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ORDINANCE IR low, <br />AN ORDINANCE ESTABLISHING A MONTHLY PAYMENT SCHEDULE FOR <br />DELIVERY OF THE CITY'S LOCAL SHARE ALLOCATION OF THE FY 2019 <br />PORTSMOUTH PUBLIC SCHOOLS OPERATING BUDGET. <br />WHEREAS, on May 8, 2018 the Council for the City of Portsmouth, Virginia <br />adopted Ordinance 2018 -33, which approved the FY 2019 Operating Budget for the <br />Portsmouth Public Schools (the "School Budget Ordinance "); and <br />WHEREAS, the School Budget Ordinance included the City's FY 2019 local <br />share allocation of $52,796,045; and <br />WHEREAS, the purpose of this ordinance is to confirm that the City's local <br />share allocation is to be delivered in twelve equal monthly payments; <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of <br />Portsmouth, Virginia that: <br />1. The FY 2019 local share of $52,796,045 shall be delivered to Portsmouth <br />Public Schools in twelve equal monthly payments. <br />2. The monthly payments shall be transferred on the last day of each month <br />beginning July 31, 2018 for eleven months, with the twelfth payment to be made on June <br />14, 2019. <br />3. That this ordinance shall take effect on the date of its adoption. <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on June 26, 2018. <br />Teste: <br />City Clerk <br />