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• RESOLUTION <br />Application of City School Board <br />for Literary Fund Loan <br />$240,000 <br />WHEREAS, the School Board for the City of Charlottesville, on <br />the J_T]�' day of April, 1993, 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 $240,000 for <br />improvements to Burnley -Moran Elementary School, to be paid in <br />twenty (20) annual installments, and the interest thereon at five <br />percent (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 of <br />Education of Virginia for a loan of $240,000 from the Literary Fund <br />is hereby approved, and authority is hereby granted the City School <br />Board to borrow the said amount for the purpose set out in said <br />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 />May 17, 1993 <br />rk of City Counc 1 <br />