Chap. 425.—An ACT to enable the rector and board of visitors of the Virginia
agricultural and mechanical college to procure a supply of water and to con-
struct and maintain a system of water-works.

Approved February 26, 1896.

Whereas the Virginia agricultural and mechanical college and the
agricultural experiment station, a department thereof, are greatly
hindered and hampered in their work and growth by a totally insuf-
ficient supply of water, which also leaves them without any protec-
tron whatever in the event of an outbreak of fire; now therefore, for
the purpose of providing a sufficient supply of water and of main-
taining a system of water-works for the uses of the said college and
station and as a safeguard against fire:

1. Be it enacted by the general assembly of Virginia, That the
rector and visitors of the Virginia agricultural and mechanical col-
lege, and they are hereby authorized at any meeting at whicha
majority of said visitors shall be present, to borrow money and to
issue bonds therefor to an amount not exceeding fifteen thousand
dollars, either registered or with coupons for interest, or in part of
one class and in part of the other, and convertible from the one class
to the other, at the pleasure of the holder, in sums of one hundred
dollars or any multiple thereof, bearing date on some day in the year
eighteen hundred and ninety-six, payable forty years after date,
with interest from date, at a rate not exceeding six per centum per
annum; but containing on their face the reservation of right to said
rector and visitors to pay the whole or any part of said bonds at any
time after ten years from their date.

2. The bonds authorized hereby to be issued shall be exempt from
any taxation in any manner by the state of Virginia, or by any
county, city, town, or other corporation exercising powers of taxation
under the authority of this cofhmonwealth.

3. For the purpose of securing payment of said bonds the said
rector and visitors are hereby authorized to convey, by deed of trust,
all the property belonging to or held to the said Virginia agricultu-
ral and mechanical college, subject to any previous pledge thereof
which has heretofore been made.

4. The sum of seven hundred and fifty dollars per annum shall be
paid to the rector and visitors of the Virginia agricultural and me-
chanical college, in equal semi-annual installments, at such times as
they may fix. The said sum of seven hundred and fifty dollars per
annum shall be used by the said rector and visitors for the sole pur-
pose, and no other, of paying the interest as it shall accrue on the
bonds authorized by this act to be issued, and of providing a sinking
fund for the payment of the principal thereof.

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