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School, to be paid in twenty (20)~annual installments, and <br />the interest thereon at five percent (5%) paid annually; <br /> <br /> BE IT RESOLVED by the Council of the City of <br />Charlottesville that the application of the City School Board <br />to the State Board of Education of Virginia for a loan of <br />$175~000 from the Literary Fund is hereby approved, and <br />authority is hereby granted the City School Board to borrow <br />the said amount for the purpose set out in said application. <br /> <br /> BE IT FURTHER RESOLVED that the Council of the City of <br />Charlottesville will each year during the life of this loan, <br />at the time regular levies are fixed, fix a rate of levy for <br />schools or make a cash appropriation sufficient for operation <br />expenses and to pay this loan in annual installments and the <br />interest thereon, as required by law regulating loans from <br />the Literary Fund. <br /> <br /> On motion by Rev. Edwards, seconded by Mr. Vandever, the <br />resolution limiting the total Literary Loan funds to $300,000 <br />was unanimously approved by Council. <br /> <br /> WHEREAS, the Council has adopted two successive <br />resolutions of even date herewith which approve two separate <br />applications for loans of $175,000 each from the State <br />Literary Loan Fund; and <br /> <br /> WHEREAS, the Council recognizes that the School Board <br />may receive only a portion of all of the loans sought; and <br /> <br /> WHEREAS, both loans, if obtained in full, will <br />aggregate $350,000; and <br /> <br /> WHEREAS, this Council in its capital improvements budget <br />has appropriated the sum of $300,000 for the projects to be <br />funded by these loans; and <br /> <br /> WHEREAS, the foregoing differential between loans sought <br />and money appropriated creates a potential budgeting <br />shortfall; now, therefore <br /> <br /> BE IT RESOLVED that the Council of the City of <br />Charlottesville, Virginia requests that the School Board be <br />aware of this potential problem and refrain from accepting <br />more loans from the Literary Loan Fund than the $300,000 <br />which is budgeted without first returning to Council and <br />obtaining formal approval for such acceptance. <br /> <br />RESOLUTION: AUTHORIZING SCHOOL FACILITIES STUDY <br /> <br /> Mr. Pezzoli stated that City staff had previously <br />suggested conducting an assessment of all school facilities <br />in order to assist long-range capital project planning. Mr. <br />Pezzoli listed the following assessment options: assess all <br />school sites and various program possibilities (option A); <br />assess all school sites without programs being considered <br />(option B); and assess limited sites (option C). Mr. Pezzoli <br />stated that the School Board felt it was important to conduct <br />an assessment of all school facilities, but would not oppose <br />delaying a study of program options. <br /> <br /> Responding to a question from Mr. Buck, Mr. Pezzoli <br />stated that option C would only assess the oldest school <br />buildings. <br /> <br /> Mr. Gary O'Connell, De~puty City Manager, stated that 80% <br />of the cost of option A would be for a physical assessment. <br />Mr. O'Connell noted that base data are available for Clark <br />and Venable Schools. Mr. O'Connell stated that City staff <br />recommended that Council authorize option B and that future <br />programming needs be considered at a later date. Mr~ <br />O'Connell explained that funds were available in the Capital <br />Budget for option C and that the additional cost for option B <br /> <br /> <br />