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FISCAL OFFICER'S CERTIFICATE
<br />To the Council of the City of Lakewood, Ohio:
<br />As fiscal officer of the City of Lakewood, I certify in connection with your proposed issue
<br />of notes in the principal amount of $6,202,000 (the "Notes "), to be issued in anticipation of the
<br />issuance of bonds (the "Bonds ") to pay costs of improving Madison Avenue by providing new
<br />traffic signalization; improving and renovating the refuse facility; replacing the roof on City Hall;
<br />resurfacing Atkins Avenue, Arlington Road, Arthur Avenue, Blossom Park Avenue, Brockley
<br />Avenue, Cove Avenue, Hird Avenue, Lakeland Road, Lakeland Avenue, Larchmont Avenue,
<br />Lauderdale Avenue, Lewis Drive, Madison Avenue, McKinley Avenue, Marlowe Avenue,
<br />Morrison Avenue, Northland Avenue, Olive Avenue, Overlook Road, St. Charles Avenue,
<br />Summit Avenue, Wascana Avenue, Waterbury Road, Woodward Avenue, Wyandotte Avenue,
<br />and other streets located within the City; improving Detroit Avenue by providing new traffic
<br />signalization; improving the municipal garage ventilation system; improving parks;
<br />reconstructing Madison Avenue; constructing a sheet pile bulkhead, docks and a parking area and
<br />replacing a salt storage facility, together with all necessary appurtenances thereto (collectively,
<br />the "Improvement "), that:
<br />1. The estimated life or period of usefulness of the Improvement is at least five years.
<br />2. The estimated maximum maturity of the Bonds, calculated in accordance with Ohio
<br />Revised Code Section 133.20, is 15 years. That maximum maturity is based upon my calculation
<br />of the average number of years of life or period of usefiriness of the Improvement as measured by
<br />the weighted average of the amounts proposed to be expended for the classes of the Improvement
<br />as follows: $400,000 for park improvements, 10 years, being my estimate of the life or period of
<br />usefulness for that class of the Improvement; $4,843,653 for resurfacing streets and replacing traffic
<br />signals, 15 years, being my estimate of the life or period of usefulness for that class of the
<br />Improvement; $80,000 for sheet pile construction, 16 years, being my estimate of the life or period
<br />of usefulness for that class of the Improvement; and $878,347 for improving the municipal garage
<br />ventilation system, replacing the roof on City Hall, improving and renovating the refuse facility,
<br />replacing a salt storage facility and street improvements, 20 years, being my estimate of the life or
<br />period of usefulness for that class of the Improvement; the weighted average is therefore 15 years.
<br />If notes in anticipation of Bonds of any class of the Improvement are outstanding later than the last
<br />day of December of the fifth year following the year of issuance of the original notes for that class
<br />of the Improvement, the period in excess of those five years shall be deducted from the years of life
<br />or period of usefulness of that class of the Improvement.
<br />3. The maximum maturity of: $400,000 of the Notes is April 16, 2028, which is 15
<br />years from the date of the original issuance of notes to pay costs of the park improvements, and
<br />$649,333 of the Notes is April 21, 2031, $2,000,000 of the Notes is April 18, 2032, and $1,854,000
<br />of the Notes is April 16, 2033, each of which is 20 years fiom the date of the original issuance of
<br />notes to pay costs of the other improvements.
<br />Dated: February 18 , 2014
<br />Director of Finance
<br />City of Lakewood, Ohio
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