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2005-49 Ordinance
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2005-49 Ordinance
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Last modified
12/26/2013 10:44:16 AM
Creation date
12/18/2013 9:01:15 AM
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North Olmsted Legislation
Legislation Number
2005-49
Legislation Date
5/4/2005
Year
2005
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FISCAL OFFICER'S CERTIFICATE <br />To the Council of the City of North Olmsted, Ohio: <br />As fiscal officer of the City of North Olmsted, I certify in connection with your proposed <br />issue of notes (the Notes) in the aggregate principal amount of $158,000, to be issued in <br />anticipation of the issuance of bonds (the Bonds) to pay costs of improving the City's park and <br />recreational facilities by preparing the surface and surfacing and resurfacing the access road and <br />parking areas at North Olmsted Park and improving and equipping the tennis and skating <br />facilities at the Recreation Center, that: <br />The estimated life or period of usefulness of each class of the improvements described <br />above is at least five years. <br />2. The estimated maximum maturity of the Bonds, calculated in accordance with Section <br />133.20 of the Revised Code, at least ten years, since each class of the improvements has an <br />estimated life or period of usefulness of ten years or more and bonds for each class of the <br />improvements have a maximum maturity of at least ten years, or otherwise, if and to the extent a <br />portion of the proceeds of the Bonds may be determined to be allocated to a class or classes having <br />a maximum maturity of less than ten years but in excess of five years, then the maximum maturity <br />of the Bonds would still be at least ten years by reason of a sufficient portion of the proceeds of the <br />Bonds being allocated to a class or classes having a maximum maturity, by statute or because of my <br />estimate of the life or period of usefulness, in excess of ten years, including those classes having a <br />life or period of usefulness of twenty years. If notes in anticipation of the Bonds are outstanding <br />later than the last day of December of the fifth year following the year of issuance of the original <br />issue of notes, the period in excess of five years shall be deducted from that maximum maturity of <br />the Bonds. <br />3. The maximum maturity of the Notes is fifteen years. <br />Dated: April 19, 2005 6&,,U 16 <br />Director of Finance <br />City of North Olmsted, Ohio <br />
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