Chap. 37.—An ACT to authorize the city of Portsmouth to issue bonds t2
continue its sewerage and for street improvement.

Approved February 19, 1906.

1. Be it enacted by the general assembly of Virginia, That the coun-
cil of the city of Portsmouth be, and it is hereby, authorized, in order te
continue the sewerage in said city and for the further improvement of
its streets, to issue coupon or registered bonds not to exceed one hundrec
and twenty thousand dollars, nor more than one hundred and ten thou:
sand dollars of which shall be issued and used for sewerage, to be knowr
as “Portsmouth sewerage bonds,” and not more than ten thousand dollar:
of which shall be used for street improvement, to be known as “Ports:
mouth street improvement bonds.” The said bonds may be issued ir
such denominations and at such a rate of interest as may be determine
by said council: provided, however, that the rate of interest on the sam
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 be signed by th
president of each branch of the council at the time said bonds are iszued
and by the city treasurer, with the seal of the city thereto affixed, atteste
by the city clerk.

The said bonds shall be subject to no taxation whatever by the city o
Portsmouth, and may be disposed of in such manner as the said counci
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 pay
ment of the interest on said bonds, levy a special tax, or provide fo
the same out of the general levy: provided, however, that the issue of saic
bonds shall not increase the debt of said city beyond the constitutiona
limit (eighteen per centum).