51-91 $4,750,000 Water System Mortgage Revenue Bonds

Home Browse Search

WATER SYSTEM MORTGAGE REVENUE BONDS, SERIES 1991 FISCAL OFFICER' S CERTIFICATE TO: DATE: THE CITY COUNCIL OF THE CITY OF LAKEWOOD, OHIO July 1 , 1991 ~ The undersigned, fiscal officer of the City of Lakewood, Ohio, hereby certifies as follows in connection with your proposed authorization of an issue of bonds in a principal amount not to exceed $4,750,000 for the purpose of providing funds to pay the costs of constructing, renovating, rehabilitating, furnishing, equipping and otherwise improving, the City's water distribution system, together with all appurtenances necessary and incidental thereto, and to pay all financing costs permitted by law incurred in connection with the issuance of the bonds: 1. The estimated life of said improvements is at least five (5) years. 2. The maximum maturity of the bonds is at least thirty-three (33) years, based on my calculation, as follows, of the average number of years of usefulness of the improvements as measured by the weighted average of the amounts proposed to be expended for the several classes of improvements: $3,764,001 for constructing, renovating, rehabilitating, furnishing, equipping and otherwise improving the water distribution facilities, water mains and other structures and facilities in connection therewith - forty (40) years; $40,714 for acquiring motor vehicles, equipment and machinery for the water distribution system - five (5) years and $845,285 for acquiring water meters - ten (10) years (this being my estimate of the life or period of usefulness of those permanent improvements); the average number of years of usefulness of the improvements as measured by the weighted average of the amounts proposed to be expended for said classes of improvements, therefore, is thirty-three (33) years. 196/14282A_KA.81K Respectfully submitted, ulrectO~--of~ Finale City of Lakewood, Ohio