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<br />~06 <br /> <br />TUESDAY <br /> <br />DECEMBER D, 1955 <br /> <br />Mr. Carper also presented applications for Literary Fund loans to finance the <br /> <br />construction costs of three other school buildings previously recommended by the <br /> <br />School Board (described hereinafter) which the Courx: il unan:imously approved, by <br /> <br />a recorded vote, in adopting the following resolutions: <br /> <br />A t a Meeting of the Council for the City of :Martinsville, Virginia, held <br />in the said City on the thirteenth day of December, 1955: <br />WHEREAS, The School Board for the City of IJ.artinsville, Virginia, on <br />the Dth day of December, 1955, presented to this Board or Council, an <br />application addressed to the State Board of Education of Virginia for the <br />purpose of borrmving from the Literary Fund $690,000.00 for the new school <br />building (or for adding to or improving the present school building) at <br />Martins vi lIe , to be paid in not more than thirty aI1~'1.ual installments, and <br />the interest thereon at not more than three per cent paid annually, provided <br />there are sufficiont funds in the Literary Fund at the time tho money is <br />called for by the School Board. <br />If, in the discretion of the State Board of Education, it appears <br />advisable to provido money for this loan through assignnent to the Virginia <br />Retirement System, the rate of interest on this loan will be not less than <br />two nor more than four per cent per annu.m. <br />RESOLVED, That the application of the County or City School Board to <br />the State Board of Education of Virginia for a loan of $690,000.00 from the <br />Literary Fund is hereby approved, and authority is hereby granted the said <br />City School Board to borrow the said amount for the purpose set out in said <br />application. <br />The Council of s aid City will each year during the life of this loan, <br />at the time they fix the regular levies, fix a rate of levy for schools or <br />make a cash appropriation sufficient for operation eX})enses and to pay this <br />loan in annual installments and the interest thereon, as required by law <br />regulating loans froTI the Literary Fund. <br /> <br />At a Meeting of the Council for the City of Earti:mville, Virginia, <br />held in the said City on the thirteenth day of December, 1955: <br />WIEREI\.S, The School Board for the City of Martinsville, Virginia, on <br />the 13th day of December, 1955, presented to this Council, an application <br />addressed to the state. Board of Education of Vircinia for the purpose of <br />borrowing from the Literary Fund $218,000.00 for the new school building <br />(or for adding to or improving the present school building) at Mar tins vi lIe <br />to be paid not more than thirty annual installments, and the interest thereon <br />at not more than three per cent paid annually, pl~ovided there are sufficient <br />funds in the Literary Fund at the time the money is called for by the School <br />B02..rd. <br />If, in the discretion of the State Board of Education, it appears <br />advisable to provide money for this loan through assignment to the Virginia <br />Retirement System, the rate of interest on this loan will be not less than <br />two nor more than four per cent per annum. <br />RESOLVED, That the application of the County or City School Board to <br />the state Board of Education of Virginia for a long of $218,000.00 from the <br />