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,Tsnu~ry 2z~r 1984
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<br /> 84-34 - Letter from the City Manager in accordance with applicable law to submit the Quar.
<br />terly Financial Report for the period ending June 30, 19$3~and th.e Co~p~h~n~ive~Anndal ~na~c
<br />
<br /> "You recently received the Comprehensive Annual Financial Report for the period ending Ju
<br />30, 1983. In accordance with Section 11-43 of the City Code, please find enclosed the Ouarter
<br />ly Financial Report for the period ending December 31, 1983.
<br />
<br /> For the second quarter of the fiscal year, revenues and expenditures are even with last
<br />year. Actual revenues to-date stand at 43 percent of the revenues estimated for the year, and
<br />46 percent of the appropriations have been expended as of December 31, 1983. It is customary
<br />for expenditures to exceed revenues at this point, and it should be noted that expSnditures
<br />exceeded revenues by a difference of 5 percent during the period reported last year. At this
<br />point, there does not appear to be any indication of substantial problems with either revenues
<br />or expenditures.
<br />
<br />If you have any questions concerning these reports, pleas~ feel free to call."
<br />
<br /> Motion of Mr. Gray and seconded by Mr. Beamer, that the reports to be received as infor-
<br />mation, and was adopted by unanimous vote.
<br />
<br /> 84-35 Letter from the City Manager recommending adoption of a resolution authorizing
<br />submission of an application by the Portsmouth School Board for a Literary Loan from the
<br />State of Virginia in the amount of $264,320 for school renovations.
<br />
<br /> "Attached is a copy of a letter from Dr. M. E. Alford, Superintendent of Schools, re-
<br />questing City Council's endorsement of Portsmouth City Schools' application for a Literary Loa
<br />from the State of Virginia in the amount of $264,320. The funds from this loan are to be used
<br />for school renovations and would be at a 3 or 3 1/2% interest rate as a result of the ~urrent
<br />index applicable to the City. This rate is well below the present interest rate on bonds, the
<br />alternative source of funding for these renovations.
<br />
<br /> Therefore, I recommend Council's approval
<br />
<br /> On motion ~f Mrs. Webb and seconded by Mr.
<br />and by the following vote:
<br />
<br />of the attached resolution."
<br />
<br /> Gray, the following resolution was
<br />
<br />adopted,
<br />
<br />"A RESOLUTION APPROVING AND AUTHORIZING THE SCHOOL BOARD OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA TO MAKE APPLICATION FORA LOAN FROM THE LITERARY FUND IN THE AMOUNTS OF
<br />$80,000~ FOR RENOVATIONSiiTO LAKE~.E~ B~EMENT~RY~]SCHOOL, $154,320~ j~Og,:RBNOVATIONS
<br />TO OLIVE BRANCH ELEMENTARY SCHOOL AND $30,000. FOR RENOVATIONS TO WOODROW WILSON HIGH
<br />SCHOOL.
<br />
<br /> WHEREAS, the School Board of the City of Portsmouth, Virginia,
<br />renovations are required to be made to Lakeview Elementary School,
<br />and
<br />
<br />has determined that certai~
<br />Olive Branch Elementary Sch~
<br />
<br /> WHEREAS, funds for such renovations are available from the Literary Loan Fund of the Stat~
<br />Board of Education, and the School Board has presented to this Council an application to the
<br />State Board of Education of Virginia for the purpose of borrowing from the Literary Fund Thirt~
<br />Thousand ($30,000.) Dollars for renovations to Woodrow Wilson High School, Eighty Thousand
<br />($80,000.) Dollars for renovations to Lakeview Elementary School and One Hundred Fifty-Four
<br />Thousand, Three Hundred Twenty ($154,320.) Dollars to Olive Branch Elementary School.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that th
<br />application of the School Board to the State Board of Education of Virginia for a ~oan from th~
<br />Literary Fund in the amount of Eighty Thousand ($80,000.) Dollars for renovations to Lakeview
<br />Elementary School, One Fifty-Four Thousand, Three Hundred Twenty ($154,320.) Dollars for re-
<br />novations to Olive Branch Elementary School and Thirty Thousand ($30,000.) Dollars for renova-
<br />tions to Woodrow Wilson High School is hereby approved, and authority is hereby granted to the
<br />School Board to borrow said amounts for the purposes set out in the application, for a period
<br />of twenty (20) years at the rate of three percent (3%) per year.
<br />
<br /> BE IT FURTHER RESOLVED that the Council of the City of Portsmouth, Virginia will each yea:
<br />during the life of this loan, at the time they fix regular levies, fix a rate of levy for
<br />schools or make a cash appropriation sufficient for operation expenses and to pay this loan
<br />in annual installments and the interest thereon as required by law regulating loans from the
<br />Literary Fund."
<br />
<br />Ayes: Beamer, Gray, Holley, Webb, Whitlow, Johansen
<br />Nays: None
<br />
<br />- NEW BUSINESS -
<br />
<br /> 84-37 - Mr. Gray offered the following nominations for appointments to Eo~o~ing Boards/
<br />Commissions:
<br />
<br />Jail Advisory Board
<br />
<br />Emma Jones to be reappointed for a term of four years, ending January 31, 1988.
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