19750520 r-75-13 RESOLUTION NO. R-75-13
RESOLUTION SUPPORTING A
$750,000 LITERARY FUND LOAN
REQUESTED BY THE FAIRFAX CITY SCHOOL BOARD
WHEREAS, The School Board for the City of Fairfax, Virginia
on the 25th day of April, 1975, presented to this Council, an
application addressed to the State Board of Education of Virginia
for the purpose of borrowing from the Literary Fund $750,000 for
adding to or improving the present Jermantown Elementary School
building at 3616 Jermantown Road, Fairfax, Virginia, to be paid in
twenty annual installments, and the interest thereon at three per-
cent paid annually.
RESOLVED, That the application of the City School Board to
the State Board of Education of Virginia for a loan of $750,000
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 op-
eration expenses and to pay this loan in annual installments and
the interest thereon, as required by law regulating loans from
the Literary Fund.
Adopted: May 20, 1975
Attest:
Ci~y-~lerk