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R-O0-15 <br /> <br />A RESOLUTION GRANTING THE PORTSMOUTH SCHOOL BOARD OF THE CITY <br />OF PORTSMOUTH AUTHORITY TO MAKE APPLICATION TO THE STATE <br />BOARD OF EDUCATION FOR A LITERARY LOAN IN THE AMOUNT OF $4,000,000 <br />FOR CONSTRUCTION OF THE NEW JOHN TYLER ELEMENTARY SCHOOL. <br /> <br /> WHEREAS, the School Board of the City of Portsmouth desires to make application to <br />the State Board of Education for a Literary Loan in the amount of four million dollars <br />($4,000,000) to be applied to the cost of construction of the new John Tyler Elementary School, <br /> <br /> WHEREAS, Section 22.1-142 through 22.1-161, Code of Virginia, 1950, as amended, <br />provides that the governing body shall authorize such application and shall provide for the <br />payment of such loan. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth <br />Virginia, that the School Board of the City of Portsmouth is hereby authorized to make <br />application to the State Board of Education for a Literary Loan in the amount of four million <br />dollars ($4,000,000) for construction of the new John Tyler Elementary School. <br /> <br /> BE IT FURTHER AUTHORIZED that the City will each year during the life of this <br />loan, at the time of the fixing of regular levies, fix a rate of levy for schools or make a cash <br />appropriation sufficient for operation expenses and to pay this loan in annual installments and the <br />interest thereon as required by law regulating loans from the Literary. Fund. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virgima. at a meeting held March 28, <br />2000. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />