98-070 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, I certify in connection with your proposed issue of notes (the Notes) in a maximum aggregate principal amount of $400,000, to be issued in anticipation of the issuance of bonds (the Bonds) for the purpose of improving the City's park and recreational facilities by remodeling, renovating, rehabilitating and otherwise improvmg the Recreation Center (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 maacimum maturity of the Bonds, calculated in accordance with Section 133.20 of the Revised Code, is at least twenty years, since each class of the improvements has an estimated life or period of usefulness of twenty years or more and bonds for each class of the improvements have a maximum maturity of at least twenty 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 twenty years but in excess of five years, then the maximum maturity of the Bonds would still be at least twenty 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 twenty years, including those classes having a life or period of usefulness of thirty 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 five years shall be deducted from that maximum maturity of the Bonds. 3. The maximum maturity of the Notes is twenty years. Director Dated. . June 8, 1998 oinance U-- City of North Olmste, Ohio