95-080 Ordinance - Laserfiche WebLink

Home Browse Search

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 $150,000 notes (the Notes), to be issued in anticipation of the issuance of bonds (the Bonds) for the purpose of improving the electrical system at City facilities and installing a backup electrical system for the Ciry's computer, telephone and emergency lighting systems, together with the necessary appurtenances and work incidental thereto (the improvements), that: 1. The estunated 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 Ieast eighteen years, since each class of the improvements has an estimated Iife or period of usefulness of eighteen years or more, 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 life or period of usefulness of less than eighteen years but in excess of five years, then the maximum maturity of the Bonds would still be at least eighteen years by reason of a sufficient portion of the proceeds of the Bonds being allocated to a class or classes having a life or period of usefulness, by statute or because of my estimate of the life or period of usefulness, in excess of eighteen years, including those classes having a life or period of usefulness of twenty years. If notes in anticipation of the Bonds are outstanding later than the last day of December of the fifth yeaz following the year of issuance of the original issue of notes, the period in excess of five years shall be deductea from that maximum maturity of the Bonds. 3. The malcimum maturity of the Notes is November 23, 2013, which is twenty years from November 23, 1993, the date of the original notes issued for this purpose. Dated: May 16, 1995 D03:[00523.DOCS.NOR052231FdC_CITY ADMIN COMP 150. ??- -?v- Director of Finance City of North Olmsted, Ohio ,:,? . . : .. . . . . .. .. . ... .. .... , .? . . . rr, . . . , .... ,. .. , ?.,n.? .?„?.o-??e??,?.=as<,,, . ,...... > . . _ . .. . .. .. . .