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<br />,FISCAL OFFICER'S CERTIFICATE <br />North Olmsted, Ohio <br />April I6, 1974 <br />TO THE COUNCIL OF THE CITY OF NORTH OLMSTED, OHIO: <br />The undersigned, as fiscal officer of the City of North Olmsted, hereby <br />certifies as follows: <br />1. The estimated life of the improvements described in your proposed <br />ordinance authorizing the issuance of $3,000,000 of bond anticipation notes <br />for recreational facilities is hereby certified to be at least five years. <br />2. The maximum maturity of the $3,000,000 of bonds to be issued there- <br />for, calculated in accordance with the provisions of Ohio Revised Code Section <br />133.20, and the weighted average of the amounts proposed to be expended for <br />said several classes of improvements is as follows: <br />a. $1,000 for acquiring real estate: -- 30 years. <br />b. $2,200,000 for constructing a building to house 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 and toboggan s:Lide. <br />_ _ c. $799,000 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 />aevelo~r~i~nt' and improvement. , <br />d. 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. <br />3. In the event notes are issued in anticipation of the issuance of such <br />bonds, the maturity of such notes may not exceed five years from the date of <br />issuance if sold publicly, or one year if sold at private sale. <br />All of which is respectfully submitted.. <br />Director of Finance <br />City of North Olmsted <br /> <br />