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52 A RESOLUTION APPROVING AND AUTHORIZING THE SCHOOL BOARD OF THE CITY OF PORTSMOUTI{, VIRGINIA, TO MAKE APPLICATION FOR A LOAN FROM THE LITERARY LOAN FUND IN THE AMOUNT OF $2,000,000. FOR CONSTRUCTION OF THE NEW CHURCHLAND ACADEMY ELEMENTARY SCHOOL. WHEREAS, it has been determined that a replacement for the Churchland Academy Elementary School should be constructed; and W~EP~EAS, funds for such renovation are available from the Literary Loan Fund Of the State Board of Education, and the School Board of the City of Portsmouth has presented to this Council an application to the State Board of Education of Virginia for the purpose of borrowing from the Literary Loan Fund the sum of Two Million and 00/100 ($2,000,000.) Dollars for construction of the new Church!and Academy Elementary School. '~ NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virg±nia, that the application of the School Board of the City of Portsmouth to the State Board of Education of Virginia for a loan from the Literary Loan Fund in the amount of Two Million and 00/100 ($2,000,000.) Dollars for construction of the new Churchland Academy Elementary School is hereby approved, and authority is hereby granted to the School Board of the City of Portsmouth to borrow said a~ount for the purpose set out in %he appli- cation, for a period of twenty (20) years a% 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 installments and the interest %hereon as required by law regulating loans fro~ the Literary Loan Fund. Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held June 12, 1984. Tes%e: City Clerk