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<br /> December 17th.
<br />
<br />agement thereof by a board of Sinking Fund Commissioners.~
<br /> Be it enacted by t_he General Assembly of Virginia that e~ act entitled ,An
<br />Act to a~end Sections 80,81 and 82 of the Charter of t~ne City of Portsmouth, approved March
<br />10th, 1905, to provide for a sinking fund ~and the management thereof.by a board of sinking
<br />fund commis~i6ners", approved March .10th, 1922, be amended and re enacted so as to read as
<br />follows:
<br /> SECTION 80: For the redemption at maturity of such bonds, excepting serial
<br />bonds, as may have been issued by the City of Portsmouth prior to March 10th, 1922, it shall
<br />be the duty of the City Council to provide and the City Collector to set aside annually a sum
<br />equal to one and one half per cent of the par value of said bonds; and for the redemption at
<br />maturity of such bonds of the City as h~.ve been issued since March lOth, 1922, and such bonds
<br />as may be hereafter issued by said City of portsmouth, it shall be the duty of the City Coun-
<br />cil to provide and the City Collector to set aside annually a sum sufficient to retire said
<br />bonds at maturity; and the City Co~scit shall provide for and t~e shall be paid from the
<br />funds of the Water Department by the person or persons holding and distributing such funds
<br />unto the City Collector annually, a sum equal to one and one half per.cent of all outstanding
<br />bonds issued for the purpose of providing for and purchasing the water works property of the
<br />City, and a sum sufficient to retire at maturity all other bonds, excepting serial bonds,
<br />heretofore issued or which may hereafter be issued from the improvement of or addition to~ said
<br />water works property. The sums heretofore set aside and held by the Board of Sinking Fund Com-
<br />missioners, snd the sums hereafter set aside shall be under the ~upervision and management of
<br />the Board of Sinking Fund Commissioners which shall hereafter be composed of the President of
<br />the City Council, the City Collector, and two qualified citizens residing in the ~aid City, to
<br />be appointed by the Judge of the Court of Hustings for the City of Portsmouth, The terms of
<br />office of the members appointed by the Judge of the Court of Hustings for the City of Ports-
<br />mouth shall be for a period of four years, and shall commence at the first day of July, nine-
<br />teen hundred and thirty-six, excepting that of the first two members appointed, one shall hold
<br />office for a term of.two years, and thereafter one member shell be appointed every two years
<br />by the Judge of said court. The members of said board shall serve without compensation and
<br />should vacancies occur in the office of the ftc appointed members, the said vacancies shall
<br />be filled by appointment by the Judge of the said court.
<br />
<br /> SECTION 81: The City Collector of the City shall act as treasurer of the board
<br /> of sinking fund commissiontrs and shall be custodian of all su~s and securities held in the
<br /> sinking fund, and shall give such bond as may be required by the Council of the City. He shall
<br /> keep a book or books in which shall be recorded a statement of all assets, and an account of
<br /> all receipts and disbursements of the sinking fund, and such qther matters pertaining thereto
<br /> as may be prescribed by ordinance He shall receive no fees for the management of said fund,
<br /> but only such compensation as may'be allowed by the Council of the City. The books of the
<br /> treasurer shall at all times be open for inspection to the members of the board and the coun-
<br /> cil of the City, and the treasurer shall furnish the board detailed statements whenever they
<br /> desire the same. The treasurer shall before the fifteenth day of January of each year furnish
<br /> the Council of the City a full, detailed statement of the Sinking Fund, showing the amount and
<br /> character of its securities, and its receipts and disbursements for the preceding year. The
<br /> funds and other securities belonging to the sinking fund shall be deposited in such banks do -
<br /> ing business in the City of Portsmouth as may be selected by the City Council, end the same
<br /> can be withdrawn only upon the qrder of the treasurer approved and certified by a member to be
<br /> selected by the board as its president.
<br />
<br /> SECTION 82: The sinking fund shall be under the control and management of the
<br /> hoard of sinking fund commissiOters, and to that end they are made a body politic with the
<br /> right to sue and be sued for the recovery of any fund or securities belonging to the sinking
<br /> fund. The sinking fund shall be used for the sole~purpose of paying at maturity the bonded
<br /> debt of the City, and the fund paid into the treasury from the income of the water department
<br /> shall be used only for the payment of the bond issued for the purpose of providing for and
<br /> purchasing the water works property of the city. The sinking fund shall be invested in good
<br /> interest-bearing securities, consisting of bonds of the City of Portsmouth, the United 8tares
<br /> of America, and the State of Virginia, or of municipalities which provide for and protect a
<br /> sinking fund to a degree at least equal to that of the City of Portsmouth. The Council of the
<br /> City shall at no time diminish the resources of the sinking fund, but may, if it sees fit,
<br /> crease the same. Should any of the bonds of the City fall due without a sufficient amount in
<br /> the sinking fund~to provide for the same such fact shs]l be certified by the board of sinking
<br /> fund commissioners to the City Cquncil, who shall make provision for retiring the same. It
<br /> shall be unlawful for any member of the board of sinking fund commissioners to hereafter pur-
<br /> chase directly or indirectly any bonds of the city or other securities for the purpose of sell-
<br /> 'lng them to the board of sinking fund commissioners, or having the same paid a~ their maturity
<br /> whereby he shall receive any orofit from the same except the regular rate of interest drawn on
<br /> such securities. Any member of the board who shall violate this provision shall thereby Va -
<br /> cate hie office and any other office held by him in the City of Portsmouth, and may be punish-
<br /> ed in such m~uner as may be prescribed by ordinance of the City, not to exceed, however, im -
<br /> prisonment in Jail for more than twelve months.
<br />
<br /> SECTION 82-A: All acts or parts of acts in conflict herewith are hereby re-
<br /> pealed.
<br />
<br /> Mn tion of Mr. Hutohins to approve the amendments to the City Charter, and that
<br />our Representatives in Legislature be requested to have same passed by the Legislature, was
<br />adopted, and by the following vote:
<br />
<br />Ayes: Brooks, Fox, Hanvey, Hutchins, Moore, Cast, Stewart.
<br />Nays: None.
<br />
<br /> The following let~en from the City Attorney was read, together wi~h an amend-
<br />ment to the Cit~ Charter:
<br />
<br /> "At one Gf your conferences held on the 1936 budget, you directed me to pre-
<br />pare an amendment to t~e Charter of the City of Portsmouth, in order that the penalty upon
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