EWP IMAG0248
Item
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Title
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EWP IMAG0248
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Place
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Virginia
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Identifier
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1043193
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Is Version Of
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1043193_EWP_IMAG0248.JPG
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Is Part Of
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Uncategorized
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Date Created
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2024-01-07
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Format
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1043193_EWP_IMAG0248.JPG
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Number
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dd2f6c0cd02ef78c6b63ef280296d3d148534d4a9a2f5a55e154858f716a5fcb
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Source
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/Volumes/T7 Shield/EWP/Elements/EWP_Files/Access Files/Upload temp/1043193_EWP_IMAG0248.JPG
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Publisher
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Digitized by Edwin Washingon Project
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Rights
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Loudoun County Public Schools
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Language
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English
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extracted text
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Because I feel it to be my duty to STUQY MEPOFRmEmE mee—— oo o
and to give advice in relation thereto I have prepared the following
statement concerning the sofcalled proposal to n"ppreeze the Literary Funé!
I do not favor the proposed amendment to the Constitutlone.
October 16, 1944 ' 0, L. Emerick
% % % % B ¥ W
e
e
T
on November 7, 1944 the electors of Virginia will be called.upon to
answer the following question which will appear on the ballots at all
election precintse
question: Shall section one hundred thirty-four of the Consti-
tution of Virginia be amended so as bto authorize the General
Assembly to set aside for @mblic school purposes, including
funds for the retirement of teachers, all or any part of moneys
received into the principal of the literary fund when and SO
long as the principal of such fund amounts to as much as ten
million dollars?
The Literary Fund was established 1in 1810, It {s a permanent funde
The principal 415 used to make 10ans to school boards for the construc-
tion of school buildings. The interest 1s regularly appropriated by
the General Assembly to the counties and cities as & part of the teacher
salary funde _
This fund now amounts to about éll,SO0,000'and {s increasing at the
rate of about $800, 000 per yeare 1t has been built up over the years
from several sources but mainly from finess '
The maximum amount that could be loaned on any school building as
well as interest rates have changed numerous times since 1810, A school
board may now borrow not over 85 per cent of the cost of a buildinge.
Loans are limited to & maximum of 100,000, The interest rate 1s 2 per
cente
This Literary Fund now hes a surplus above the needs for loans to
school boards for three rcasonse
1., During the depression the Federal Government paid 45 per
cent of the cost through 1P she of a large number of build-
ings, and & larger share of the cost of 2a few buildings
through 1/ «P +Ae
2., The interest rate was for & number of years from 1 to 2
per cent above commorcial bond rates so that some refunding
was done and in some cases commercial bonds were sold originally.
z, Since 1941 the Wwar Production Board has found it necesssry
to curtail school building construction. Also the problems of
securing labor and ncw materials as well 2s the excessive costs
have restrained school boards from building constructione
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1043193_EWP_IMAG0248.JPG