Chap. 95.—An ACT to authorize the city of Portsmouth to issue bonds to‘build a
school-house and for other purposes.

Approved March 10, 1904.

1. Be it enacted by the general assembly of Virginia, That the council
of the city of Portsmouth be, and it is hereby, authorized, in order to
build a school-house, to provide for furnishing the same, and for other
school purposes, to issue coupon or registered bonds, to be known as
“Portsmouth school bonds,” in such denominations and at such a rate of
interest as may be determined by said council: provided, however, that
the whole amount of bonds issued under this bill shall not exceed thirty
thousand dollars, and the rate of interest on the same shall not exceed
four per centum per annum, payable semi-annually.

The said bonds shall be made payable in thirty years after their date,
and be issued in the name of the city of Portsmouth and signed by the
president of the council, or by the president of each branch thereof,
should there be two branches of the council at the time said bonds are
issued, with the seal of the city thereto affixed, attested by the city
treasurer.

The said bonds shall be subject to no taxation whatever by the city of
Portsmouth, and may be disposed of in such manner as the said council
may deem expedient: provided, however, that the same shall not be dis-
posed of for less than their par value.

The said council shall, for the payment of the interest on said bonds,
levy a special capitation tax, as provided by section one hundred and
seventy-three of article thirteen of the Constitution of Virginia, or pro-
vide for the same out of the general levy.