Chap. 83.—An ACT to authorize the City of Portsmouth to issue Coupon
Bonds.

Passed January 21, 1867.

Whereas the city of Portsmouth has a large amount of her
scrip due and unprovided for, and by reason of the late war
has been unable to meet the interest due on her debt, and
has accumulated a large floating debt: and whereas there is
a probability that it will be necessary to erect some public
buildings and procure fire apparatus for the protection of the
property of the citizens of said city: and whereas it is im-
proper to burden the citizens of said city with a tax com-
mensurate with the present need of the city: Thérefore,

1. Be it enacted by the general assembly of the state of
Virginia, That it shall be lawful for the eouncil of the city of
Portsmouth to issue coupon bonds, in sums not less than one
hundred dollars, bearing interest at the rate of seven and
three-tenths per centum per annum, payable semi-annually,
and redeemable thirty-three years from the first day of Janu-
ary, eighteen hundred and sixty-seven, for an amount not
exceeding four hundred thousand dollars; and the council of
said city is hereby authorized to levy and collect a tax for
the payment of interest on said debt, and required to pro-
vide for the redemption of the same in the following manner,
to wit: The council shall annually levy-a tax for a sinking
fund of not less than one per centum of the debt for the first
five years, begirining one year after the date of the bonds
hereby authorized to be issued, and not less than two’ per
centum of the debt for the next succeeding thirteen years,
and not less than three per centum for the next succeeding
fourteen years; and that whenever the treasurer of the city
shall have to the credit of thgfund for the redemption of the
debt hereby authorized, the sum of four thousand dollars, he
shall advertise for - proposals for redeeming the same amount
of said debt for the space of ten days, and redeem said
amount cn the most favorable terms offered: provided, that
nothing in this act shall authorize the council of said city to
use the bonds to be issued under this act, except for the pay-
ment or funding of its obligations, due at its passage, and
for the repairs of its public buildings, bridges and putting
into good and effective. condition its fire depar tment.
2. This act shall ‘be in force from its passage.