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<br />R-07-58 <br /> <br />A RESOLUTION APPROVING THE APPLICATION OF THE PORTSMOUTH <br />SCHOOL BOARD TO THE STATE BOARD OF EDUCATION FOR A <br />LITERARY FUND LOAN IN THE AMOUNT OF $7,500,000 FOR <br />CONSTRUCTION OF THE NEW SIMONSDALE 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 Fund loan in the amount of <br />$7,500,000 to be applied to the cost of construction of the new Simonsdale Elementary <br />School; and <br /> <br />WHEREAS, Sections 22.1-142 through 22.1-161, Code of Virginia, 1950, as <br />amended, provide that the bond or note of a school board held by the Literary Fund is <br />general obligation debt of the governing body and require that the governing body <br />approve of the disbursement of the proceeds of any approved loan prior to disbursal. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of <br />Portsmouth, Virginia, that it hereby approves the application of the Portsmouth School <br />Board to the State Board of Education for a Literary Fund loan in the amount of <br />$7,500,000 for construction of the new Simonsdale Elementary School and the disbursal <br />of the proceeds of a Literary Fund loan to the School Board for such purpose. <br /> <br />BE IT FURTHER RESOLVED that the City will, each year during the life of <br />said loan at the time of the fixing of regular levies, fix a rate of levy for schools or make a <br />cash appropriation sufficient for operation expenses and to pay said 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 />December 11,2007. <br /> <br />Teste: <br /> <br />City Clerk <br />