Chap. 234.—An ACT to Consolidate the Existing Debt of the Uni-
versity of Virginia,

Approved March 25, 1875.

1. Be it enacted by the general assembly of Virginia,
That the rector and board of visitors of the University of
Virginia be, and they are hereby authorized, at any meeting
at which a majority of said visitors shall be present, to issue
bonds of the said corporation, either registered or with cou-
pons, for interest, or in part of the one class and in part of
the other, convertible from one class into the other at the
pleasure of the holder, in sums of one hundred dollars, or
any multiple thereof, to run not more than thirty years,
bearing interest at a rate not exceeding eight per centum

er annum, such interest to be payable at such place as the

oard of visitors shall designate.

2. The amount of the loan hereby contemplated shall not
exceed the sum of ninety-five thousand dollars, and the pro-
ceeds thereof shall be applied exclusively to the redemption
of the existing debt of the University.

3. For the purpose of securing the paymens of the said
bonds the rector and board of visitors of the University are
hereby authorized to convey, by deed of trust, all the real
estate belonging to or held for-the said University, and also
by said deed to pledge the annual appropriations made to the
University, subject to any previous pledge of said appropria-
tion which has been heretofore made.

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