2001-017 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, 1 certify in connection with your proposed issue of bonds in the maximum aggregate principal amount of $2,500,000 (the Bonds) to be issued for the purpose of improving the City's Springvale Golf Course and Ballroom facility by constructing an irrigation system, a maintenance and storage building and drainage, cart path and other improvements for the Golf Course and renovating, remodeling, adding to, furnishing, equipping and otherwise improving the Clubhouse and Ballroom, that: 1. The estimated life or period of usefulness of each class of the improvements described above is at least five years. 2. The maximum maturity of the Bonds, calculated in accordance with Section 133.20 of the Revised Code, is twenty years. That maximum maturity is based on (i) 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 $1,250,000 far constructing an irrigation system, a maintenance and storage building, and drainage improvements for the Golf Course and renovating, remodeling, adding to and otheiwise improving the Clubhouse and Ballroom, 30 years, this being my estimate of the life or period of usefulness of these classes of improvements; and not more than $1,250,000 for constructing cart path and certain other Golf Course site improvements and furnishing and equipping the Clubhouse and Ballroom, 10 years, this being my estimate of the life ar period of usefulness of these classes of improvements; the weighted average is therefore not less than twenty years. Dated: February 20, 2001 Director of Finance City of North Olmsted, Ohio