Chap. 38.—An ACT to authorize the council of the city of Portsmouth to issue
bonds for the completion of its sewerage, to continue the paving and grading
of its streets, and to redeem its portion of ferry bonds.

Approved January 9, 1896.

1. Be it enacted by the general assembly of Virginia, That it shall be
lawful for the council of the city of Portsmouth, in order to complete
its syscem of sewerage for said city, to continue the paving and grading
of its streets, and to redeem its portion of the bonds that were issued
by the joint committee for the management of the Norfolk county
ferries under an act of the general assembly of Virginia approved
May twenty-third, eighteen hundred and eighty-seven, to issue cou-
pons or registered bonds in sums not less than one hundred dollars,
at a rate of interest to be determined by said council, not to exceed,
however, six per centum per annum, payable semi-annually; pro-
vided that the whole amount of bonds issued under this act shall
not exceed the sum of sixty-five thousand dollars, of which said sum
not more than ‘twenty-five thousand dollars shall be applied to the
paving and grading of the streets, and not more than fifteen thou-
sand dollars shall be applied to the completion of the said sewerage,

nd the remaining twenty-five thousand dollars to the redemption
of the city’s portion of the said ferry bonds. The said bonds shall
be signed by the president of the council and the city treasurer, with
the seal of the city thereto affixed, attested by the city clerk, and
the proceeds thereof shall not be applied or used for any other pur-
pose than that herein specified. The said city council may dispose
of ssid bonds to the highest bidder therefor, either at public auction
or under proposals to be made by the public to the city council, or
insuch other manner as the-said council may deem expedient; pro-
vided, however, that if the said bonds bear six per centum interest
they shall not be disposed of for less than their par value; and in
no case shall said bonds be disposed of for less than ninety-five per
centum of their par value. The said bonds shall not be subject to
any tax whatever by the city of Portsmouth. The bonds issued under
this act for paving and grading the streets shall be made payable in
ten years after their date, and the said council shall provide for the
payment of the same and the interest thereon in the same manner
as is provided for the other paving bonds of said city at the time of
the adoption of this act. All the other bonds issued under this act
shall be made payable in thirty years after their date, and the said
council shall, for the payment of the interest thereon, levy a special
tax or provide for the same out of the general Jevy.
2. This act shall be in force from its passage.