2004-033 Ordinance - Laserfiche WebLink

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FISCAL OFFICER'S CERTIFICATE To the Council of the City of North Olmsted, Ohio: As fiscal officer of the City of North Olmsted, I certify in connection with your proposed issue of notes (the Notea) in the aggregate principal amount of $1,370,000, to be issued in anticipation of the issuance of bonds (the Bonds) to pay costs of (i) improving Clague Road from a point approximately 1,000 feet north of Lorain Road southerly to a point approximately 1,500 feet south of Lorain Road and Lorain Road from a point approximately 500 feet west of Clague Road easterly to a point approximately 500 feet east of Clague Road by grading, draining, widening, preparing the surface, surfacing and resurfacing, constructing and reconstructing sections of the pavement base, curbs, gutters, catch basins, sidewalks and driveway approaches, where necessary, and installing traffic signs and signalization; (ii) improving Lorain Road from the westerly corporation line easterly to Canterbury Road, in cooperation with the Ohio Department of Transportation and otherwise, by preparing the surface, resurfacing and reconstructing curbs, gutters, catch basins, sidewalks and driveway approaches, where necessary; (iii) improving Andorra Drive and certain other designated streets by replacing sections of pavement, where necessary; and (iv) improving the intersection of Dover Center Road, Driscoll Lane and Cottonwood Trail by installing traffic signs and a signalization system; in each case together with the necessary appurtenances and work incidental thereto (the improvements), that: 1. The estimated life or period of usefulness of each class of the improvements is at least five years. 2. The estimated maximum maturity of the Bonds, calculated in accordance with Section 133.20 of the Revised Code, is at least ten years, since each class of the improvements has an estimated life or period of usefulness of ten years or more and bonds for each class of the improvements have a maYimum maturity of at least ten years, or otherwise, if and to the extent a portion of the proceeds of the Bonds may be determined to be allocated to a class or classes having a maximum maturity of less than ten years but in excess of five years, then the maximum maturity of the Bonds would still be at least ten years by reason of a sufficient portion of the proceeds of the Bonds being allocated to a class or classes having a maximum maturity, by statute or because of my estimate of the life ar period of usefulness, in excess of ten years, including those classes having a life or period of usefulness of fifteen years.. If notes in anticipation of the Bonds are outstanding later than the last day of December of the fifth year following the year of issuance of the original issue of notes, the period in excess of five years shall be deducted from that maYimum maturity of the Bonds. 3. The maximum maturity of the Notes is June 18, 2017, which is fifteen years from the date of issuance of the original issue of notes. Dated: March 2, 2004 ?- '4' 4 Director of Finance City of North Olmsted, Ohio