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<br />L06 <br /> <br />TUESDAY, MAY 28, 1985 <br /> <br />borrow $888,000 at 4% interest for twenty years for the purpose of general <br /> <br />repair, improving energy efficiency, saving money and preventing further <br /> <br />deterioration to the roofs of six school buildings with adoption of the <br /> <br />following resolution. <br /> <br />Dr. James E. Calkins, Superintendent of City <br /> <br />Schools, noted that it would take 8 to 12 months to get approval, meaning <br /> <br />some time during the 1986-87 school year and if approved the work could be <br /> <br />done next summer. The following being the form of resolution adopted by <br /> <br />Council to be completed and filed with the application for each of the six <br /> <br />school buildings. <br /> <br />RESOLUTION <br /> <br />WHEREAS, at a meeting of the City Council for the City of <br />Martinsville, Virginia, held in said City on the 28th day of May, <br />1985; and <br /> <br />WHEREAS, the School Board for the City of Martinsville presented <br />to this Council an application addressed to the State Board of <br />Education of Virginia for the purpose of borrowing from the <br />Literary Fund $888,000 for the purpose of general repair, <br />improving energy efficiency, saving money and preventing further <br />deterioration to the roofs of six school buildings in the City, <br />and the interest thereon at four percent paid annually; now, <br />therefore, <br /> <br />BE IT RESOLVED that the application of the City School Board to <br />the State Board of Education of Virginia for a loan of $888,000 <br />from the Literary Fund is hereby approved, and authority is <br />hereby granted the said City School Board to borrow the said <br />amount for the purpose set out in said application; and <br /> <br />BE IT FURTHER RESOLVED that the Council of the City of <br />Martinsville will each year during the life of this loan, at the <br />time they fix the regular levies, fix a rate of levy for schools <br />or make a cash appropriation sufficient for operation expenses <br />and to pay this loan in annual installments and the interest <br />thereon, as required by law regulating loans from the Literary <br />Fund. <br /> <br />Report by the City Administration on a comparison of the City's utility <br /> <br />tax with Henry County's newly aodpted rates was accepted, with no changes <br /> <br />contemplated for the City. <br />