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312 <br /> <br />TUESDAY, APRILIiO, 1990 <br /> <br />(2) <br /> <br />rate of levy for schools or make a cash appropriation <br />sufficient for operation expenses and to pay this- loan <br />in annual installments and the interest thereon, as re- <br />quired by law regulating loans from the Literary Fund. <br /> <br />WHEREAS, at a meeting of the City Council for the City <br />of Martinsville, Virginia heldin said City on the lOth <br />day of April, 1990; and <br /> <br />WHEREAS, the School Board for the City of Martinsville- <br />presented to this Council an application addressed to <br />the State Board of Education of Virginia for the purpose <br />of borrowing from the Literary Fund $154,000 for the <br />purpose of asbestos abatement, Phase I-B, and the inter- <br /> est thereon at percent paid annually; now there- <br /> fore, <br /> <br />BE IT RESOLVED that theapplication.of the City School <br />Board to the State Board of Education of Virginia for a <br />loan of $154,000 is hereby!appr0ved, and authority.,is <br />hereby granted the said City School Board to borrow the <br />said amount for the purpose set out in said application; <br />and <br /> <br />BE IT FURTHER RESOLVED that the Council of the City of <br />Martinsville will each year during the life of this <br />loan, at the time -they fix the regular levies, fix a <br />rate of levy for schools or make a cash appropriation <br />sufficient for operation expenses and to pay this loan <br />in annual installments and the interest thereon, as re- <br />quired by law regulating loans f~om the Literary Fund. <br /> <br />Mr. Harold Lamm, Superintendent of Schools, in response to a question by <br />City Manager Brown, stated that the Cltyshould not immediately proceed <br /> <br />with plans for a referendum on the issuance of bonds to fund the asbestos <br />removal project because the School System should be·~notified as to the <br />status of the loan applications in the near future. It was agreed that <br />Mr. Lamm and Mr. Brown would stay closely in contact with state officials <br />to monitor the status of the loan applications so that the City can be ad- <br />vised as to whether proceeding with the issuance of a Request for <br />Proposals for Bond Counsel and for Financial Consultant (and other <br />· ·preparations for a referendum) are warranted. <br /> <br /> <br />