Chap. 100.—An ACT to authorize the council of the city of Portsmouth to issue
bonds for school, street, and other improvements in the fifth ward.

Approved January 21, 1896.

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 build
a school-house and to provide for other school purposes, to pave and
grade the streets and todo other things for the general improvement
in the fifth ward, which was annexed to the city of Portsmouth by
an act of the general assembly entitled an act to extend the bounda-
ries of the city of Portsmouth, approved February twenty-third,
eighteen hundred and ninety-four; to issue coupon or registered bonds
in sums not less than one hundred dollars, to be known as the fifth
ward bonds, at a rate of interest to be determined by said council,
not to exceed, however, six per centum per annum, payable semi-
annually ; provided, however, that the whole amount of bonds issued
under this act shall not exceed one hundred thousand dollars, of
which said sum not more than sixty thousand dollars shall be applied
to the paving and grading of the streets, and not more than fifteen
thousand dollars shall be applied to school purposes.

2. The said bonds shall be issued in the name of the city of Ports-
mouth, and the said city shall be liable for the payment of the same.
They shall be signed by the president of the council and the city
treasurer, with the seal of city thereto affixed, attested by the city
clerk. The proceeds arising from the sale of the said bonds shall be
used for no other purpose than that herein specified, and shall be
expended for no other part of the city than the said fifth ward. The
said bonds shall not be subject to any taxation whatever by the city
of Portsmouth.

3. The bonds issued under this act for paving and grading the
streets shall be made payable in ten years after their date, and the
said council shall provide for the payment of the same and the in-
terest thereon in the same manner as is provided for other paving
bonds of said city at the time of the adoption of this act. All the
other bonds issued under this act shall be made payable in thirty
years after their date, and the interest thereon, including any inter-
est that may be due on the bonds issued for paving and grading the
streets under this act, until the year nineteen hundred and four,
shall be entirely paid from the taxes collected from the said fifth
ward; for the year nineteen hundred and four, and for all subse-
quent time during the outstanding of said bonds, the said council
shall, for the payment of said interest, levy a special tax upon the
whole city or provide for the same out of the general levy. In the
issue of the said bonds the council shall at all times take into ac-
count the amount of taxes collected from the said ward and its
ability to meet the interest therefrom. Nothing herein contained
shall be construed as compelling the said council to issue any or all
of the said bonds. An account of the bonds issued under this act
shall be kept by the city treasurer, who shall annually reserve the
necessary amount from the taxes collected from the said ward to
meet the semi-annual interest as it becomes due and payable.

4. The council may dispose of the said bonds to the highest bidder
therefor, either at public auction or under proposals, tojbe made pub-
lic, to said council, or in such other manner as the council may deem
expedient; provided, however, 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.

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