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• <br />11 <br />RESOLUTION <br />Application of City School Board for Literary Fund Loan <br />$175,000 <br />WHEREAS, the School Board for the City of Charlottesville, on <br />the 14th day of June, 1989, 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 $175,000 for <br />improvements to Greenbrier Elementary School, to be paid in twenty <br />(20) annual installments, and the interest thereon at five per cent <br />(5%) paid annually; <br />BE IT RESOLVED by the Council of the City of Charlottesville <br />that the application of the City School Board to the State Board <br />of Education of Virginia for a loan of $175,000 from the Literary <br />Fund is hereby approved, and authority is hereby granted the City <br />School Board to borrow the said amount for the purpose set out in <br />said application. <br />BE IT FURTHER RESOLVED that the Council of the City of <br />Charlottesville will each year during the life of this loan, at the <br />time regular levies are fixed, fix a rate of levy for schools or <br />make a cash appropriation sufficient for operation expenses and to <br />pay this loan in annual installments and the interest thereon, as <br />required by law regulating loans from the Literary Fund. <br />Approved by Council <br />June 14, 1989 <br />1 rk of Council <br />