94-041 Ordinance - Laserfiche WebLink

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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 $3,000,000 notes (the Notes), to be issued in anticipation of the issuance of bonds (the Bonds) for the purpose of improving the municipal sanitary sewer system by constructing, reconstructing, rehabilitating and replacing sanitary sewers and sanitary sewer connections and by improving and equipping the wastewater treatment plant, together with the necessary appurtenances and work incidental thereto, that: 1. The estimated life or period of usefulness of each class of 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 at least thirty years. That maximum maturity is based on my calculation of the average number of years of life or period of usefulness of the improvements as measured by the weighted average of the amounts proposed to be expended for the several classes of the improvements as follows: Not less than $2,000,000 for constructing, reconstructing, rehabilitating and replacing sanitary sewers and sanitary sewer connections and improving the wastewater treatment plant, 40 years, and not more than $1,000,000 for equipping the wastewater treatment plant, 10 years, this being my estimate of the life or period of usefulness of that class of improvement; the weighted average is therefore at least 30 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. Dated: February 15, 1994 n.---- Director of Finance City of North Olmsted, Ohio