Chap. 305.—An ACT to amend and re-enact section 1 of chapter 280
of Acts of 1883-4, to authorize the council of the city of Portsmouth
to issue paving bonds.

Approved May 20, 1887.

1. Be it enacted by the general assembly of Virginia, That
section one of chapter two hundred and eighty of the Acts
of eightcon hundred and eighty-three—four, entitled an act to
authorize the council of the city of Portsmouth to issue
paving bonds, be amended and re-enacted so as to read as
follows:

§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 streets of
said city in accordance with the provisions of the charter and
to provide for the payment thereof, to issue coupon or regis-
tered bonds in sums not less than one hundred dollars, bear-
ing interest at the rate of six per centum per annum, pay-
able semi-annually and redeemable ten years after the issue
thereof, which bonds shall be known as the city of Ports-
mouth paving bonds: provided that the whole amount of
bonds issued under this act shall not exceed the sum of two
hundred thousand dollars; the said bonds shall be signed by
the president of the council and the city treasurer, and at-
tested by the city clerk, and the proceeds of which shall not
be used or applied for any other purpose than those of grad-
ing and paving; the said city council shall not dispose of the
bonds herein provided for, for less than ninety-tive per centum
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 ac-
count of such grading and paving: provided that in no case
shall more bonds be sold than shall be necessary to pay for
such paving and grading.

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