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ORDINANCE NO. 2001- io <br />INTRODUCED BY: Mayor Rinker and Council as a Whole <br />AN EMERGENCY ORDINANCE <br />AUTHORIZING A SECOND DEFERRED COMPENSATION PLAN <br />FOR VILLAGE EMPLOYEES <br />WITH THE VARIABLE ANNUITY LIFE INSURANCE COMPANY <br />WHEREAS, the Finance Director has recommended a second deferred <br />compensation plan being placed with The Variable Annuity Life Insurance Company <br />("VALIC"); and <br />WHEREAS, Council has determined that a second deferred compensation plan <br />would be beneficial for Village employees. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF MAYFIELD <br />VILLAGE, OHIO, THAT: <br />SECTION 1. That the Mayor and Director of Finance are hereby and herein <br />authorized and directed to enter into an agreement with The Variable Annuity Life <br />Insurance Company for the placement and administration of a second deferred <br />compensation plan pursuant to the terms and conditions set forth in their agreement, <br />attached hereto and incorporated herein as Exhibit A. <br />? SECTION 2. The Council finds and determines that all formal actions of this Council <br />relating to the adoption of this Ordinance have been taken at open meetings of this Council; <br />and that deliberations of this Council and of its committees, resulting in such formal action, <br />took place in meetings open to the public, in compliance with all statutory requirements <br />including the requirements of Section 121.22 of the Ohio Revised Code. <br />SECTION 3. This Ordinance is hereby declared to be an emergency measure <br />immediately necessary for the health, safety and welfare of the residents of Mayfield <br />Village, Ohio. It shall, therefore, take effect immediately upon the passage by the <br />affirmative vote of not less than five (5) members elected to Council and approval by the <br />Mayor or otherwise at the earliest time allowed by law. <br />/ <br />/