Chap. 91.—An ACT to authorize the council of the city of Portsmouth to issue
bonds for the sewerage of the city and for other purposes.

Approved January 20, 1894.

1. Be it enacted by the general assembly of Virginia, That it shall
be lawful for the council of the city of Portsmouth, in order to es-
tablish a system of sewerage for said city, to continue the paving
and grading of its streets, and to pay the costs and expenses incurred
in building a market-house and other public buildings, to issue
coupons or registered bonds in sums not less than one hundred dol-
lars, at a rate of interest to be determined by said council, not to ex-
ceed, however, six per centum per annum, payable semi-annually:
provided that the whole amount of bonds issued under this act shall
not exceed the sum of one hundred and sixty-five thousand dollars.
of which said sum not more than thirty thousand dollars shall be
applied to the paving and grading of the streets, and not more than
thirty-five thousand dollars shal! be applied to the costs and ex.
penses incurred in building a market-house and other public build.
ings. The said bonds shall be signed by the president of the counci
and the city treasurer, and attested by the city clerk, and the pro.
ceeds thereof shall not be applied or used for any other purpose thar
that herein epecified, except those which may he issued for the costs
and expenses incurred in building a market-house or other public
buildings, the proceeds of which may he applied to the repairs o}
public buildings and such other purposes as the said council may
deem proper. The said city council may dispose of said bonds tc
the bighest bidder therefor, either at public auction or under pro.
posals to be made public to the city council, or in such other manne:

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as the said council may deem expedient: provided, however, that if
the said bonds bear six per centum interest, they shall not be dis-
posed of for less than their par value; and in no case shall the said
bonds be disposed of for less than ninety-five per centum of their
par value. The said bonds shall not be subject to any taxation what-
ever by the city of Portsmouth. The bonds issued under this act
for paving and grading the streets shall be made payable in ten
years after their date, and the said council shall provide for the pay-
ment of the same and the interest thereon in the same manner as is
provided for the other paving bonds of said city at the time of the
adoption of this act. All the other bonds issued under this act shall
be made payable in thirty years after their date, and the said council
shall, for the payment of the interest thereon, levy a special tax or
may provide for the same out of the general levy.
2. This act shall be in force from its passage.