74-146 Ordinance - Laserfiche WebLink

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~~~~ FISCAL OFFICER'S CERTIFICATE North Olmsted, Ohio Oct. 31 1974 TO THE COUNCIL OF THE CITY OF NORTH OLMSTED, OHIO: The undersigned, as fiscal officer of the City of North Olmsted, hereby certifies as follows: 1. The estimated life of the improvements described in your proposed ordinance authorizing the issuance of $ 362,218 of bond anticipation notes for recreational facilities is hereby certified to be at least five years. 2. The maximum maturity of the $ 362,218 of bonds to be issued there- for, calculated in accordance with the provisions of Ohio Revised Code Section 133.20, and the weighted average of the amounts proposed to be expended for said several classes of improvements is as follows: a. $1,000 for acquiring real estate -- 30 years. b. $ 264,981 for constructing a building to house an ice skating rink, swimming pool, tennis courts and appurtenant facilities and for the construction of a toboggan slide -- 25 years, this being my estimate of the period of usefulness of such building and recreational facilities therein and of the toboggan slide. c. $ 96,237 for furnishings, equipment and site development and improvement -- 10 years, this being my estimate of the period of usefulness of such furnishings, equipment and site development and improvement. d. The weighted average of the amounts proposed to be expended for said several classes is 21 years. Should you authorize a single bond issue for all of said classes, the maximum maturity of said bonds could not exceed such weighted average of 21 years. 3. In the event notes are issued in anticipation of the issuance of such bonds, the maturity of such notes may not exceed five years from the date of issuance if sold publicly, or one year if sold at private sale. All of which is respectfully submitted. .~' ~`~ t c ~` Director of Finance City of North Olmsted