95-078 Ordinance - Laserfiche WebLink

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$4-w.;. 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 $250,000 notes (the Notes), to be issued in anticipation of the issuance of bonds (the Bonds) for the purpose of improving the City's storm water drainage system by rehabilitating and improving an existing storm water culvert located under South Barton Road approximately 1,700 feet south of Lorain Road, related underground storm water retention basins and related open storm water drainage ditches and acquiring interests in real estate therefor, together with the necessary appurtenances and work incidental thereto (the improvements), that: l. The estimated life or period of usefulness of each class of 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 thirty years, since each class of the improvements has an estunated life or period of usefulness of thirty 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 thirty years but in excess of five years, then the maximum maturity of the Bonds would still be at least thirty 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 thirty years, including those classes having a life or period of usefulness of forty 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 maximum maturity of the Bonds. 3. The maximum maturity of the Notes is June 24, 2013, which is twenty years from June 24, 1993, the date of the original notes issued for this purpose. Dated: May 16, 1995 ..= --? . 4 ,1./ Director of Finance City of North Olmsted, Ohio D03: [00523.DOCSNOR05223]FOC_STORM_WATER_500.