40-12 Issuance and and Sale of Notes

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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 the principal amount of $1,948,000 (the `2~Iotes"), to be issued in anticipation of the issuance of bonds (the "Bonds") to pay costs of resurfacing Arlington Road, Lakewood Avenue, Larchmont Avenue, Madison Avenue, Morrison Avenue, Overlook Road, Wascana Avenue and other sheets located in the City, improving Detroit Avenue by providing new traffic signalization and improving the municipal garage ventilation system, together with all necessazy appurtenances thereto (collectively, the "Improvement"), that: The estimated life or period of usefulness of the Improvement is at least five years. 2. The estimated maximum maturity of the Bonds, calculated in accordance with Ohio Revised Code Section 133.20, is 15 years. That maximum maturity is based upon my calculation of the average number of years of life or period of usefulness of the Improvement as measured by the weighted average of the amounts proposed to be expended for the classes of the Improvement as follows: $1,798,653 for resurfacing streets and replacing traffic signals, 15 years, being my estimate of the life or period of usefulness for that class of the Improvement, and $149,347 for improving the municipal garage ventilation system, 20 years, being my estimate of the life or period of usefulness for that class of the hnprovement; the weighted average is therefore 15 years. If notes in anticipation of Bonds of any class of the Improvement are outstanding later than the last day of December of the fifth yeaz• following the year of issuance of the original notes for that class of the Improvement, the period in excess of those five years shall be deducted from the years of life or period of usefulness of that class of the Improvement. 3. The maximum maturity of the Notes is April 21, 2031, which is 20 years fiom Apri121, 2011, the date of the original issuance of notes to pay costs of the Improvement. Dated: , 2012 Director of Finance City of Lakewood, Ohio