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85 <br /> <br /> WItEREAS, in 1992 the City loaned $250,000 to the Albemarle County Historical <br />Society ("Society") to pay for a portion of the improvements that the Society planned to <br />make to the Mclntire Library building; and <br /> <br /> WHEREAS, the Society provided collateral for the loan by assigning to the City <br />certain mutual funds valued in excess of the loan amount, and has made timely payments on <br />the loan; and <br /> <br /> WHEREAS, the remaining balance of the loan amount ($62,500) is not due until <br />February 1, 1997, and by letter dated April 17, 1996, the Society has requested release of a <br />portion of the collateral, which release has been approved and recommended by the City <br />Attorney; now, therefore, <br /> <br /> BE IT RESOLVED by the Council of the City of Charlottesville, Virginia, that the <br />Mayor is hereby authorized to sign the necessary documents, in form approved by the City <br />Attorney, to effect the release of that portion of the collateral referenced in a letter dated <br />April 17, 1996, from the Atbemade County Historical Society to the City Attorney. <br /> <br />g. RESOLUTION: Virginia Discovery Museum Lease <br /> <br /> BE IT RESOLVED by the Council of the City of Charlottesville, Virginia, that the <br />Mayor is hereby authorized to execute on behalf of the City the following document, in form <br />approved by the City Attorney: <br /> <br />Lease between the Virginia Discovery Museum, Inc. (Tenant) and the <br />City (Lessor) for the property located at 524 East Main Street <br /> <br />h. RESOLUTION: VRS Funding for Public School Teachers <br /> <br /> WHEREAS, the Virginia General Assembly, the Governor, and the Board of Trustees <br />of the Virginia Retirement System recognize the growing liability of all employers <br />participating in the Virginia Retirement System as a result of the current practice of funding <br />annual cost of living increases to retirees on a pay-as-you-go basis; and <br /> <br /> WHEREAS, the Virginia General Assembly and the Governor have provided, in the <br />budget for the 1996-98 biennium, funds to reach a level that would fully fund the cost of <br />living increases over a five year period beginning in fiscal year 1998 for state employees and <br />public school teachers; and <br /> <br /> WHEREAS, pursuant to their authority as set forth in Section 51.1-145 of the Code of <br />Virginia, the Board of Trustees of the Virginia Retirement System has agreed to allow <br />political subdivisions the option of making contributions beginning in fiscal year 1998 that <br />would either (1) begin to fully fund the cost of living increases for their employees <br />immediately, or (2) to reach a level to fully fund the cost oflMng increases over a five year <br />period. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of Charlottesville, <br />Virginia: <br /> <br /> That it hereby elects to begin to contribute so as to reach a level to fully fund the cost <br />of living increases over a five year period beginning on July 1, 1997. <br /> <br />i. ORDINANCE: "AN ORDINANCE CLOSING, VACATING AND <br />DISCONTINUING AN ALLEY OFF NALLE STREET" (2nd reading) <br /> <br />ORDINANCE: "AN ORDINANCE AMENDING AND REENACTING <br />THE DISTRICT MAP INCORPORATED IN SECTION 34-15 OF THE ZONING <br />ORDINANCE OF THE CODE OF THE CITY OF CHARLOTTESVILLE, 1990, <br /> <br /> <br />