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ORDINANCE N0. 83-17 <br />INTRODUCED BYc Mayor Beebe & Council as a Whole <br />AN ORDINANCE AUTHORIZING THE <br />EXECUTION OF AN AGREEMENT WITH <br />CONERGICS CORP. PERTAINING TO THE <br />FINANCING OF THE ACQUISITION OF AN <br />EXISTING INDUSTRIAL FACILITY WITHIN <br />THE BOUNDARIES OF THE VILLAGE OF <br />MAYFIELD FOR THE USE OF CONERGICS <br />CORP., AND DECLARING AN EMERGENCY. <br />WHEREAS, the Village of Mayfield, Ohio, ("Issuer"), by <br />virtue of the laws of the State of Ohio, particularly Chapter 165, <br />Ohio Revised Code, and the authorities therein mentioned, wishes to <br />take the necessary actions for the issuance of revenue obligations of <br />the Issuer in order to assist Conergics Corp. ("Company"), a <br />corporation duly organized and validly existing under the laws of the <br />State of Delaware and authorized to do business in the State of Ohio, <br />in the financing of the acquisition of an existing industrial facility <br />located within Cuyahoga County on Beta Drive, Mayfield Village, Ohio <br />more particularly described in Exhibit A to the form of Agreement <br />hereinafter described ("Project"), which Project will.be located <br />within the boundaries of the Issuer; now, therefore, <br />BE IT ORDAINED BY THE COUNCIL OF MAYFIELD VILLAGE, OHIO, THAT: <br />Section 1. This Council does hereby find and determine <br />that: <br />(a) The Project will be a"project" within the meaning <br />of that term as defined in Section 165.01, Ohio Revised Code; and <br />(b) The Project is consistent with the purposes of Section <br />13 of Article VIIIo Ohio Constitution, to create or preserve <br />jobs and employment opportunities and to improve the economic <br />welfare of the people of the State of Ohio. <br />Section 2. In order to assist in the financing of the <br />Project this Council hereby agrees, subject to compliance with the <br />requirements of Section 103(k) of the Internal Revenue Code of 1954, <br />as amended, to authorize and issue revenue obligations of the Issuer <br />in the maximum aggregate face amount of $4,000,000, ("Bonds"), <br />pursuant to Chapter 165, Ohio Revised Code. This official action is <br />further evidenced by the form of Agreement to Issue Bonds by and <br />between the Issuer and the Company attached hereto as Exhibit I <br />("Agreement"), which is hereby in all respects approved. The Mayor <br />and Director of Finance are hereby authorized and directed to execute <br />the Agreement substantially in such form with such changes as are not