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Council consi~dered approval of a ~State Literary Fund Loan application for <br /> <br />$225,500 by the School Board for Phase 2A, Asbestos Abatement Project at <br /> <br />Albert Harris School. Mr. Harold Lamm, Superintendent of Schools, was <br /> <br />present to review this item with Council. Upon motion, duly seconded and by <br /> <br />unanimous vote, Council approved the Literary Fund Loan application. <br /> <br />Council Considered adoption of a Resolution to the Virginia Public School <br />Authority regarding receipt of prior Literary Fund Loan monies due to the <br />City of. Martinsville. Mr. Lamm explained that the adoption of this <br />Resolution would enable the City to obtain funds due to it as early as July, <br />1991 from three prior Literary Fund Loans for asbestos abatement projects. <br />These funds would carry the same interest rate as the Literary Fund Loans. <br />Adoption of thi~ Resolution would effectively cancel the three prior Literary <br />Fund Loan applications (Albert Harris School Phases 1A and 2A and <br />MartinsVille Junior High School). Mr. Lamm said that this'~=item had been <br />approved by the School Board at their May 13, 1991 meeting. In response to <br />a question by Mr. Brown, Mr. Lamm stated that debt service payments on this <br />item would begin in January, 1992. Mr. Brown said that a report would be <br />given to Council at their May 28, 1991 meeting regarding the debt service <br />payments on this item. Upon motion, duly seconded and by unanimous vote, <br />Council adopted the following Resolution: <br /> <br />WHEREAS, the City Council (the "Council") of the City of <br />Martinsville, Virginia (the "City"), in collaboration with the City <br />School Board, has determined that it is necessary and desirable for <br />the City to undertake capital improvements for its public schools; <br /> <br />BE IT RESOLVED by the City Council of the City of Martinsville, <br />Virginia: <br /> <br />1. The Council hereby ratifies the filing of an application by the <br />City Manager and the City School Board to the Virginia Public <br />School Authority for a loan to the City in the maximum amount of <br />$583,056 to finance capital projects for public schools. <br /> <br />2. This Resolution shall take effect immediately. <br /> <br /> <br />