financial
difficulties; (a)
(5) Substitution of credit or liquidity providers, or their failure to perform; (a)
(6) (Issuance of) Adverse tax opinions, the issuance by the Internal Revenue
Service of proposed or final determinations of taxability, Notices of
Proposed Issue (IRS Form 5701-TEB) or other material notices or
determinations with respect to the tax status of the security (i.e., the
Bonds), or other material events affecting the tax status of the security;
(7) Modifications to rights of security holders, if material;
(8) Bond calls, if material, and tender offers; (b)
(9) Defeasances;
(10) Release, substitution, or sale of property securing repayment of the

securities, if material; (c)
(11) Rating changes;
(12) Bankruptcy, insolvency, receivership or similar event of the Obligated

Person; Note: For the purposes of the event identified in this
subparagraph, the event is considered to occur when any of the following
occur: the appointment of a receiver, fiscal agent or similar officer for an
Obligated Person in a proceeding under the U.S. Bankruptcy Code or in
any other proceeding under state or federal law in which a court or
governmental authority has assumed jurisdiction over substantially all of
the assets or business of the Obligated Person, or if such jurisdiction has
been assumed by leaving the existing governmental body and officials or
officers in possession but subject to the supervision and orders of a court
or governmental authority, or the entry of an order confirming a plan of
reorganization, arrangement or liquidation by a court or governmental
authority having supervision or jurisdiction over substantially all of the
assets or business of the Obligated Person.
(13) The consummation of a merger, consolidation, or acquisition involving an

Obligated Person or the sale of all or substantially all of the assets of the
Obligated Person, other than in the ordinary course of business, the entry
into a definitive agreement to undertake such an action or the termination
of a definitive agreement relating to any such actions, other than pursuant
to its terms, if material; and
(14) Appointment of a successor or additional trustee or the change of name of

a trustee, if material.
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Note:
(a) The City has not obtained or provided, and does not expect to obtain or
provide, any debt service reserves, credit enhancements or credit or
liquidity providers for the Bonds.
(b) Any scheduled redemption of Bonds pursuant to mandatory sinking fund
redemption requirements does not constitute a specified event within the
meaning of the Rule.
(c) Repayment of the Bonds is not secured by a lien on any property capable
of release or sale or for which other property may be substituted.
For the Specified Events described in Section 5(a) (2), (6, as applicable), (7), (8, as
applicable), (10), (13) and (14), the City acknowledges that it must make a determination
whether such Specified Event is material under applicable federal securities laws in order to
determine whether a filing is required.
Section 6. Amendments. The City reserves the right to amend this Agreement, and
noncompliance with any provision of this Agreement may be waived, as may be necessary or
appropriate to (a) achieve its compliance with any applicable federal securities law or rule,
(b) cure any ambiguity, inconsistency or formal defect or omission and (c) address any change in
circumstances arising from a change in legal requirements, change in law or change in the
identity, nature or status of the City or type of business conducted by the City. Any such
amendment or waiver shall not be effective unless the Agreement (as amended or taking into
account such waiver) would have materially complied with the requirements of the Rule at the
time of the primary offering of the Bonds, after taking into account any applicable amendments
to or official interpretations of the Rule, as well as any change in circumstances, and until the
City shall have received either (i) a written opinion of bond counsel or other qualified
independent special counsel selected by the City that the amendment or waiver would not
materially impair the interests of Holders or Beneficial Owners or (ii) the written consent to the
amendment or waiver of the Holders of at least a majority of the principal amount of the Bonds
then outstanding. An Annual Filing containing any revised operating data or financial
information shall explain, in narrative form, the reasons for any such amendment or waiver and
the impact of the change on the type of operating data or financial information being provided.
If the amendment relates to the accounting principles to be followed in preparing Audited
Financial Statements, (A) the City shall provide notice of such change in the same manner as for
a Specified Event under Section 5 and (B) the Annual Filing for the year in which the change is
made should present a comparison (in narrative form and also, if feasible, in quantitative form)
between the financial statements or information as prepared on the basis of the new accounting
principles and those prepared on the basis of the former accounting principles.
Section 7. Additional Information. Nothing in this Agreement shall be deemed to

