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R-04-13 <br /> <br />A RESOLUTION AUTHORIZING THE PORTSMOUTH SCHOOL BOARD TO <br />MAKE APPLICATION TO THE STATE BOARD OF EDUCATION FOR A <br />LITERARY LOAN IN THE AMOUNT OF $7,500,000 FOR CONSTRUCTION OF <br />THE NEW PARK VIEW ELEMENTARY SCHOOL. <br /> <br /> WHEREAS, the School Board of the City of Portsmouth desires to make <br />application to the State Board of Education for a Literary Loan m the amount of <br />$7,500,000 to be applied ro the cost of construction of the new Park View Elementary <br />School; and <br /> <br /> WHEREAS, Section 22.1-142 through 22.1-161, Code of Virginia, 1950, as <br />amended, provide that the governing body shall authorize such application and shall <br />provide for the payment of such loan. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of <br />Portsmouth, Virginia, that the Portsmouth School Board is hereby authorized to make <br />application to thc State Board of Education for a Literary Loan in the amount of <br />$7,500,000 for construction of the new Park View Elementary School. <br /> <br /> BE IT FURTHER AUTHORIZED that the City w/Il each year during the life of <br />this loan, at the time of the fixing of regular levies, fix a rate of levy for schools or make <br />a cash appropriation sufficient for operation expenses and to pay this loan in annual <br />installments and the interest thereon as required by law regulating loans from the Literary <br />Fund. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held <br />March 9, 2004. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />