Chap. 52.—An ACT to authorize the council of the city of Portsmouth to issue
bonds for the paving and grading of the streets of the city.

Approved January 27, 1903.

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 continue the
paving and grading of its streets, to issuc, in addition to any bonds they
may be now authorized to issue for this purpose, 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 exeeed, however, six per centum per
annum, payable semi-annually; said bonds to be made payable thirty
years after their date: provided, that the whole amount of bonds to be
issued under this act shall not exceed the sum of fifty thousand dollars.
The said bonds shall be signed by the president of the city council and the
city treasurer, with the seal of the city thereto affixed, attested by the city
clerk. The proceeds of the sale thereof shall not be applied or used for
any other purpose than that herein specified. The said bonds shall not be
subject to any taxation whatever by the city of Portsmouth; and the
eouncil of the said city shall, for the payment of the interest on said
bonds, levy a special tax sufficient to pay the annual interest on said
bonds, or may provide for same out of the general levy. Nothing herein
contained shall be construed as compelling the said city to issue any or
all of the said bonds. The council may dispose of 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 be in force from its passage.