prevent the City from disseminating any other information, using the means of dissemination set
forth in this Agreement or providing any other means of communication, or including any other
information in any Annual Filing or providing notice of the occurrence of an event, in addition to
that which is required by this Agreement. If the City chooses to include any information in any
document or notice of occurrence of an event in addition to that which is specifically required by
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this Agreement, the City shall have no obligation under this Agreement to update such
information or include it in any future Annual Filing or notice of occurrence of a Specified
Event.
Section 8. Remedy for Breach. This Agreement shall be solely for the benefit of the
Holders and Beneficial Owners from time to time of the Bonds. The exclusive remedy for any
breach of the Agreement by the City shall be limited, to the extent permitted by law, to a right of
Holders and Beneficial Owners to institute and maintain, or to cause to be instituted and
maintained, such proceedings as may be authorized at law or in equity to obtain the specific
performance by the City of its obligations under this Agreement in a court in the County of
Summit, Ohio. Any such proceedings shall be instituted and maintained only in accordance with
Section 133.25(B)(4)(b) or (C)(1) of the Revised Code (or any like or comparable successor
provisions); provided that any Holder or Beneficial Owner may exercise individually any such
right to require the City to specifically perform its obligation to provide or cause to be provided a
pertinent filing if such a filing is due and has not been made. Any Beneficial Owner seeking to
require the City to comply with this Agreement shall first provide at least 30 days’ prior written
notice to the City of the City’s failure, giving reasonable detail of such failure, following which
notice the City shall have 30 days to comply. A default under this Agreement shall not be
deemed an event of default under the Bond Ordinance, and the sole remedy under this
Agreement in the event of any failure of the City to comply with this Agreement shall be an
action to compel performance. No person or entity shall be entitled to recover monetary
damages under this Agreement.
Section 9. Appropriation. The performance by the City of its obligations under this
Agreement shall be subject to the availability of funds and their annual appropriation to meet
costs that the City would be required to incur to perform those obligations. The City shall
provide notice to the MSRB in the same manner as for a Specified Event under Section 5 of the
failure to appropriate funds to meet costs to perform the obligations under this Agreement.
Section 10. Termination. The obligations of the City under the Agreement shall remain
in effect only for such period that the Bonds are outstanding in accordance with their terms and
the City remains an Obligated Person with respect to the Bonds within the meaning of the Rule.
The obligation of the City to provide the information and notices of the events described above
shall terminate, if and when the City no longer remains such an Obligated Person. If any person,
other than the City, becomes an Obligated Person relating to the Bonds, the City shall use its best
efforts to require such Obligated Person to comply with all provisions of the Rule applicable to
such Obligated Person.
Section 11. Dissemination Agent. The City may, from time to time, appoint or engage
a dissemination agent to assist it in carrying out its obligations under this Agreement, and may
discharge any such agent, with or without appointing a successor dissemination agent.
Section 12. Beneficiaries. This Agreement shall inure solely to the benefit of the City,
any dissemination agent, the Participating Underwriter and Holders and Beneficial Owners from
time to time of the Bonds, and shall create no rights in any other person or entity.
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Section 13. Recordkeeping. The City shall maintain records of all Annual Filings and
notices of Specified Events and other events including the content of such disclosure, the names
of the entities with whom such disclosures were filed and the date of filing such disclosure.
Section 14. Governing Law. This Agreement shall be governed by the laws of the
State.
[Signature Page Follows]
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IN WITNESS WHEREOF, the City has caused this Continuing Disclosure Agreement to
be duly signed and delivered to the Participating Underwriter, as part of the Bond proceedings
and in connection with the original delivery of the Bonds to the Participating Underwriter, on its
behalf by its officials signing below, all as of the date set forth above, and the Holders and
Beneficial Owners from time to time of the Bonds shall be deemed to have accepted this
Agreement made in accordance with the Rule.
CITY OF STOW, OHIO
By:
Mayor
By:
Director of Finance
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CERTIFICATE – CONTINUING DISCLOSURE AGREEMENT
As fiscal officer of the City of Stow, Ohio, I certify that the money required to meet the
obligations of the City under the Agreement made by the City in accordance with the Rule, as set
forth in the Bond Ordinance and the attached Continuing Disclosure Agreement, during Fiscal
Year 2015, has been lawfully appropriated by the City for those purposes and is in the City treasury
or in the process of collection to the credit of an appropriate fund, free from any previous
encumbrances. This Certificate is given in compliance with Sections 5705.41 and 5705.44 of the
Revised Code.
Dated: July 16, 2015
Director of Finance
City of Stow, Ohio
F-9
APPENDIX G
Official Notice of Sale
$9,115,000*
City of Stow, Ohio
General Obligation (Limited Tax)
Notice is given that the above-captioned bonds (the Bonds) are being offered for sale
in accordance with this Official Notice of Sale. The City of Stow, Ohio (the City), will accept
facsimile and electronic bids, as described below, for the purchase of all, but not less than all, of
the principal amount of the Bonds until 11:00 a.m., Ohio time, on June 30, 2015. No other form
of bid or provider of electronic bidding services will be accepted or used.
INITIAL DISCLOSURE; OFFICIAL STATEMENT
This Official Notice of Sale is not intended as a disclosure document and bidders
are required to obtain and carefully review the Preliminary Official Statement relating to
the Bonds dated June 23, 2015 (the Preliminary Official Statement), before submitting a
bid. The inclusion of this Official Notice of Sale as an Appendix to the Preliminary Official
Statement is for purposes of convenience only. Copies of the Preliminary Official Statement,
“deemed final” by the City as of its date for purposes of, and except for certain omissions as
permitted by, SEC Rule 15c2-12 (the Rule), may be obtained in electronic format at
www.newissuehome.i-deal.com.
Following the award of the Bonds, the Director of Finance, in cooperation with the
successful bidder, will complete the Official Statement to indicate the principal amounts and
dates of maturity, serial bonds and term bonds (if any), mandatory sinking fund redemption
requirements (if any), offering prices or yields and CUSIP numbers (the accuracy of which the
City will not take responsibility for), and interest rates, and the identity of the successful bidder,
and provide any other information required for a final Official Statement for the purposes of the
successful bidder’s compliance with SEC Rule 15c2-12(b)(3) and (4). The successful bidder will,
within seven business days after the date of award, be furnished with up to 50 copies of the final
Official Statement for purposes of the successful bidder’s compliance with the SEC Rule and
will be authorized by the City to reproduce and circulate at the successful bidder’s expense
additional copies of the Preliminary Official Statement (until the final Official Statement is
available) and final Official Statement for use by the successful bidder in its marketing efforts
and in providing copies thereof to its customers. The City contemplates that the final Official
Statement, among other changes, will not include this Official Notice of Sale. At the delivery of
the Bonds, each successful bidder will be furnished with a certificate of the Mayor and Director
of Finance relating to the accuracy and completeness of the Preliminary Official Statement and
final Official Statement.
CONTINUING DISCLOSURE
The City is the only “obligated person” under the Rule. In order to assist bidders in
complying with the Rule, the City will undertake to provide, or cause to be provided, certain
financial information and operating data and to provide notices of certain events, if material.
