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. RESOLUTION <br />Application of City School Board for Literary Fund Loan <br />200,000 <br />WHEREAS, the School Board for the City of Charlottesville, on <br />the 1st day of July, 1991, presented to this Council an application <br />addressed to the State Board of Education of Virginia for the <br />purpose of borrowing from the Literary Fund $200,000 for <br />improvements to Johnson Elementary School, to be paid in twenty <br />(20) annual installments, and the interest thereon at five per cent <br />(50) 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 of <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 />July 1, 1991 <br />erk of City Council <br />1-6-39 <br />• <br />Education of Virginia for a <br />loan of $200,000 from <br />the Literary Fund <br />• <br />is hereby approved, and the authority is hereby <br />granted the City <br />School Board to borrow the <br />said amount for the purpose <br />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 />July 1, 1991 <br />erk of City Council <br />1-6-39 <br />• <br />