Minutes 09/23/1952 - Laserfiche WebLink

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. , \. TUES DAY SEPTE~illER 23, 1952 -- RESOLVED, that the application of the City School Board to the State Board of Education of Virginia for $70,000.00 from the School Con- struction Fund is hereby approved. The Council of said City has or will provide sufficient funds through cash appropriations and/or levy to complete this project. If the School Board has sufficient funds on hand to complete the project, permission is hereby granted for the use of said funds for the purpose designated in the application. /- VfrlEREAS, the School Board for the City of Martinsville, on the 23rd day of September, 1952, presented to this Council an application addressed to the State Board of Education of Virginia for the purpose of borrowing from the Literary Fund $70,000.00 for the new school building (or for adding to or improvin'~ the present school building) at Martinsville, Virginia, to be paid in thirty (30) annual installments, and the interest thereon at 2% paid annually, provided there are sufficient funds in the Literary Fund at the time the money is called for by the School Board. ~- i~ ~ If, in the discretion of the State Board of Education, it appears advisable to provide money for this loan through assignment to the Virginia Retirement System, the rate of interest on this loan will be not less than two nor more than four per cent per annum. RESOLVED, that the application of the City School Board to the State Board of Education of Virginia for a loan of $70,000.00 from the Literary Fund is hereby approved, and authority is hereby granted the said City School Board to borrow the said amount for the purpose set out in said application. The Council of said City will each year during the life of this loan, at the time they fix the regular levies, fix a rate of levy for schools or make a cash appropriation sufficient for operation expenses and to p~ this loan in annual installments and the interest thereon, as required by law regulating loans from the Literary Fund. Other visitors present were W. B. Muse who inquired as to the disposition of a petition presented by him to the Courcil on September 9, 1952 for a sidewalk on the North side of Fayette Street; and Lucy S. Bannister who presented a request for permission to operate an additional taxi-cab within the corporate limits. Council was informed that a temporary sidewalk woul Fayette Street, - - the matter of Lucy S. Bannister's request being referred to City Manager Mathewson.