*
Preliminary, subject to change; see Bidding Procedures – Potential for Change in Principal Amount of Bonds in this Official Notice of Sale.
G-1
Such information and notices of material events will be filed with the Municipal Securities
Rulemaking Board (MSRB). A summary of such undertaking is contained in the Preliminary
Official Statement. A copy of the undertaking is attached to the Preliminary Official Statement
as Appendix F and will be included in the transcript of proceedings relating to the issuance of the
Bonds.
AUTHORITY AND PURPOSE OF THE BONDS
The Bonds are to be issued pursuant to Chapter 133 of the Revised Code, an
ordinance passed by the City Council and a certificate of award provided for by that ordinance.
The Bonds are being issued for the purpose of refunding at a lower interest certain of
the City’s outstanding (i) Safety Center Construction Refunding Bonds, Series 2004, dated as of
August 1, 2004, which were issued for the purpose of constructing, furnishing and equipping a
Safety Center and, in connection therewith, constructing and installing water mains, sanitary
sewers and drainage facilities, constructing roads for ingress and egress, constructing driveways,
parking lots and sidewalks, improving intersections, installing street lighting and improving the
Safety Center site, and (ii) Various Purpose Bonds, Series 2008, dated as of May 8, 2008, which
were issued for the purpose of (i) constructing, furnishing and equipping a service maintenance
center and parks maintenance and urban forestry center and improving the sites therefor and
(ii) constructing, furnishing and equipping two fire stations, improving the sites therefor and
acquiring any necessary real estate therefor.
SECURITY AND SOURCE OF PAYMENT
The Bonds will be unvoted general obligation debt of the City payable from the
sources described, subject to bankruptcy laws and other laws affecting creditors’ rights and to the
exercise of judicial discretion. The basic security for payment of the Bonds is the requirement
that the City levy ad valorem property taxes within the 7.2-mill limitation provided by the City’s
Charter, to pay debt charges on the Bonds. See also the Preliminary Official Statement’s
discussion under Security and Sources of Payment.
BIDDING PROCEDURES
Facsimile Bidding
Facsimile bids must be submitted on the Bid Form attached as Attachment 1 to this
Official Notice of Sale. Facsimile bids should not be preceded by a cover sheet and should be
sent to (330) 689-2847. You may confirm receipt of your facsimile bid by calling either Michael
G. Sudsina, Sudsina & Associates, LLC, at (216) 215-7753, or the Director of Finance at (330)
689-2830. Any bidder that attempts to use facsimile transmission assumes the risk that the
bid is not received or that the bidder is unable to communicate on a facsimile basis,
whether such inability is by reason of equipment malfunction, human error, prior use of
facsimile or any other cause whatsoever.
Electronic Bidding Procedures
Electronic bids must be submitted via BiDCOMP/Parity and in accordance with the
provisions of this Official Notice of Sale. No other form of electronic bid or provider of
electronic bidding services will be accepted. For purposes of the electronic bidding process, the
time as maintained by BiDCOMP/Parity shall constitute the official time with respect to all bids
submitted electronically. To the extent any instructions or directions set forth in
BiDCOMP/Parity conflict with this Official Notice of Sale, the terms of this Official Notice of
Sale shall control. Each bidder submitting an electronic bid agrees that: (i) it is solely
G-2
responsible for all arrangements with BiDCOMP/Parity; (ii) BiDCOMP/Parity is not acting as
the agent of the City; and (iii) the City is not responsible for ensuring or verifying bidder
compliance with any of the procedures of BiDCOMP/Parity. The City assumes no responsibility
for, and each bidder expressly assumes the risks of and responsibility for, any incomplete,
inaccurate or untimely bid submitted by the bidder through BiDCOMP/Parity. Each bidder shall
be solely responsible for making necessary arrangements to access the BiDCOMP/Parity system
for the purpose of submitting its bid in a timely manner and in compliance with the requirements
of this Official Notice of Sale. The City shall not: (i) have any duty or obligation to provide or
assure such access to BiDCOMP/Parity to any bidder; or (ii) be responsible for the proper
operation of, or have any liability for, any delays or interruptions of, or any damages caused by,
BiDCOMP/Parity.
Prospective bidders who intend to submit their bid electronically must be contracted
customers of i-Deal LLC’s BiDCOMP Competitive Bidding System. If a bidder does not have a
contract with BiDCOMP, call (212) 849-5021. By submitting a bid for the Bonds, a prospective
bidder represents and warrants to the City that such bidder’s bid for the purchase of the Bonds (if
a bid is submitted in connection with the sale) is submitted for and on behalf of such prospective
bidder by an officer or agent who is duly authorized to bind the prospective bidder to a legal,
valid, binding and enforceable contract for the purchase of the Bonds. By contracting with
BiDCOMP, a prospective bidder is not obligated to submit a bid in connection with the sale.
Potential for Change in Principal Amount of Bonds
As described above under Authority and Purpose of the Bonds, the Bonds are being
issued to refund certain outstanding City bonds. To accommodate the day-to-day variability of
the amount necessary to be deposited in the Escrow Fund to make provision for the defeasance
and refunding of the Refunded Bonds (as defined in the Preliminary Official Statement; see the
Preliminary Official Statement’s discussion under Authorization and Purpose – Use of
Proceeds – Refunding), the City may find it necessary to adjust the aggregate principal amount
of the issue as described below.
After the winning bidder has been determined, the City reserves the right, in its sole
discretion, to change the maturity schedule set forth below under Form, Maturity and Payment
of Bonds by increasing or decreasing the principal amount of Bonds of any maturity as may be
necessary, in its judgment, to provide most effectively and efficiently for the purposes for which
the Bonds are being issued, including the refunding of the Refunded Bonds. In that event, no
change will be made which will, in the aggregate, change the principal amount of the Bonds by
more than 10%.
Should the City deem a change in the principal amount of the Bonds to be necessary,
the winning bidder will be notified of the change by 2:00 p.m., Ohio time, on the date bids are
taken. The dollar amount bid by the successful bidder will then be adjusted to reflect the actual
principal amount of Bonds to be issued. Any change to the bid price will reflect adjustments to
the dollar amount of original issue premium/discount and underwriter’s discount, as applicable
and appropriate. There will be no change to the underwriter’s discount on a “per bond” basis. A
change in the principal amount of Bonds within the parameters described above will not permit
the winning bidder to withdraw or change its bid.
Limit on Net Original Issue Premium
Any bid made on the assumption that the Bonds will be reoffered at a net original issue
premium greater than $885,000, if accepted, would cause the Bonds not to be qualified tax-
exempt obligations as defined in Section 265(b)(3) of the Internal Revenue Code of 1986, as
amended, and thus such a bid cannot and will not be accepted by the City.
G-3
ALL-OR-NONE BIDS ONLY
Bidders may bid only to purchase all Bond maturities. A bid that does not offer to
purchase all of the Bonds will not be considered. Each bid must specify an annual rate of
interest for each maturity of the Bonds and a dollar purchase price for the entire issue of the
Bonds.
GOOD FAITH DEPOSIT
A good faith deposit is not required.
INTEREST RATES
The Bonds will bear interest (computed on the basis of a 360-day year consisting of
12 30-day months) payable on June 1 and December 1 of each year (the Interest Payment Dates),
commencing December 1, 2015. Bids shall specify the rate or rates of interest (multiples of 1/8
or 1/20 or 1/100 of 1%) that the Bonds are to bear.
FORM, MATURITY AND PAYMENT OF BONDS*
The Bonds shall be issued in fully registered form in the denominations of $5,000 or any
integral multiple thereof; shall be dated the date of issuance (July 16, 2015); will bear interest
from their dated date, payable on June 1 and December 1 of each year, commencing December 1,
2015, and shall mature on December 1 in the years 2015 through 2033) in the following principal
amounts:
Year Principal Amount Year Principal Amount
2015 $500,000 2025 $405,000

