Chap. 111.—An ACT to authorize the council of the city of Portsmouth to i:
redemption bonds,

Approved January 25, 1808,

1. Be it enacted by the general assembly of Virginia, That it shall
lawful for the council of the citv of Portsmouth, in order to redeem
unpaid balance of paving bonds issued by said city under an act of
general assembly, approved May twenticth, eighteen hundred and cigl
seven, and to redeem the unpaid balance of the bonds issued by »
city under an act of the general assembly, approved January twer
first, eighteen hundred and sixty-seven, as they may mature, to is
coupon or registered bonds in sums not less than one hundred doll.
at arate of interest to be determined by said council, not to execed, h
ever, F1X per centum per annum, payable semi-annually; said bond.
be made payable thirty years after their date: provided that the wl
amount of bonds issued under this act shall not exceed the sum of»
hundred thousand dollars. The said bonds shall be signed by the pr
dent of the eounecil 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 thereof, either at public auction or
under proposals to be made public to the city council, or in such other
manner as it may deem expedient: 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 tixation whatever by the city of Portsmouth,
and the council of said city shall, for the payment of the interest upon
sud bonds, levy a special tax suflicient to pay the semi-annual interest
on said ben ls, or may provide for the same out of the general levy.
2. This act shall be in force from its passage.