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RESOLUTION NO. 2016-15 INTRODUCED BY: Mayor Bodnar and Council as a Whole AN EMERGENCY RESOLUTION AMENDING RESOLUTION N0.2015-10 CHANGING THE FUND NAME OF "HAYFIELD COMMUNITY IMPROVEMENT CORPORATION FUND" TO "HAYFIELD ECONOMIC DEVELOPMENT FUND," AUTHORIZING THE DEPOSIT OF FUNDS INTO SUCH ACCOUNT, AND MERGING ALL RELATED FUNDS. WHEREAS, certain audit issues arose in relation to fund names and purposes; and WHEREAS, it is the desire of Council to amend the name of the Fund from "Mayfield Community Improvement Corporation" to "Mayfield Economic Development" Fund. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF HAYFIELD VILIJAGE, OHIO THAT: SECTION 1. That the fund known as the "Mayfield Community Improvement Corporation Fund" is amended to be known as the "Mayfield Economic Development Fund." The sources of monies deposited into said fund shall continue to include but will not be limited to the Excise Tax on Lodging as outlined in Chapter 171 of the Mayfield Village Codified Ordinances, Cable Television Franchise Fees as described in Chapter 945.17 of the Mayfield Village Codified Ordinances and other revenues as determined by Council from time to time. Expenditures made from this fund will be for the purpose of paying for the planning, marketing and encouraging of economic development and retention throughout the Village, drainage and infrastructure issues, and any other expenses authorized by Council in relation to such issues. SECTION 2. The Director of Finance is authorized and directed to amend and establish said fund, and to deposit monies therein as indicated by Council. SECTION 3. Any provisions of Resolution 2007-13 and 2015-10 inconsistent herewith are hereby and herein repealed. SECTION 4. The Council finds and determines that all formal actions of this Council relating to the adoption of this Resolution have been taken at open meetings of this Council; and that deliberations of this Council and of its coimnittees, resulting in such formal action, took place in meetings open to the public, in compliance with all statutory requirements including the requirements of Section 121.22 of the Ohio Revised Code.