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. <br />. , <br /> <br />FISCAL OFFICER'S CERTIFICATE <br />To the Council of the City of North Olmsted, Ohio: <br />As fiscal officer of the City of North Olmsted, I certify in connection with your <br />proposed issue of $4,100,000 notes (the Notes), to be issued in anticipation of the issuance of <br />bonds (the Bonds) for the purpose of acquiring Springvale Country Club, including land and the <br />clubhouse, maintenance building and other structures located thereon, fixtures, fumishings and <br />equipment, sprinkler, underground drainage and water distribution systems and related site <br />improvements, all together with the necessary appurtenances thereto, for use as a golf course <br />and recreational and community center, that: <br />1. The estimated life or period of usefulness of each class of the improvements <br />described above is at least five years. <br />2. The estimated maximum maturity of the Bonds, calculated in accordance with <br />Section 133.20 of the Revised Code, is twenty-five years, since each such class of improvements <br />has, by statute or by my estimate, a life or period of usefulness of at least twenty-five years and <br />bonds for each class of the improvements have a maximum maturity of at least twenty-five <br />years, or otherwise, if and to the extent a portion of the proceeds of the Bonds may be <br />determined to be allocated to a class or classes having a maximum maturity of less than <br />twenty-five years but in excess of five years, then the maximum maturity of the Bonds would <br />still be at least twenty-five years by reason of a sufficient portion of the proceeds of the Bonds <br />allocated to a class or classes having a maximum maturity, by statute or because of my estimate <br />of its life or period of usefulness, in excess of twenty-five years, including those classes having <br />a maximum maturity of thirty years. If notes in anticipation of the Bonds are outstanding later <br />than the last day of December of the fifth year following the year of issuance of the original <br />issue of notes, the period in excess of five years shall be deducted from that maximum maturity <br />of the Bonds. <br />3. The maximum maturity of the Notes is June 22, 2014, which is twenty years <br />from June 22, 1994, the date of the original notes issued for this purpose. <br />Dated: May 9, 1996 <br />/ ?Director of Finance <br />City of North Olmsted, Ohio <br />D03:[00523.DOCS.NOR05225]FOC GOLF COURSE $4 100.