Chap. 334.—An ACT to authorize the council of the city of Portsmouth to issue
bonds for the redemption of certain paving bonds.

Approved March 28, 1902.

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 redeem
certain paving bonds of said city as they mature, to issue coupon.or reg-
istered bonds, to be known as “paving redemption bonds,” in sums not
less than one hundred dollars, at a rate of interest to be determined bv
the council of the said city, 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 the sum of thirteen thou-
sand and five hundred dollars. The money arising from the sale of the
aforesaid bonds shall be used and applied by the said council to the pay-
ment and redemption of such of the bonds of the city of Portsmouth as
were issued by the said city by authority of an act of the gencral assembly
of Virginia approved the fourth day of March, eighteen hundred and
eighty-four, and amended by an act of the general assembly of Virginia
approved the twentieth day of May, eighteen hundred and eighty-seven,
and have not been redeemed, which will fall due in the year nincteen
hundred and two. The bonds issued under this act shall be made pay-
able in thirty years after their date, and shall be signed by the president
of the council of the said city and the city treasurer, with the seal of
the city thereto affixed, attested by the city clerk. The said bonds shall
be subject to no taxation whatever by the city of Portsmouth, and the
council of the said city shall, for the payment of the interest upon the
said bonds, levy a special tax sufficient to pay the annual interest on the
said bonds, or may provide for the same out of the general levy. Nothing
herein contained shall be construed as compelling the said council to
issue any or all of the said bonds. The council may dispose of the bonds
issued under this act 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 be in force from its passage.