Chap. 74.—An ACT to authorize the city of Portsmouth to issue
coupon bonds.

Approved April 21, 1882.

Whereas the city of Portsmouth, under an act of the gen-
eral assembly approved February 27, 1879, giving authority
to said city to issue coupon bonds, to be known as “The City
of Portsmouth Paving Bonds,” for the purpose of paving and
grading the streets of said city, had prepared and printed
‘paving bonds,” in accordance with said act, to the amount
of one hundred thousand dollars, bearing interest at the rate
of six per centum per annum, payable semi-annually, and
redeemable ten years from the date of the issue thereof; and
whereas in the paving and grading of the streets of said
tity, the council thereof issued and sold about fifty-eight
thousand dollars of said bonds; and whereas under the new
charter provided for the city of Portsmouth by the general
assembly, approved on the day of ——-—,, eighteen hun-
ired and eighty-two, grave doubts exist as to the authority
of said city to issue any more of the said bonds; therefore,

1. Be it enacted by the general assembly, That it shall be
lawful for the city of Portsmouth, in order to continue the
paving and grading of the streets of said city, in accordance
with the provisions of the new charter, and to provide for
the payment thereof, to issue the remaining coupon bonds,
prepared and printed as aforesaid by the said city of Ports-
mouth, under the act aforesaid, approved February twenty-
seven, eighteen hundred and seventy-nine, in sums not less
than one hundred dollars, bearing interest at the rate of six
per centum per annum, payable semi-annually, and redeema-

le ten years after the date of the issue thereof, which bonds
shall be known as “the city of Portsmouth paving bonds:”
provided that the whole amount of bonds issued under the
act approved February twenty-seven, eighteen hundred and
seventy-nine, and under this act shall not exceed the sum of
one hundred thousand dollars. The said bonds shall be
signed by the president of the council and city treasurer,
and attested by the city clerk, and the proceeds of which
shall not be applied or used for any other purpose than those
of grading and paving. The said city council shall not dis-
pose of the bonds herein provided for, for less than ninety-

ve per centum of their par value, and shall be disposed of
to the highest bidder therefor, either at public auction, or
under proposals to be made public, to the city council, or the
same may be used at their par value in payment for material or
labor on account of such grading and paving: provided that
in no case shall more bonds be sold than shall be necessary
to pay for such grading and paving. And so much of the
expenses of such grading and paving as the city council shall
determine, shall be assessed to and borne and paid by the
owners of real estate benefitted by said improvement, shall
be assigned in proportion to the frontage of each lot respec-
tively, and shall be a lien upon such real estate until fully
paid off and discharged, and such amount shall be payable at
the option of such owner in full, or as follows: One-tenth
thereof for each year during the period of ten years, with
interest on the principal sum due at the rate of six per cen-
tum per annum, payable semi-annually, and which amounts,
principal and interest, shall be applied exclusively to the
payment of the interest and principal of said paving bonds.
And the council of said city shall, for the payment of the
interest upon said bonds, levy a specific tax sufficient, with
the interest derived from the owners of real estate benefitted
by said improvement, to pay the semi-annual interest on said
bonds, or may provide annually for the payment of the
interest thereon, and for a sinking fund to redeem at matur-
ity out of the general levy. And when the owner of any
real estate, on such graded or paved street, shall fail to pay
in cash the amount assessed to him, or shall fail to pay one-
tenth the assessment per annum, with interest, it shall be
lawful for the city council to enforce the collection of said
assessment in the same manner as the collection of city taxes
are enforced. But when such real estate shall be owned by
infants, or other persons under legal disabilities, it shall not
be lawful for the council to require in any one year more
than one-tenth of such assessment, and the interest on so
much thereof as remains unpaid. The said paving bonds
Shall not be subject to any taxation whatever by the city of
Portsmouth. And whenever the treasurer of the city shall
have to the credit of the fund, for the redemption of said
paving bonds, the sum of five thousand dollars, he shall ad-
vertise for proposals for redeeming the same amount of said
bonds at least ten days, and redeem the said amount on the
most favorable terms offered: provided the proposals are
approved by the city council. And the city council shall
cause to be recorded by the city clerk, in a well bound book,
which shall at all times be kept for the inspection of the
public, a list of all property upon which such assessment
shall be made, the name of the owner or owners thereof, a
description of the location thereof, and the amount of the
assessment thereon, and index the same in the name of the
owner, and such recordation shall be notice to all parties
interested, of the lien of such assessment thereon; and when
such assessment shall be paid in whole, or in part, the same
shall be noted by the clerk in said book. The treasurer shall
keep the proceeds of such bonds, and all taxes and assess-
ments collected on paving account, separate and distinct from
all other funds of the city, to the credit of the Portsmouth
paving fund, and the same shall be appropriated for no other
purpose whatever. And so much thereof as shall remain
unexpended for grading and paving shall be kept on interest
account.
2. This act shall be in force from its passage.

