1983 020 Ordinance - Laserfiche WebLink

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N I 1 ? ORDINANCE N0. 83- 20. INTRODi3.CED BY: Council as a Whole AN ORDINANCE AMENDING ORDINANCE N0. 83-17 AND OR- DINANCE N0. 83-18 BY REPLACING PAR.AGRAPA C(4)(e) OF ERHIBIT I AND DECLARING AN EMERGENCY. WHEREAS, Council enacted Ordinance No. 83-17 on October 10, 1983 and enacted Ordinance No. 83-18 on October 18,.1983; and WHEREAS, Council has determined that Exhibit I, attached to the aforementioned Ordinance, should be amended; now, therefore, BE IT ORDAINED BY THE COUNCIL OF MAYFIELD VILLAGE, OHIO, THAT: Section 1. Paragraph,C(4)(e) of Exhibit I to Ordinance No. 83-17 and Ordinance No. 83-I8 is hereby deleted in its entirety and replaced with the following language: -- (e) The Company and its wholly-owned subsidiary Mayfran International, Incorporated ("Mayfran"), a Delaware cor poration and the user of the Project, expect that the num- ber of persons regularly employed at the P.roject on the first anniversary of the issuance of the Bonds will be at least equal to the number of such employees on the date of issuance of the Bonds (the "Issuance Date") plus fifteen (in the aggregate, the "Base Number"). Promptly after the Issuance Date Mayfran will furnish to the Finance Director of the Issuer a statement as to the number of persons regularly employed at the Project as employe?:5 of Mayfran on the Issuance Date. On or within ten days aftei each of the first five anniversary dates of the Issuance Date Mayfran will furnish to the Finance Director'of the Issuer a similar statement as to the number of persons regularly employed at the Project on the respective anniversary date. If on any such anniversary date the number of such employees is less than the Base Number, the Company or Mayfran will concurrent with such certification donate to the Mayfield Community Improvement Corporation or to any successor c.ommunity im- provement corporati.on a sum equal to $500 mu'uiplied by the number (not exceeding fifteen) by which the.$a;;e Number exceeds the number of employees on such anr.?versary date. In the event the Mayfield Community Improvemeat Corporation or any successor to that Corporation shall on such anniver- sary date, the Company or Mayfran shall instead pay such amount to the Issuer. Any such donated money shall be paid, received and used solely for the purpose of creating and preserving jobs and employment opportunities in, and for the promotion and encouragement of the economic development of, the Issuer.