2016 555,000 2026 420,000
2017 845,000 2027 435,000
2018 865,000 2028 445,000
2019 340,000 2029 460,000
2020 350,000 2030 470,000
2021 365,000 2031 485,000
2022 375,000 2032 500,000
2023 385,000 2033 515,000
2024 400,000
TERM BONDS OPTIONS
Any bidder may, at its option, specify that particular maturities of the Bonds for
which the same rate of interest is specified in its bid shall be issued as term bonds subject to
mandatory sinking fund redemption by the City in consecutive years immediately preceding the
maturity thereof (a Term Bond). In the event that the successful bidder specifies that any
maturity of the Bonds shall be issued as a Term Bond, that Term Bond shall be subject to
mandatory sinking fund redemption on December 1, in each applicable year, in the principal
amount for such year as set forth above under Form, Maturity and Payment of Bonds, at a
*
See Bidding Procedures – Potential for Change in Principal Amount of Bonds in this Official Notice of Sale.
G-4
redemption price equal to the principal amount to be redeemed, plus interest accrued thereon to
the redemption date, without premium.
OPTIONAL REDEMPTION PROVISIONS
The Bonds maturing on or after December 1, 2023, are subject to prior redemption,
by and at the sole option of the City, in whole or in part as selected by the City (in whole
multiples of $5,000), on any date on or after December 1, 2022, at a redemption price equal to
BASIS OF AWARD
Bidders must specify a purchase price of not less than 100% of the aggregate
principal amount of the Bonds, plus accrued interest to the date of delivery. Purchasers must pay
accrued interest, computed on a 30/360-day basis, from the date of the Bonds to their date of
delivery.
The Bonds will be awarded by the City’s Director of Finance to the best bidder whose
bid produces the lowest overall true interest cost (TIC) for the City.
TIC for the Bonds (expressed as an annual interest rate) will be that annual interest
rate equal to twice the discount rate, compounded semiannually, that when applied to the
aggregate semiannual debt service payment (interest, or principal and interest, as due) for the
Bonds will cause the sum of those discounted semiannual payments to equal the aggregate bid
price (exclusive of accrued interest). Semiannual debt service payments begin on December 1,
2015. The TIC shall be calculated from the proposed dated date of the Bonds (July 16, 2015)
and shall be based upon the aggregate principal amount of Bonds and maturities thereof set forth
above in this Official Notice of Sale, and the interest rates for the Bonds and bid price submitted
in accordance with this Official Notice of Sale. If two (2) or more bids offer the same TIC, the
Bonds will be awarded to the bidder whose bid was first received.
Any informality or failure to conform to the instructions contained in this Official

