Chap. 62.—An ACT to Amend and Re-enact an Act to Authorize the City
of Portsmouth to Issue Coupon Bonds, passed January 21, 1867.

Approved February 4, 1871.

1. Be it enacted by the general assembly of Virginia, That
an act passed January twenty-first, eighteen hundred and six-
ty-seven, entitled an act to authorize the city of Portsmouth
to issue coupon bonds, be amended and re-enacted so as to
read as follows:

“Whereas, the city of Portsmouth has a large amount of
her scrip due and unprovided for; and by reason of the late
war has been unable to meet the interest due on her debt, and
has accumulated a large floating debt; and whereas, there is a
probability that it will be necessary to erect some public build-
ings and procure fire apparatus for the protection of the pro-
perty of the citizens of said city; and whereas, it is improper
to burden the citizens of said city with a tax commensurate
with the present need of the city: therefore,

Ҥ1. Be it enacted by the general assembly of the state of
Virginia, That it shall be lawful for the council of the city of
Portsmouth to issue coupon bonds, in sums not less than one
hundred dollars, bearing interest at the rate of seven and three-
tenths per centum per annum, payable semi-annually, and re-
deemable thirty-three years from the first of January, eighteen
hundred and sixty-seven, or from January first, eighteen hun-
dred and seventy-one, for an amount not exceeding two hun-
dred and tifty thousand dollars, to be used in funding the debt
of the city up to January first, eighteen hundred and seventy-
one, or in raising money by hypothecation or otherwise, for the
payment of such indebtedness; and the council of said city is
hereby authorized to levy and collect a tax for the payment of
interest on said debt, and required to provide for the redem-
tion of the same in the following manner, to wit: the council
shall annually levy a tax for a sinking fund of not less than
one per centum of the debt for the first five years, beginning
one year after the date of the bonds hereby authorized to be
issued; and not less than two per centum of the debt for the
next succeeding thirteen years; and not less than three per
centum for the next succeeding fourteen years; and that when-
ever the treasurer of the city shall have to the credit of the
fund for the redemption of the debt hereby authorized, the
sum of four thousand dollars, he shall advertise for proposals
for redeeming the same amount of said debt for the space of
ten days, and redeem said amount on the most favorable terms
offered: provided, that nothing in this act shall authorize the
council of said city to use the bonds to be issued under this
act, except for the payment or funding of its obligations, and
for the repairs of its public buildings, bridges, and putting into
good and effective condition its fire department, and for debts
due upon the first day of January, eighteen hundred and sev-
enty-one, or which may have been contracted prior to that date.”
2. This act shall be in force from its passage.