CHAP. 11.—An ACT to authorize the council of the city of Ports-
mouth to issue bonds for the redemption of paving bonds as
they mature and for other purposes.

Approved December 17, 1891.

1. Be it enacted by the general assembly of Virginia,
That it shall be lawful for the council of the city of Ports-
mouth, in order to redeem the paving bonds of said city as
they mature, for purchasing a site and building a jail
thereon; for funding a portion of the floating debt of said
city, and for paying the costs and expenses for the pur-
chase or condemnation of Jand for the extension of: its
streets; to issue coupon or registered bonds in sums not
less than one hundred dollars, at a rate of interest to be
determined by said council, not to exceed, however, six
per centum per annum, payable semi-annually ; said bonds
to be made payable thirty years after their date: provided
that the whole amount of bonds issued under this act
shall not exceed the sum of two hundred and thirty thousand
dollars, of which said sum not more than twenty thou-
sand dollars shall be applied to the funding of the float-
ing debt, and not more than twenty thousand shall be ap-
plied to jail purposes. 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 thereof shall
not be applied or used for any other purpose than that
herein specified. The said city council may dispose of
said bonds to the highest bidder therefor, either at public
auction or under proposals to be made public to the city
council, or in such other manner as it may deem expedi-
ent: provided, however, that if the said bonds bear six
per centum interest, they shall not be disposed 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 whatever by the city of Portsmouth, and the coun-
cil of said city shall, for the payment of the interest upon
said bonds, levy a special tax sufficient to pay the semi-
annual interest on said bonds, or may provide for the same
out of the general levy.
2. This act shall be in force from its passage.