Minutes 12/13/1955 - Laserfiche WebLink

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40 TUESDAY DECEMBER D, 1955 ~- 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 eX],Jenses and to pay this loan in annual installments and the interest thereon, as required by law regulating loans from the Literary Fund. /- At a Meeting of the Couocil for the City of Martinsville, Virginia, held in the said City on the thirteenth day of December, 1955: VrnEP~AS, The School Board for the City of LBrtinsville, Virginia, on the 13th day of December, 1955, presented to this Council, an application addressed to the state Board of Education of Virginia for the purpose of borrowing from the Literary Fund $64,000.00 for the new school builQing (or for adding to or improving the present school building) at Mar t ins vl lIe, to be paid in not more than thirty a~~ual installments, and the interest thereon at not more than three per cent paid annually, provided there are sufficient funds in the Literary Fund at the time the money is called for by the School Board. If, in the discretion of the State Board of Education, it appears advisable to IX' ovide 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. EESOLVED, That the application of the City School Board to the State Board of Education of Virginia for a loan of $64,000.00 from the Literary Fund is hereby approved, D.Dd author:L ty 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 pay this loan in annual installments and the interest thereon, as required by law regulating loans from the Literary Fund. ~:~ ~~ i An ordinance authorizing the issuance of $1,450,000 School Building bonds, as prepared _. by City Attorney Stone pursuant to Council's November 22nd instructions, and as apprOled by the City's New York bond attorneys, was placed on first reading by recorded vote, which was unanimous, as follows: AN ORDINANCE AUTEOEIZIIJG THE ISSUANCE OF $1,h50,ooO OF BONffi OF THE CITY OF MARTINSVILIE TO FUJfd'JC:S THE COST OF CO?STRUCTING, ENLIUWING, RECON3TIWCTING AND EQUIPPING SCHOOL BUILDINGS AND ACQUIRING MID GIU\.DIIJG IANffi NECESS.PuU THEREFOR AND PROVIDING FOR '!:'llli SUBMISSION OF nm QUESTION OF ISSUING SAID BONDS TO THE QUALEIED VOTEHS OF .3AID CITY. BE IT ORDAINED by the Council of the City of Martinsville, Virginia, as follows: Section 1. The Council of the City of Martinsville has ascertained and hereby determines that it is expedient that said City shall borrOV'I money and