95-071 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 $4,100,000 notes (the Notes), to be issued in anticipation of the issuance of bonds (the Bonds) for the purpose of acquiring Springvale Country Club, including land and the clubhouse, maintenance building and other structures located thereon, fixtures, furnishings and equipment, sprinkler, underground drainage and water distribution systems and related site improvements, all together with the necessary appurtenances thereto, for use as a golf course and recreational and community center, that: 1. The estimated life or period of usefulness of each class of the improvements described above 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 twenty-five years, since each such class of improvements has, by statute or by my estimate, a life or period of usefulness of at least twenty-five 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 havmg a life or period of usefulness of less than twenty-five years but in excess of five years, then the maximum maturity of the Bonds would still be at least twenty-five years by reason of a sufficient portion of the proceeds of the Bonds allocated to a class or classes having, by statute or because of my estimate, a life or period of usefulness in excess of twenty-five years, including those classes having a life or period of usefulness of thirty 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 malcimum maturity of the Notes is June 22, 2014, which is twenty years from June 22, 1994, the date of the original notes issued for this purpose. 4. The estimated receipts of the City (not including the proceeds of any taxes levied by the City) to be derived from the operation of the improvements during 1995 are sufficient to pay the City's estimated current expenses of operating the improvements during 1995 and 1996 and the estimated debt charges on the Notes during 1996, assuming that the Notes are issued on June 21, 1995, bear interest at the rate of 6% per year, mature on June 20, 1996, and are to be retired at maturity with the proceeds of $4,100,000 of notes or bonds, all as set forth below: D03:[00523.DOCS.NOR05223]FOC SPRINGVALE 4100 , . . _ _. . . . .. .. . . ?? . . . ?+a?en.? , . r ?; ? ..?.?, w.? ?. ? . , .. ,.