25-10 Issue & sale of notes - $7,771,000

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FISCAL OFFICER'S CERTIFICATE To the Council of the City of Lakewood, Ohio: As fiscal officer of the City of Lakewood, I certify in connection with your proposed issue of notes in a principal amount of $7,771,000 (the Notes), to be issued in anticipation of the issuance of bonds (the Bonds) to pay costs of the improvements described in paragraph 2 below (collectively, the Improvements), that: 1. The estimated life or period of usefulness of the Improvements is at least five years. 2. The estirr~ated maximum maturity of the Bonds, calculated in accordance with Ohio Revised Code Section 133.20, is 18 years. That maximum maturity is based upon my calculation of the average number of years of life or period of usefulness of the Improvements as measured by the weighted average. of the amounts proposed to be expended for the several classes of the Improvements as follows: $410,000 for playground, recreafional and pool .facilities, 10 years; $3,719,000 for resurfacing streets, driveways and parking lots, reconstructing a fuel tank bulkhead, replacing traffic signals and improving parks, 15 years; $2,739,000 for constructing and reconstructing streets and sidewalks, 20 years; $214,000 for reconstructing, renovating and improving buildings, 25 years; and $689,000 for reforestation programs and lake shore improvements, 30 years; the weighted average is therefore 18 years. If notes in anticipation of any class of the Improvements are outstanding later than the last day of December of the fifth year following the yeaz of issuance of the original notes for that class of Improvements, the period in excess of those five years shall be deducted from the years of life or period of usefulness of that class of Improvements. 3. The maximum maturity of: $21,000 of the principal amount of the Notes is April 19, 2022, $389,000 of the principal amount of the Notes is April 16, 2023, $1,904,000 of the principal amount of the Notes is April 19, 2027, $2,007,000 of the principal amount of the Notes is Apri116, 2028, and $3,450,000 of the principal amount of the Notes is April 15, 2029. Dated: ~eh~~ 2010 ~-- Director o manse City of Lakewood, Ohio