Chap. 346.—An ACT to authorize the board of public works to accept certain
bonds in payment of the indebtedness of Emory and Henry college to the
commonwealth of Virginia.

Approved February 17, 1896.

Whereas by an act approved March fourth, eighteen hundred and
ninety, the board of public works was authorized to employ an agent
to sell certain lands conveyed to said board for the use of the com-
monwealth of Virginia by the authorities of Emory and Henry col-
lege; and

Whereas Honorable W. F. Rhea was appointed by said board as
such agent, and sold said lands to Emory and Henry college, taking
for deferred payments of the purchase price thereof two bonds execu-
ted by authorities of said college for the sum of three thousand three
hundred and thirteen dollars each, with interest from fourth of April,
eighteen hundred and ninety-one; and

Whereas by reason of the failure of the bank of Abingdon the
said college lost a considerable sum of money which had been deposi-
ted for the purpose of paying on said purchase-money bonds, the said
college has been unable to pay off said bonds, there still being due
thereon about the sum of seven thousand seven hundred dollars;
and

Whereas the authorities of said Emory and Henry college desiring
to concentrate and consolidate all its indebtedness, have issued
thirty-six thousand dollars in coupon bonds, dated October first,
eighteen hundred and ninety-five, due and payable twenty years
after date, with interest payable annually on the first day of October
of each year, said bonds being secured by deed, dated October first,
eighteen hundred and ninety-five, executed to trustees, conveying in
trust all the real estate owned by said college, consisting of about
five hundred acres of valuable land and the buildings thereon, said
bonds having been accepted by a large majority of the creditors of
paid college in payment of their debts; provided that all costs and
expenses incurred in making the settlement shall be borne by Emory
and Henry college; therefore

1. Be it enacted by the general assembly of Virginia, That the
board of public works is hereby authorized and directed to accept
from the authorities of Emory and Henry college seven thousand
dollars of said twenty-year coupon bonds in full satisfaction of said
purchase-money bonds executed for the land sold the said college by
W. F. Rhea, agent of the board of public works.

2. On delivery of said seven thousand dollars in bonds to the
board of public works by the authorities of Emory and Henry col-
lege a deed shall be executed and delivered to the said college for the
lands sold it by W. F. Rhea, agent, as provided in chapter fifty-eight
of the code of Virginia, and the board of public works shall deliver
to the college authorities the purchase-money bonds now held by
said board.

3. This act shall be in force from its passage.