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MOTION:HILL <br />SECOND:CADDIGAN <br />December 16,1997 <br />Regular Meeting <br />Res,No.97-1034 <br />RE:APPLICATION FOR STATE LITERARY FUND LOAN TO ASSIST IN <br />CONSTRUCTION OF HOADLY ROAD MIDDLE SCHOOL <br />ACTION:APPROVED <br />WHEREAS,the Prince William County School Board has presented an <br />application addressed to the State Board of Education ofVirginia for the purpose of borrowing <br />from the Literary Fund $5,000,000 for the construction of a Middle School on Hoadly Road,to <br />be paid in 20 annual installments,and the interest thereon at four percent annually; <br />NOW,THEREFORE,BE IT RESOLVED that the application of the Prince <br />William County School Board to the State Board of Education of Virginia for a loan of <br />$5,000,000 from the Literary Fund is hereby approved,and authority is hereby granted to the <br />Prince William County School Board to borrow the said amount for the purpose set out in said <br />application; <br />BE IT FURTHER RESOLVED that the Prince William Board of County <br />Supervisors will each year during the life ofthis loan,at the time they fix the regular levies,fix <br />a rate of levy for schools or make a cash appropriation sufficient for operations expenses and to <br />pay this loan in annual installments and the interest thereon,as required by law regulating loans <br />from the Literary Fund. <br />STATEMENTS OF DISCLOSURE PRIOR TO VOTE -JOHN D.JENKINS AND <br />EDGAR S.WILBOURN,III <br />Votes: <br />Ayes:Barg,Caddigan,Hill,Jenkins,McQuigg,Seefeldt,Thompson,Wilbourn <br />Nays:None <br />Absent from Vote:None <br />Absent from Meeting:None <br />CERTIFIED COPY