Chap. 72.—An ACT to amend and re-enact section 32-n of the charter of the
city of Portsmouth, approved March 13, 1912, as heretofore amended, in
reference to the issue of bonds. {(H B 8&8]

Approved February 23, 1918S.

1. Be it enacted by the general assembly of Virginia, That
section thirty-two-a of the charter of the city of Portsmouth, ap-
proved March thirteenth, nineteen hundred and twelve, in reference
to the issue of bonds, be amended and re-enacted so as to read as
follows: :

Section 32-a. The city council of the city of Portsmouth shall
have power, and authority is hereby given to it, to issue, from time
to time, bonds or other interest bearing obligations for the purpose
of borrowing monev to carry into effect the purposes and objects
authorized by the charter of said city; to build and equip school-
houses and for other school purposes; provided, however, that no
such bonds or other interest bearing obligations shall be issued except
upon an ordinance passed by a recorded affirmative vote of two-thirds
of all the members elected to the said council setting forth the pur-
pose for which the said bonds or interest bearing obligations are to
be issued, the length of time for which they are to be issued, which
time shall not exceed thirty years, and the rate of interest, which
shall not exceed six per centum per annum; and provided, further.
that the total amount of bonds issued, in the aggregate, shall not
exceed eighteen per centum of the assessed valuation of the real
estate in the city subject to taxation as shown by the last preceding
assessment for taxes.