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A RESOLUTION APPROVING <br />THE CITY SCHOOL BOARD'S APPLICATION <br />FOR A LOAN FROM THE LITERARY FUND OF VIRGINIA <br />WHEREAS, The School Board for the City of Charlottesville, <br />on the 1st day of February, 1982, presented to this Council, an <br />application addressed to the State Board of Education of Virginia <br />for the purpose of borrowing from the Literary Fund $2,000,000.00 <br />for adding to or improving the present school building at 1400 <br />Melbourne Road; to be paid in twenty annual installments, and the <br />interest thereon at three per cent paid annually. <br />RESOLVED, That the application of the City School Board to <br />the State Board of Education of Virginia for a loan of <br />$2,000,000.00 from the Literary Fund is hereby approved, and <br />authority is hereby granted the said School Board to borrow the <br />said amount for the purpose set out in said application. <br />The Council of said City will each year during the life of <br />this loan, at the time they fix the regular levies, fix a rate <br />for 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 the <br />Liberary Fund. <br />ADOPTED BY COUNCIL <br />FEBRUARY 1, 1982 <br />ATTESTE: <br />CLERK OF COUNCIL <br />