96-074 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 $7,660,000 notes (the Notes), to be issued in anticipation of the issuance of bonds (the Bonds) for the purpose of improving certain designated streets in the City's street system by grading, draining, widening, reconstructing the pavement base, preparing the surface and surfacing and resurfacing, constructing, reconstructing and rehabilitating catch basins, curbs, driveway aprons, manholes, sanitary sewers and sanitary sewer service connections, sidewalks, storm sewers and water mains and water service connections and installing street lighting, all where necessary, 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 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 twenry 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 maximum maturity of forty 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 June 24, 2013, which is twenty years from June 24, 1993, the date of the original notes issued for this purpose. Dated: May 9, 1996 Director of Finance City of North Olmsted, Ohio D02:[00523.DOCS.NOR05225]FOC STREETS $7 660.