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11 . <br />le, <br />-2- <br />5. The estimated receipts of the City (not including the proceeds of any taxes <br />levied by the City) to be derived from the operation of the improvements during 1995 are <br />sufficient to pay the City's estimated cunent expenses of operating the improvements during <br />1995 and the estimated debt charges on the Bonds during 1995, assuming that the Bonds are <br />issued on December l, 1994, in the aggregate principal amount of $4,100,000, bearing <br />interest (payable on June 1 and December 1 of each year) at an estimated rate of 6% per year <br />and maturing on December 1 in each of the years from 1995 through 2019 in annual principal <br />installments in amounts which are integral multiples of $5,000, which principal installments <br />are such that the debt service on the Bonds in each calendar year in which principal is payable <br />is substantially equal, all as set forth below: <br />Operating Receipts: <br />Golf Course $ 658,800 <br />Golf Cart Rentals 174,000 <br />Multipurpose Room 367,200 <br />Total Operating Receipts: $1,200,000 <br />Operating Expenditures: <br />Personal Services $ 324,600 <br />Contractual Services 87,000 <br />Other 438,400 <br />Total Operating Expenditures: 850,000 <br />Operating Receipts Over (Under) Expenditures $ 350,000 <br />1995 Estimated Debt Charges on Bonds $ 321,000 <br />Dated: December 21, 1993 <br />Director of Finance <br />City of North Olmsted, Ohio