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A RESOLUTION APPROVING A~D AUTHORIZING THE SCHOOL BOA!~D OF THE CITY OF PORTSMOUTH, VIRGINIA TO MAKE APPLICATION FOR A LOAN FROM THE LITERARY FUND IN THE AMOUNTS OF $80,000. FOR RENOVATIONS TO LAKEVIEW ELEMENTARY SCHOOL, $154,320. FOR RENovATIONS TO OLIVE BRANCH ELEMENTARY SCHOOL A~D $30,000. FOR RENOVATIONS TO WOODROW WILSON HIGH SCHOOL. WHEREAS, the School Board of the City of Portsmouth, Virginia, has determined that certain renovations are re- quired to be made to Lakeview Elementary School, Olive Branch Elementary School and Woodrow Wilson High School; and WHEREAS, funds for such renovations are available fr~ the Literary Loan Fund of the State Board of Education, ~ the School Board has presented to this Council an application to the State Board of Education of Virginia for the purpose of borrowing from the Literary Fund Thirty Thousand ($30,~00.) Dollars for renovations to Woodrow Wilson High School, Eighty Thousand ($80,000.) Dollars for renovations to Lakeview Elementary School and One Hundred Fifty-Four Thousand, Three Hundred Twenty ($154,32~.) Dollars to 0~iv~--an~-E~ennen%~3TM School. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that the application of the School Board to the State Board of Education of Virginia for a loan from the Literary Fund in the amount of Eighty Thousand ($80,000.) Dollars for renovations to Lakevlew Elementary School, One Fifty-Four Thousand, Three Hundred Twenty ($154,320.) Dollars for renovations to Olive Branch Elementary School and Thirty Thousand ($30,000.~ Dollars for renovations to Woodrow Wilson High School is hereby approved, and authority is hereby granted to the School Board to borrow said amounts for the purposes set out'in the application, for a period of twenty (20) years at the rate of three percent {3%) per year. BE IT FURTHER RESOLVED that the Council of the City of Portsmouth, Virginia will each year during the life of this loan, at the time they fix regular levies, fix a rate of levy for schools or make a cash appropriation sufficient for operation expenses and to pay this loan in annual ins~-all- ments and the interest thereon as required by law regulating loans from the Literary Fund. Adopted by the Council of the City of Portsmouth, Virginia at a meeting held January 24, 1984. Teste: City Clerk