Chap. 157.—An ACT to authorize the city of Portsmouth to issue bonds to
continue paving and grading of streets, for the erection of a public building,
and to redeem certain bonds.

Approved January 25, 1900.

1. Be it enacted by the general assembly of Virginia, That it shall
be Jawful for the council of the city of Portsmouth, in order to con-
tinue the paving and grading of its streets, and to erect in said city
a public building for its municipal purposes, and to redeem certain
paving bonds issued under an act of the general assembly, approved
March fourth, eighteen hundred and eighty-four, as the same may
become due and payable, 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,
pavable semi-annually: provided, that the whole amount of bonds issued
under this act shall not exceed the sum of one hundred and forty thou-
sand five hundred dollars, of which said sum not more than fifty thou-
sand dollars shall be applied to the paving and grading of the streets,
and not more than fifty thousand dollars shall be applied to the erec-
tion and completion of the said public building, and the remainder
applied to the redemption of said paving bonds. The said bonds shall
be signed by the president of the council and the city treasurer, with th
seal of the city thereto affixed, attested by the city clerk, and the pro
ceeds thereof shall not be applied to or used for any other purpose:
than those herein specified. The said city council may dispose of thi
said bonds in such manner as it may deem expedient: provided, however
that in no case shall the said bonds be disposed of for less than thei1
par value. ‘he said bonds shall not be subject to any tax whatever by
the said city of Portsmouth. The bonds issued under this act shal:
be made pavable in thirty years after their date, and the said counci
shall, for the payment of the interest thereon, levy a special tax or pro-
vide for the same out of the general levy.
2. This act shall be in force from its passage.