Chap. 280.—An ACT to authorize the councils of the city of Ports-
mouth to issue paving bonds.

Approved March 4, 1884,

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 continue the paving and grading of the strects of
said city in accordance with the provisions of the charter,
and to provide for the payment thereof, to issue coupon or
registered bonds in sums not less than one hundred dollars,
bearing interest at the rate of six per centum per annum,
payable semi-annually, and redeemable ten years after the
issue thereof, which bonds shall be known as the “city of
Portsmouth paving bonds”: provided that the whole amount
of bonds issued 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 the city treasurer, and
attested by the city clerk, and the proceeds of whicb shall
not be applied or used for any other purpose than those of
grading and paving; the said city council shall not dispose of
the bonds herein provided for, for less than ninety-five per cen-
tum of their par value, and shall be disposed of to the highest
bidder therefor, cither 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.

2. So much of the expense 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 such im-
provement, shall be assigned in proportion to the frontage of
each lot respectively, 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 tull, 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 centum 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. .

3. 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 bene-
fitted 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
maturity 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 of the assessment per annum with interest, it shall
be lawful for the city council to enforce the collection of said
axsessment 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.

4. The said paving bonds shall not be subject to any taxa-
tion whatever by the city of Portsmouth.

5. 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 advertise
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. :

6. And the city council shall cause to be recorded by the
city clerk, in a well bound book, which shall be kept at all
times 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 assess-
ment thereon; and when such assessment shall be paid in
whole or in part, the same shall be noted by the clerk in said
book.

7. The treasurer shall keep the procecds of such bonds,
and all taxes and assessments 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.

8. This act shall be in force from its passage.