Notice of Sale may be waived by the Director of Finance, and the Director of Finance may reject
any or all of the bids submitted. All determinations and the award by the Director of Finance
shall be final.
RATINGS
The Bonds have been rated “Aa2” by Moody’s Investors Service. No application for
a rating has been made by the City to any other rating service.
PAYING AGENT AND REGISTRAR/ESCROW AGENT
The Paying Agent and Registrar for the Bonds will be The Huntington National Bank.
The Huntington National Bank will also be the Escrow Agent for the Refunded Bonds.
BOOK-ENTRY ONLY SYSTEM
The Bonds will be initially registered in the name of Cede & Co., as registered owner
and nominee for The Depository Trust Company, New York, New York (DTC) under DTC’s
Book-Entry Only system of registration. Purchasers of interests in the Bonds (the Beneficial
Owners) will not receive physical delivery of bond certificates and ownership by the Beneficial
Owners of the Bonds will be evidenced by book-entry-only. As long as Cede & Co. is the
G-5
registered owner of the Bonds as nominee of DTC, payments of principal and interest will be
made directly to such registered owner which in turn will remit, according to DTC’s rules and
regulations, such payments to the DTC participants for subsequent disbursement to the
Beneficial Owners.
CUSIP NUMBERS AND DTC ELIGIBILITY
It is anticipated that CUSIP identification numbers will be printed on the Bonds, but
neither the failure to print such number on any Bonds nor any error with respect thereto shall
constitute cause for failure or refusal by the successful bidder to accept delivery of and pay for
the Bonds in accordance with its agreement to purchase the Bonds. It shall be the responsibility
of the successful bidder to timely obtain and pay for the assignment of such CUSIP numbers.
It is anticipated that the Bonds will be issued in book-entry only form and eligible for
custodial deposit with The Depository Trust Company (DTC), New York, New York; however,
it will be the responsibility of the successful bidder to obtain such eligibility. Failure of the
successful bidder to obtain DTC eligibility shall not constitute cause for failure or refusal by the
successful bidder to accept delivery of and pay for the Bonds in accordance with its agreement to
purchase the Bonds.
COSTS OF ISSUANCE
Responsibility for payment of the costs of issuance of the Bonds will be as follows:
Responsibility of the successful bidder: Payment of the fees of CUSIP, DTC, and
any other industry assessments.
Responsibility of the City: Payment of all other costs of issuance, including the fees
and expenses of the Financial Advisor, Bond Counsel, Bond Registrar and Escrow Trustee, the
fees of Moody’s and the Ohio Municipal Advisory Council, the fee for use of the electronic
bidding system, and printing costs of the Preliminary Official Statement and final Official
Statement.
DELIVERY OF BONDS; LEGAL OPINION
The City will pay the cost of preparing the Bonds. The Bonds will be delivered to
DTC or its agent on July 16, 2015, or at such other time and to such other place as may be
mutually acceptable to the successful bidder and the City. Payment of the full purchase price,
plus accrued interest, shall be made to the City or at its direction on the date of delivery, in
Federal Reserve funds of the United States of America, by wire transfer or transfers not later
than 10:00 a.m., Ohio time, to a bank account or accounts to be designated by the City, without
cost to the City. By submitting a bid, the bidder acknowledges that the City may request
payment of the purchase price in multiple wire transfers.
The opinion of Squire Patton Boggs (US) LLP, Bond Counsel to the City, will be
furnished to the successful bidder at the time of delivery of the Bonds. The text of the proposed
form of that opinion is attached as Appendix D to the Preliminary Official Statement. See also
the Preliminary Official Statement’s discussion of Opinion of Bond Counsel and Tax Matters.
A complete transcript of proceedings and a certificate (described in the Preliminary

