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FISCAL OFFICER'S CERTIFICATE <br />North Olmsted, Ohio <br />June 1, 1976 <br />TO THE COUNCIL OF THE CITY OF NORTH OLMSTED, OHIO: <br />The undersigned, as fiscal officer of the City of North Olmsted <br />hereby certifies as follows: <br />1. The estimated life of the improv nts described in your pro- <br />posed ordinance authorizing the issuance of $3-4`~'0,000.00 of bond anticipation <br />notes for recreational facilities is hereby certified to be at least five years. <br />2. The maximum maturity of the $3,440,000.00 of bonds to be issued <br />therefor, calculated in accordance with the provisions of Ohio Revised Code <br />Section 133.20, and the weighted average of the amounts proposed to be expended <br />for said several classes of improvements is as follows: <br />a. $331,000 for acquiring real estate -- 30 years. <br />b. $2,200,000 for constructing a building housing an ice <br />skating rink, swimming pool, tennis courts and appurtenant <br />facilities and for the construction of a toboggan slide -- <br />25 years, this being my estimate of the period of usefulness <br />of such building, toboggan slide and recreational facilities. <br />c. $909,988.00 for furnishings, equipment and site development <br />and improvement -- 10 years, this being my estimate of the <br />period of usefulness of such furnishings, equipment and site <br />development and improvement. <br />e. The weighted average of the amounts proposed to be expended <br />for said several classes is 21 years. <br />Should you authorize a single bond issue for all of said classes, <br />the maximum maturity of said bonds could not exceed such weighted <br />average of 21 years, provided that if notes in anticipation of <br />such bonds are outstanding for a period in excess of five years <br />from the date of the original issue, the period thereof in excess <br />of five years shall be deducted from such maximum maturity of said <br />bonds. <br />3. That the maximum maturity of the notes now proposed to be issued <br />in anticipation of such bonds is eight years from the date of issuance of the <br />original notes issued for such purpose, viz. June 12, 1982, if sold publicly, <br />or one year if sold at private sale. <br />All of which is respectfully submitted. <br />Dir ctor of Finance <br />City of North Olmsted <br /> <br />