Chap. 152.—An ACT to authorize the council of the city of Portsmouth to issue
bonds for school, sewerage, and paving and street improvements.

Approved March 10, 1908.

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 build a
school house and to provide for other school purposes; to continue the
sewerage.in said city, and to pave and grade the streets and for other
street improvements, to issue coupon or ‘registered bonds in such de-
nominations and at such a rate of interest as may be determined by
said council, the said rate of interest not to exceed, however, five per
centum per annum, payable semi-annually; provided, however, that
the whole amount of the bonds issued under this act shall not exceed
one hundred and seventy thousand dollars, of which said sum not more
than thirty thousand dollars shall be applied to school purposes; not
more than one hundred and ten thousand shall be applied to sewerage;
and not more than thirty thousand dollars shall be applied to paving,
grading and improving the streets. The total amount of bonds herein
provided for in addition to the outstanding bonds of said city shall not
exceed eighteen per centum of the assessed value of the real estate of
said city. .

2. The said bonds shall be issued in the name of the city of Ports-
mouth; they shall be signed by the president of each branch of the city
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.
The said bonds shall not be subject to any taxation whatever by the city
of Portsmouth. All of said bonds shall be made payable in thirty years
after their date, and the interest thereon shall be provided for by a
special levy or out of the general levy. The council may dispose of the
said bonds in such manner as it may deem expedient. .

3. An emergency arising requiring the immediate issue of bonds
herein provided for, this act is declared an emergency act, and shall he
in force from its passage.