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September 11, 2001 <br /> <br /> Assembly to favorable act for the implementation of the Piedmont <br /> Governor's School by appropriating sufficient funding. <br />Council considered authorizing the School Board to enter a loan agreement with <br /> <br />SunTrust Bank in the principal amount of $624,802 at 3.86% interest for roof and <br /> <br />auditorium ceiling repairs at Albert Harris School, two boilers at Patrick Henry School, <br /> <br />and the purchase of seven school buses. City Manager Reynolds stated that an <br /> <br />additional and approximate $55,000 would need to be added to the budget for the first <br /> <br />and second years, and the meals tax will cover the remaining three years. Vice Mayor <br /> <br />Teague moved to adopt the following Resolution; the motion was duly seconded and <br /> <br />carried by the following vote, with all members present voting: Vote 4 - 0; Yeas (4) - <br /> <br />Crabtree, Ferrill, Roop, Teague; Nays (0)- None: <br /> <br />WHEREAS, the School Board of the City of Martinsville, Virginia is <br />going to be required to expend the sum of $180,000.00 to repair the <br />roof at Albert Harris School, the sum of $75,000.00 to repair the <br />auditorium ceiling at Albert Harris School, the sum of $45,000.00 to <br />install two boilers at Patrick Henry School, and the sum of <br />$324,802.00 to purchase seven school buses, and, <br />WHEREAS, it will be necessary for said School Board to borrow <br />the money necessary for the aforesaid purposes, and, <br />WHEREAS, SunTrust Bank has offered to make a loan to the <br />School Board of the City of Martinsville, Virginia in the principal <br />amount of $624,802.00 to finance the aforesaid expenditures, and, <br />WHEREAS, §22.1-110 of the Code of Virginia authorizes the <br />School Board of the City of Martinsville, subject to the approval of <br />the Council of the City of Martinsville, to borrow the aforesaid <br />amount of money from the said SunTrust Bank, said loan to be <br />evidenced by that certain negotiable promissory note in the <br />principal amount of $624,802.00 bearing interest at the rate of <br />3.86% per annum payable in 60 consecutive monthly installments <br />of principal and interest in the amount of $11,467.25 each, and, <br />WHEREAS, at a regular meeting held on September 10, 2001 said <br />School Board adopted a resolution authorizing its chairman to <br />execute on behalf of said School Board that certain promissory <br />note dated September 12, 2001 made by the School Board of the <br />City of Martinsville, Virginia and payable to SunTrust Bank in the <br />principal amount of $624,802.00 and bearing interest at the rate of <br />3.86% per annum and payable in 60 consecutive monthly <br /> <br /> <br />