Chap. 74.—An ACT to authorize the city of Portsmouth to issue
coupon bonds.

Approved April 21, 1882.

Whereas the city of Portsmouth, under an act of the gen-
eral assembly approved February 27, 1879, giving authority
to said city to issue coupon bonds, to be known as “The City
of Portsmouth Paving Bonds,” for the purpose of paving and
grading the streets of said city, had prepared and printed
‘paving bonds,” in accordance with said act, to the amount
of one hundred thousand dollars, bearing interest at the rate
of six per centum per annum, payable semi-annually, and
redeemable ten years from the date of the issue thereof; and
whereas in the paving and grading of the streets of said
tity, the council thereof issued and sold about fifty-eight
thousand dollars of said bonds; and whereas under the new
charter provided for the city of Portsmouth by the general
assembly, approved on the day of ——-—,, eighteen hun-
ired and eighty-two, grave doubts exist as to the authority
of said city to issue any more of the said bonds; therefore,

1. Be it enacted by the general assembly, That it shall be
lawful for the city of Portsmouth, in order to continue the
paving and grading of the streets of said city, in accordance
with the provisions of the new charter, and to provide for
the payment thereof, to issue the remaining coupon bonds,
prepared and printed as aforesaid by the said city of Ports-
mouth, under the act aforesaid, approved February twenty-
seven, eighteen hundred and seventy-nine, in sums not less
than one hundred dollars, bearing interest at the rate of six
per centum per annum, payable semi-annually, and redeema-

le ten years after the date of the issue thereof, which bonds
shall be known as “the city of Portsmouth paving bonds:”
provided that the whole amount of bonds issued under the
act approved February twenty-seven, eighteen hundred and
seventy-nine, and under this act shall not exceed the sum of
one hundred thousand dollars. The said bonds shall be
signed by the president of the council and city treasurer,
and attested by the city clerk, and the proceeds of which
shall not be applied or used for any other purpose than those
of grading and paving. The said city council shall not dis-
pose of the bonds herein provided for, for less than ninety-

ve per centum of their par value, and shall be disposed of
to the highest bidder therefor, either at public auction, or
under proposals to be made public, to the city council, or the
same may be used at their par value in payment for material or
labor on account of such grading and paving: provided that
in no case shall more bonds be sold than shall be necessary
to pay for such grading and paving. And so much of the
expenses of such grading and paving as the city council shall
determine, shall be assessed to and borne and paid by the
owners of real estate benefitted by said improvement, shall
be assigned in proportion to the frontage of each lot respec-
tively, and shall be a lien upon such real estate until fully
paid off and discharged, and such amount shall be payable at
the option of such owner in full, or as follows: One-tenth
thereof for each year during the period of ten years, with
interest on the principal sum due at the rate of six per cen-
tum per annum, payable semi-annually, and which amounts,
principal and interest, shall be applied exclusively to the
payment of the interest and principal of said paving bonds.
And the council of said city shall, for the payment of the
interest upon said bonds, levy a specific tax sufficient, with
the interest derived from the owners of real estate benefitted
by said improvement, to pay the semi-annual interest on said
bonds, or may provide annually for the payment of the
interest thereon, and for a sinking fund to redeem at matur-
ity out of the general levy. And when the owner of any
real estate, on such graded or paved street, shall fail to pay
in cash the amount assessed to him, or shall fail to pay one-
tenth the assessment per annum, with interest, it shall be
lawful for the city council to enforce the collection of said
assessment in the same manner as the collection of city taxes
are enforced. But when such real estate shall be owned by
infants, or other persons under legal disabilities, it shall not
be lawful for the council to require in any one year more
than one-tenth of such assessment, and the interest on so
much thereof as remains unpaid. The said paving bonds
Shall not be subject to any taxation whatever by the city of
Portsmouth. And whenever the treasurer of the city shall
have to the credit of the fund, for the redemption of said
paving bonds, the sum of five thousand dollars, he shall ad-
vertise for proposals for redeeming the same amount of said
bonds at least ten days, and redeem the said amount on the
most favorable terms offered: provided the proposals are
approved by the city council. And the city council shall
cause to be recorded by the city clerk, in a well bound book,
which shall at all times be kept for the inspection of the
public, a list of all property upon which such assessment
shall be made, the name of the owner or owners thereof, a
description of the location thereof, and the amount of the
assessment thereon, and index the same in the name of the
owner, and such recordation shall be notice to all parties
interested, of the lien of such assessment thereon; and when
such assessment shall be paid in whole, or in part, the same
shall be noted by the clerk in said book. The treasurer shall
keep the proceeds of such bonds, and all taxes and assess-
ments collected on paving account, separate and distinct from
all other funds of the city, to the credit of the Portsmouth
paving fund, and the same shall be appropriated for no other
purpose whatever. And so much thereof as shall remain
unexpended for grading and paving shall be kept on interest
account.
2. This act shall be in force from its passage.