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ll <br /> <br />A RESOLUTION AUTHORIZING THE SCHOOL BOARD OF THE CITY OF PORTS- <br />~OUTHt VIRGINIA, TO BORROW $109,369.00 PURSU~.~T TO SECTION 22- <br />120t CODE OF VIRGINIA OF 1950, AS AMENDED, FOR THE PURPOSE OF <br />INSTALLING AN ENERGY CONSERVATION SYSTEM. <br /> <br /> ~REAS, the School Board of the City or, Portsmouth <br />has obtained a bid from Honeywell Corporation for the installa- <br />tion of an Energy Conservation System for the sum of One Hund- <br />red Nine Thousand, Three Hundred Sixty-nine and 00/100 <br />($109,369.00) Dollars; and <br /> <br /> ~STEREAS, the School Board of the City of Portsmouth <br />desires to borrow said sum for a period of time not to exceed <br />one (t) year; and <br /> <br /> $~REAS, said sum does not exceed in the aggregate <br />one-half of the amount produced by the school levy for the cur- <br />rent year or one-half of the amount of the cash appropriation <br />made for schools in the City for the preceding year; and <br /> <br /> $~REAS, the interest rate for said loan shall not <br />exceed 6 per centum per annum. <br /> <br /> ~O~, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsm~outh, Virginia, that the School BOard of the City <br />of Portsmouth, Virginia, is hereby authorized to borrow One <br />Hundred ~ine ThOusand, Three Hundred Sixty-nine and 00/100 <br />($!09,36R.00) Dollars pursuant to Section-22-120, Code of Vir- <br />ginia of 1950, as amended, for the purpose of installing an <br />Energy Conservation System. <br /> <br /> Adopted by the Council of the City of Portsmouth, Vir- <br />ginia~ at a meeting held February 8, 1977. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />