Chap. 645.—An ACT to authorize the city of Portsmouth to issue bonds to
construct sewerage and to continue the paving and grading the streets in
the fifth ward.

Approved March 6, 1900.

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 construct
sewerage and to continue the paving and grading of the streets 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 boundaries 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 “ 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
fifty thousand dollars. The said bonds shall be issued in the name of
the city of Portsmouth, 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 the 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 honds shall be subject to no taxation whatever by the city of Ports.
mouth. The said bonds shall be made payable in thirty years after
their date, and the interest thereon, until the year nineteen hundrec
and four, shall be entirely paid from the taxes collected from the saic
fifth ward; for the year nineteen hundred and four, and for all subse.
quent time during the outstanding of the said bonds, the said counci
shall for the payment of said interest levy a special tax upon the whol
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 account 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 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. The council may dispose of the said
bonds in such manner as it may deem expedient: provided, however,
that the said bonds shall in no case be disposed of for less than their
par value.
2. This act shall take effect from its passage.