Official Statement under Litigation) relating to litigation will be delivered by the City when the
Bonds are delivered by the City to the successful bidder. The City at that time will also provide
to the successful bidder a certificate, signed by the City officials who sign the Official Statement
and addressed to the successful bidder, relating to the accuracy and completeness of the Official
G-6
Statement and to its being a “final official statement” in the judgment of the City for purposes of
SEC Rule 15c2-12(b)(3).
The successful bidder, by submitting its bid, agrees to furnish to the City and Bond
Counsel, a certificate in the form attached as Attachment 2 to this Official Notice of Sale,
verifying information as to the bona fide initial offering prices of the Bonds to the public and
sales of the Bonds appropriate for determination of the issue price of, and the yield on, the Bonds
under the Internal Revenue Code of 1986, as amended, and such other documentation as and at
the time requested by Bond Counsel.
QUESTIONS
Any questions concerning the Bonds should be addressed to the Director of Finance,
whose contact information is listed below, or to the City’s Financial Advisor, Sudsina &
Associates, LLC (Michael Sudsina (216) 215-7753).
Dated: June 23, 2015 CITY OF STOW, OHIO
By: /s/ John M. Baranek

Director of Finance
City of Stow, Ohio
3760 Darrow Road
Stow, OH 44224
Telephone: (330) 689-2839
Facsimile: (330) 689-2847
E-Mail: baranekj@stow.oh.us
G-7
ATTACHMENT 1
OFFICIAL BID FORM

(All-or-None Bid)
(Not Less Than Par Plus Any Accrued Interest)
$9,115,000*
City of Stow, Ohio
General Obligation (Limited Tax)
City of Stow, Ohio June 30, 2015

3760 Darrow Road
Stow, OH 44224
Attention: Director of Finance
On behalf of the undersigned and any underwriting syndicate which we have formed and lead, and in accordance with
the terms and conditions of the attached Official Notice of Sale, dated June 23, 2015, which is hereby made a part of this bid, we
offer to purchase all of $9,115,000* City of Stow, Ohio, General Obligation (Limited Tax) Various Purpose Refunding Bonds,
Series 2015 (the Bonds). We will pay as the purchase price thereof, the aggregate sum of:
___________________________________ Dollars ($_______________), together with any accrued interest from the dated date
of the Bonds to the date of delivery of the Bonds, in immediately available Federal Funds. The Bonds will be dated July 16,
2015, and shall bear interest from such date payable semiannually commencing on December 1, 2015, and on each June 1 and
December 1 until maturity or prior redemption. The Bonds shall mature in the years and be subject to mandatory sinking fund
redemption (if Term Bonds are specified by the bidder) in the amounts, and bear interest at the respective interest rates per annum,
all as stated in the following schedule:
Maturity Principal Interest Price/ Maturity Principal Interest Price/

(December 1) Payment* Rate Yield (December 1) Payment* Rate Yield
2015 $500,000 % % 2025 $405,000 % %

2016 555,000 2026 420,000
2017 845,000 2027 435,000
2018 865,000 2028 445,000
2019 340,000 2029 460,000
2020 350,000 2030 470,000
2021 365,000 2031 485,000
2022 375,000 2032 500,000
2023 385,000 2033 515,000
2024 400,000
The principal installments for the Bonds indicated above, shall be applied for the mandatory retirement of Term Bonds
maturing in the years and amounts and bearing interest as follows (please insert additional Term Bonds as needed):
$___________ Term Bonds maturing on December 1, ____, at _____% to yield ___%
Subject to your acceptance of our Official Bid, we agree to make a bona fide public offering of all the Bonds at yields
not lower than those set forth in the above Schedule of Maturities, Principal Payments, Interest Rates and Prices or Yields. Our
calculation, made as provided in the Official Notice of Sale, of the true interest cost to the City is ________%. This estimate is
for information purposes only and is not binding on the City or the undersigned.
We hereby acknowledge receipt of the Preliminary Official Statement dated June 23, 2015, for the Bonds
“deemed final” (except for permitted omissions) by the City.
We agree to provide a list of all syndicate members by facsimile transmission upon notification of our successful bid.
Receipt of such list shall be a condition to award the Bonds. It is understood and agreed that an award will be made for all or
*
Preliminary, subject to change; see Bidding Procedures – Potential for Change in Principal Amount of Bonds in the Official Notice of Sale.
ATT G-1
none of the Bonds and that the principal amount of the Bonds and our purchase price as bid may be adjusted as provided in the
Official Notice of Sale.
This bid is made in accordance with and subject to the terms and conditions provided in the Official Notice of Sale,
which are incorporated herein by reference and made a part of this bid.
Respectfully submitted,
Bidder
(No addition or alteration, except as provided above, is to be made to this Official Bid Form)
ATT G-2
ATTACHMENT 2
UNDERWRITER’S CERTIFICATE
$9,115,000*
City of Stow, Ohio
Dated July 16, 2015
UNDERWRITER’S CERTIFICATE
_____________ (“Underwriter”), as underwriter for the bonds identified above

