Chap. 166.—An ACT to authorize the council of the city of Portsmouth to
issue bonds for grading, paving and other street improvements.

Approved March 14, 1910.

1. Be it enacted by the general assembly of Virginia, That the coun-
cil of the city of Portsmouth, in order to grade and pave the streets, and
for other street improvements in said city, is hereby authorized and em-
powered to issue, from time to time, as it may deem advisable, two hun-
dred and twenty-five thousand ($225,000.00) dollars of coupon or regis-
tered bonds, in such denominations and at such a rate of interest as
may be determined by said council, the said rate of interest not to
exceed, however, five per centum per annum, payable semi-annually.
The said sum of two hundred and twenty-five thousand ($225,000.00)
dollars, or so much thereof as the said council may deem it advisable to
issue, shall be wholly expended for the grading and paving of the streets,
and for other street improvements within the limits of said city, as it
existed prior to the twenty-second day of March, nineteen hundred and
nine, the date when the new territory was annexed to said city; and no
part thereof shall be expended in the said new territory, known as the
sixth and seventh wards. But the said council of the city of Portsmouth
is hereby further authorized and empowered to issue, from time to time,
as it may deem advisable, one hundred and fifty thousand ($150,000.00)
dollars of coupon or registered bonds, in such denominations and at such
a rate of interest as may be determined by said council, the said rate of
interest not to exceed, however, five per centum per annum, payable semi-
annually. The said sum of one hundred and fifty thousand ($150,000.00)
dollars, or so much thereof as the said council may deem it advisable to
issue, shall be wholly expended for the grading and paving of the streets
and other street improvements in the new territory of said city, which
was annexed to the said city by an order of the supreme court of appeals
of Virginia, which took effect on the twenty-second day of March, nine-
teen hundred and nine, and now designated as the “sixth ward” and the
“seventh ward”; and this expenditure on the part of the council of said
city shall not be taken to impair or alter the ordinance adopted by the
said counci] expressing its desire to annex the said territory, nor with
the order of the court providing for the annexation of said territory ;
nor shall it be taken as a part of the twelve per centum of assessed value
whereby the said annexed territory shall be subject to the city tax rate.
The said council shall keep an account with each of the said two wards,
to-wit, sixth and seventh, and all bonds issued for improvements in the
said sixth ward shall be designated as “sixth ward improvement bonds,”
and all bonds issued for improvements in the seventh ward shall be
designated as “seventh ward improvement bonds,” and the revenues
derived from taxation in the said two wards shall be first applied to the
payment of the sinking fund required by law and the interest on the said
bonds from each ward, respectively. No bonds shall be issued under this
act which, in addition to the present outstanding bonds of said city, shall
exceed eighteen per centum of the assessed value of the real estate of
said city. )

2. All of the said bonds shall be issued in the name of the city of
Portsmouth ; they shall be signed by the president of each branch of the
city council and the city treasurer, with the seal of the city thereto af-
fixed, attested by the city clerk. The proceeds arising from the sale of
said bonds shall be used for no other purpose than that herein specified:
The said bonds shall not be subject to any taxation whatever by the city
of Portsmouth. All of said bonds shall be made payable in thirty years
after their date, and the interest thereon shall be provided for by a spe-
cial levy or out of the general levy. The council may dispose of the said
bonds in such manner as it may deem expedient.

3. An emergency arising requiring the immediate issue of bonds
herein provided for, this act is declared an emergency act, and shall be
in force from its passage.