93-159 Ordinance - Laserfiche WebLink

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P% FISCAL OFFICER'S CERTIFICATE To the Council of the City of North Olmsted, Ohio: 1111* 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; 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 (the improvements), that: 1. The estimated life or period of usefulness 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 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 having a maxunum maturity 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 a maximum maturity, by statute or because of my estimate of the life or period of usefulness, in excess of twenty-five years, including those classes having a maximum maturiry 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 maximum maturity of the Notes is twenty years. 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 unprovements during 1994 are sufficient to pay the City's estimated cunent expenses of operating the improvements during 1994 and the estimated debt charges on the Notes during 1994, assuming that the improvements are acquired by the City on March 1, 1994, and that the Notes are issued on March 1, 1994, bear interest at the rate of 5% per year, mature on December 1, 1994, and are to be retired at maturity with the proceeds of $4,100,000 of notes or bonds, all as set forth below: Operating Receipts: Golf Course $ 606,000 Golf Cart Rentals 160,000 Multipurpose Room 306,000 Total Operating Receipts: $1,072,000 Operating Expenditures: Personal Services $ 292,100 Contractual Services 80,000 Other 403,300 Total Operating Expenditures: 775,400 Operating Receipts Over (Under) Expenditures $ 296,600 1994 Estimated Debt Charges on Notes $ 153,750