(the “Issue”), issued by the City of Stow, Ohio (the “Issuer”), based on its knowledge regarding
the sale of the Issue, certifies as of this date as follows:
(1) Issue Price. All of the bonds of the Issue were actually offered to the
general public in a bona fide public offering at the initial offering prices set forth on attached
Exhibit 1 (the “Initial Offering Price” as applicable to respective maturities), plus any Pre-
Issuance Accrued Interest, which is not more than the fair market value of each maturity as of
June 30, 2015, the Sale Date of the Issue, and as of the Sale Date at least 10% in principal
amount of each maturity was sold or was reasonably expected to be sold (other than to bond
houses, brokers and other intermediaries) at the Initial Offering Price plus any Pre-Issuance
Accrued Interest (the “Issue Price”). The aggregate Issue Price of the Issue, there being no Pre-
Issuance Accrued Interest, is $___________.
(2) Yield. The Yield on the Issue is ______%, being the discount rate that,
when used in computing the present worth of all payments of principal and interest to be paid on
the Issue, computed on the basis of a 360-day year and semiannual compounding, produces an
amount equal to the Issue Price of the Issue as stated in paragraph (1) [and computed with the
adjustments stated in paragraphs (8) and (9)].
(3) Weighted Average Maturity. The weighted average maturity (defined

below) of the Issue is _________ years. The weighted average maturity of an issue is equal to
the sum of the products of the Initial Offering Price of each maturity of the issue and the number
of years to the maturity date of the respective maturity (taking into account mandatory but not
optional redemptions), divided by the Initial Offering Price of the entire Issue.
(4) Underwriter’s Discount. The Underwriter’s discount is $___________,

being the amount by which the aggregate Issue Price (as set forth in paragraph (1)) exceeds the
price paid by the Underwriter to the Issuer for the Issue.
*
ATT G-3
(5) CUSIP Number. Based on the notification from the CUSIP Service Bureau,
the CUSIP Number assigned to the final maturity of the Issue is ______________.
(6) Discount Bonds Subject to Mandatory Early Redemption. No bond of

the Issue that is subject to mandatory early redemption has a stated redemption price that exceeds
the Initial Offering Price of such bond by more than one-fourth of 1% multiplied by the product
of its stated redemption price at maturity and the number of years to its weighted average
maturity date.]
[Or]
(6) Discount Bonds Subject to Mandatory Early Redemption. The stated

redemption price at maturity of the bonds of the Issue maturing in the year[s] 20__, which bonds
are the only bonds of the Issue that are subject to mandatory early redemption [revise as
appropriate], exceeds the Initial Offering Price of such bonds by more than one-fourth of 1%
multiplied by the product of the stated redemption price at maturity and the number of years to
the weighted average maturity date of such bonds. Accordingly, in computing the Yield on the
Issue stated in paragraph (2), those bonds were treated as redeemed on each mandatory early
redemption date at their present value rather than at their stated principal amount.]
(7) Premium Bonds Subject to Optional Redemption. No bond of the

Issue:
 Is subject to optional redemption within five years of the Issuance Date of the Issue.
 That is subject to optional redemption has an Initial Offering Price that exceeds its stated
redemption price at maturity by more than one-fourth of 1% multiplied by the product of
its stated redemption price at maturity and the number of complete years to its first
optional redemption date.]
[Or]
(7) Premium Bonds Subject to Optional Redemption. The bonds of the

