2009-018 Ordinance - Laserfiche WebLink

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2007 Street Improvement Program 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 notes (the Notes) in the aggregate principal amount of $1,145,000, to be issued in anticipation of the issuance of bonds (the Bonds) for the purpose of improving certain designated streets in the City, in cooperation with the Director of Transportation of the State of Ohio and Cuyahoga County and otherwise, by grading, draining, constructing, reconstructing and rehabilitating the pavement base, curbs and sidewalks and adjusting, rehabilitating and reconstructing catch basins, manholes and water valve boxes, where necessary, preparing the surface and surfacing and resurfacing, in each case together with the necessary appurtenances and work incidental thereto (the improvements), that: 1. The estimated life or period of usefulness of each class of the improvements 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 fifteen years, because each class of the improvements has an estimated life or period of usefulness of fifteen years or more and bonds for each class of the improvements have a maximum maturity of at least fifteen years, or otherwise, if and to the extent a portion of the proceeds of the Bonds may be determined to be allocated to a class or classes having a maximum maturity of less than fifteen years but in excess of five years, then the maximum maturity of the Bonds would still be at least fifteen years by reason of a sufficient portion of the proceeds of the Bonds being allocated to a class or classes having a maximum maturity, by statute or because of my estimate of the life or period of usefulness, in excess of fifteen years, including those classes having a life or period of usefulness of twenty 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 those five years shall be deducted from that maximum maturity of the Bonds. 3. The maximum maturity of the Notes is April 4, 2027, which is the date 240 months after the date of issuance of the original issue of notes. Dated: February 17, 2009 ~ Director of Financ City of North Olmsted, Ohio