Chap. 12.—An ACT to authorize the council of the city of Portsmouth to issue
bonds to build schoolhouses and for other school purposes, [S B 14]

Approved January 3h, LOLs,

1. Be it enacted by the general assembly of Virginia, That the
council of the city of Portsmouth, in order to build a schoolhouse or
schoolhouses and for other school purposes, 1s authorized and em-
powered to issue coupons or registered bonds, in such denominations
and at such rate of interest as may be determined by said council;
the said rate of interest, however, not to exceed six per centum per
annum, payable semi-annually; provided, however, the whole amount
of bonds issued under this act shall not exceed one hundred and
fifty thousand dollars; and provided further that the whole amount
of bonds issued under this act, together with the other outstanding
bonds of said city, shall not exceed eighteen per centum of the as-
sessed value of the real estate of the said city.

2. The said bonds shall be issued in the name of the city of
Portsmouth; they shall be signed by the president of the council and
the city treasurer, with the seal of the city thereto aflixed, 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 be subject to no taxation whatever by the city of
Portsmouth. They shall be made payable in thirty years after their
date, and the interest thereon shall be provided for by a special levy
or out of the general levy. The council may dispose of the said
bonds in such manner as it may deem expedient.

3. The public schools being affected, and it being necessary to
build a schoolhouve before the next school session begins so as to
maintain the efficiency of the public school system, an emergency is
declared to exist and this act shall be in force from its passage.