Issue maturing in the year[s] 20__ are the only bonds of the Issue that are subject to optional
redemption before maturity and have an Initial Offering Price that exceeds their stated
redemption price at maturity by more than one fourth of 1% multiplied by the product of their
stated redemption price at maturity and the number of complete years to their first optional
redemption date. Accordingly, in computing the Yield on the Issue stated in paragraph (2), such
bonds were treated as retired on their optional redemption date or at maturity to result in the
lowest Yield on the Issue. No bond of the Issue is subject to optional redemption within five
years of the Issuance Date of the Issue.]
[Or]
(7) No Discount or Premium Bonds. No bond of the Issue was sold at an

original issue discount or premium.
ATT G-4
(8) No Stepped Coupon Bonds. No bond of the Issue bears interest at an
increasing interest rate.
All capitalized terms not defined in this Certificate have the meaning set forth in
the Issuer’s Tax Compliance Certificate or in Attachment A to it.
____________________
The signer is an officer of the Underwriter and duly authorized to execute and
deliver this Certificate of the Underwriter. The Underwriter understands that the certifications
contained in this Certificate will be relied on by the Issuer in making certain of its
representations in its Tax Compliance Certificate and in completing and filing the Information
Return for the Issue, and by Squire Patton Boggs (US) LLP, as bond counsel to the City, in
rendering certain of its legal opinions in connection with the issuance of the Issue.
Dated: July 16, 2015 [UNDERWRITER]
By:
Title:
ATT G-5
EXHIBIT 1
$9,115,000*
City of Stow, Ohio
Principal
Payment Date Principal Interest Reoffering
(12/1) Amount Rate Price
2015 $500,000
2016 555,000
2017 845,000
2018 865,000
2019 340,000
2020 350,000
2021 365,000
2022 375,000
2023 385,000
2024 400,000
2025 405,000
2026 420,000
2027 435,000
2028 445,000
2029 460,000
2030 470,000
2031 485,000
2032 500,000
2033 515,000
*
ATT G-6
$9,115,000*
CITY OF STOW, OHIO
GENERAL OBLIGATION (Limited Tax)
VARIOUS PURPOSE REFUNDING BONDS, SERIES 2015
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PRELIMINARY OFFICIAL STATEMENT DATED JUNE 23, 2015

Ratings: Moody’s: Aa2

NEW ISSUE; BOOK-ENTRY ONLY

Dated: Closing Date

Mayor: Sara Drew

Bond Counsel: Squire Patton Boggs (US) LLP

Bond Registrar/Escrow Agent: The Huntington National Bank

Municipal Advisor: Sudsina & Associates, LLC

Verification Agent: Causey Demgen & Moore P.C.

UPON ISSUANCE, THE BONDS WILL NOT BE REGISTERED BY THE CITY

CUSIP is a registered trademark of the American Bankers Association. CUSIP

[Balance of This Page Intentionally Left Blank.]

REGARDING THIS OFFICIAL STATEMENT .......................................................................... 1

FINANCIAL MATTERS ............................................................................................................ 31

A: Principal Amounts of Outstanding General Obligation

Appendix A: Comparative Cash-Basis Summary of General Fund Receipts and Expenditures

Appendix B-1: All-Funds Summary for Fiscal Year 2013

Appendix B-2: All-Funds Summary for Fiscal Year 2014

Appendix D: Proposed Text of Opinion of Bond Counsel

Appendix E: Book-Entry System; DTC

Appendix G: Official Notice of Sale

This Introductory Statement briefly describes certain information relating to the

As used in this Official Statement:

 “Beneficial Owner” means the owner of a book-entry interest in the Bonds,

 “Council” means the Council of the City.

 “County” means the County of Summit, Ohio.

 “State” or “Ohio” means the State of Ohio.

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AUTHORIZATION AND PURPOSE

Use of Proceeds – Refunding

General; Book-Entry System

The Bonds are subject to mandatory and optional redemption as follows.

Selection of Bonds and Book-Entry Interests to be Redeemed

Notice of Call for Redemption; Effect

SECURITY AND SOURCES OF PAYMENT

“Section 11 of Article XII of the Constitution of Ohio imposes a

Enforcement of Rights and Remedies

“No taxing subdivision shall be permitted, in availing itself of such acts of

To the knowledge of the appropriate City officials, no litigation or administrative

See also City Facilities; Insurance.

OPINION OF BOND COUNSEL

Payments of interest on tax-exempt obligations, including the Bonds, are generally

Risk of Future Legislative Changes and/or Court Decisions

Legislation affecting tax-exempt obligations is regularly considered by the United

Original Issue Discount and Original Issue Premium

ELIGIBILITY FOR INVESTMENT AND AS PUBLIC MONEY SECURITY

TRANSCRIPT AND CLOSING CERTIFICATES

A complete transcript of proceedings and a certificate (described under Litigation)

CONTINUING DISCLOSURE AGREEMENT

VERIFICATION OF MATHEMATICAL COMPUTATIONS

BOND REGISTRAR AND ESCROW AGENT

The City is located in Summit County in northeastern Ohio, approximately eight

The City’s 2010 population was 34,837.

(a) Included in above categories.

The City is served by diversified transportation facilities, including three State

Community theaters within the County include Weathervane Community Playhouse,

A number of facilities of historic significance are located in the County, including

Mayor Sara Drew(a) 3½ Full-time position

Bob Adaska 1½ Construction

Budget and Management John Earle 7½ 33

Int’l Association of Fire Fighters 10/01/12-03/31/15 51

Ohio Patrolmen’s Benevolent

In 2014, employees covered by OPERS contributed at a statutory rate of 10.0% of