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58 <br /> <br />A RESOLUTION GRANTING THE PORTSMOUTH SCHOOL BOARD OF THE CITY <br />OF PORTSMOUTH AUTHORITY TO MAKE APPLICATION TO THE STATE BOARD <br />OF EDUCATION FOR A LITERARY LOAN IN THE AMOUNT OF $2,500,000 <br />FOR CONSTRUCTION OF THE NEW CHURCHLAND HIGH SCHOOL. <br /> <br /> WHEREAS, the School Board of the City of Portsmouth <br />desires to make application to the State Board of Education <br />for a Literary Loan in the amount of two million five hundred <br />thousand dollars ($2,500,000) to be applied to the cost of <br />construction of the new Churchland High School; and <br /> <br /> WHEREAS, Section 22.1-158, Code of Virginia, 1950, as <br />amended, provides that the governing body shall authorize such <br />application and shall provide for the payment of such loan. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of Portsmouth, Virginia, that the School Board of the City of <br />Portsmouth is hereby authorized to make application to the <br />State Board of Education for a Literary Loan in the amount of <br />two million five hundred thousand dollars ($2,500,000) for <br />construction of the new Churchland High School. <br /> <br /> BE IT FURTHER AUTHORIZED that the City will each year <br />during the life of this loan, at the time of the fixing of <br />regular levies, fix a rate of levy for schools or make a cash <br />appropriation sufficient for operation expenses and to pay <br />this loan in annual installments and the interest thereon as <br />required by law regulating loans from the Literary Fund. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held August 22, 1989. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />