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68 <br /> <br />A ~SOLUTION AUTHORIZZ~G THE SCHOOL BO.~RD OF THE CITY OF PORTS?.~U~H <br />TO BORROW ~I'~EY FROM ~HE LI~PJ_RY FUND. <br /> <br /> At a meeting of the Council fsr the City of Portsmouth, Virgikia, <br />he. id in the said City on the eighth day of September, 1970: <br /> <br /> ~ .YHEREAS, _Whe School Board for the City of Portsmouth~ Virginia, <br />on .the 1st day of Septer~er, 1970~ presented to this Board' or Cou_ncit~ an <br />application addh~essed to the State ~oard of Education of Virginia for the <br />purpose of borrowing from the Liter~y Ftund $~00,000.00 for the new school <br />building at Cherokee Road s_nd ELThurst Ls~ne, to be paid in 25 ar~uual in- <br />stallments, ~nd the interest thereon at t~hree per cent paid annually. <br /> <br /> ~ESOLVED~ 1~nat the application of the City School Board to the <br /> State Board of Education of Virginia for a loan of $500,000.00 from the <br /> Liters/~y Fund is hereby approved~ and authority is hereby granted the <br /> said City School Board vo borrow the said amoun~ for the purpose set out <br />· in said application. <br /> <br /> The Council of said City will each year during the life of this <br />loan~ at the tLme they fix the regular levies, fix a rate of levy for <br />schools or ~2<e a cash appropriation sufficient for operation expenses <br />and to pay this loan in ~nnual ~astalLments and the interest thereon, <br />as required by law regulating loa:as from the Litera~y ~mnd. <br /> <br /> Adopted by the Council of the City of Portsmouth~ VirgLnia~ at <br />a meeting held on September 8, 1970. <br /> <br />Teste: ' - <br /> <br />City Clerk <br /> <br /> <br />