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<br />FISCAL OFFICER'S CERTIFICATE CONCERNING
<br />SELF-SUPPORTING RECREATIONAL DEBT
<br />As fiscal officer of the City of North Olmsted, I certify in connection with the City's
<br />proposed issue of $4,200,000 bonds (the Bonds) for the purpose of acquiring Springvale Country
<br />Club, including land and the clubhouse, maintenance building and other structures located
<br />thereon, fixtures, furnishings and equipment, sprinkler, underground drainage and water
<br />distribution systems and related site improvements, all together with the necessary appurtenances
<br />thereto, for use as a golf course and recreational and community center (the Improvements), as
<br />a part of a consolidated issue of Various Purpose Improvement Bonds, Series 1996, that:
<br />1. The estimated receipts of the City (not including the proceeds of any taxes levied
<br />by the City) to be derived from the operation of the Improvements during 1996 are sufficient
<br />to pay the City's estimated current expenses of operating the Improvements during 1996 and the
<br />(i) debt charges on the $4,100,000 notes issued in anticipation of the Bonds pursuant to
<br />Ordinance No. 96-75, passed on May 9, 1996 (the Outstanding Notes) and (ii) interest on
<br />$4,100,000 of prior notes issued on June 22, 1995, which matured on June 20, 1996 and were
<br />refunded by the Outstanding Notes (the Prior Notes) during 1996, assuming that the Outstanding
<br />Notes are retired at maturity with the proceeds of the Bonds, all as set forth below:
<br />Total Operating Receipts: $1,350,000
<br />Total Operating Expenditures: $1,061,326
<br />Operating Receipts Over (Under) Expenditures $ 288,674
<br />1996 Debt Charges on the Outstanding Notes
<br />and the Prior Notes $ 285,770
<br />2. The estimated receipts of the City (not including the proceeds of any taxes
<br />levied by the City) to be derived from the operation of the Improvements during 1997 are
<br />sufficient to pay the City's estimated current expenses of operating the Improvements during
<br />1997 and the estimated debt charges on the Bonds during 1997, assuming that the Bonds are
<br />issued on December 1, 1996, in the aggregate principal amount of $4,200,000, bear interest
<br />(payable on June 1 and December 1 of each year) at the current estimated market rates and
<br />mature as estimated in the ordinance passed by City Council to authorize the issuance and sale
<br />of the Bonds, all as set forth below:
<br />Total Operating Receipts:
<br />Total Operating Expenditures:
<br />$1,400,000
<br />$1,038,506
<br />Operating Receipts Over (Under) Expenditures $ 361,494
<br />1997 Estimated Debt Charges on the Bonds $ 326,477
<br />Dated: August 19, 1996 Director of Finance
<br />City of North Olmsted, Ohio
<br />D03:(00523.DOCS.NOR05228]CERT_SELF_SUPPORT GOLF COURSE.
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