Chap. 69.—An ACT to authorize the city of Portsmouth to issue bonds to con-
tinue the paving and grading the streets in the fifth ward of said city.

Approved January 16, 1902.

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 continue the
paving and grading of the streets in the fifth ward, which was annexed to
the city of Portsmouth by act of the general assembly, entitled “an act to
extend the boundaries of the city of Portsmouth,” approved February
twenty-third, eighteen hundred and ninety-four, to issue coupon or regis-
ered bonds in sums not less than one hundred dollars, to be known as
“fifth ward paving and grading bonds,” at a rate of interest to be deter-
mined by said council, not to exceed, however, six per centum per annum,
payable semi-annually: provided, however, that the whole amount of
bonds issued under this act shall not exceed twenty-five thousand dollars.
That said bonds shall be issued in the name of the city of Portsmouth,
and the said city shall be liable for the payment of the same. The said
bonds shall be signed by the president of the council and the city treas-
urer, with the seal of the city thereto affixed, attested by the city clerk.
The proceeds arising from the sale of the said bonds shall be used for no
other purpose than that herein specified, and shall be expended for no
other part of the city than the said fifth ward. The said bonds shall be
subject to no taxation whatever by the city of Portsmouth. The said
bonds shall be made payable in thirty years after their date, and the
interest thereon, until the year nineteen hundred and four, shall be en-
tirely paid from the taxes collected from the said fifth ward; for the year
nineteen hundred and four, and for all subsequent years during the out-
standing of the said bonds, the said council shall, for the payment of the
said interest, levy a special tax on the whole city, or provide for the same
out of the general levy. In the issue of the said bonds the council shall
at all times take into account the amount of taxes collected from the said
ward and its ability to meet the interest therefrom. Nothing herein con-
tained shall be construed as compelling the said council to issue any or
all of the said bonds. An account of the said bonds issued under this act
shall be kept by the city treasurer, who shall annually reserve the neces-
sary amount from the taxes collected from the said ward to meet the
semi-annual interest as it becomes due and payable. The council may
dispose of the said bonds in such manner as it may deem expedient: pro-
vided, however, that the said bonds shall in no case be disposed of for less
than their par valye.

2. This act shall be in force from its passage.