Chap. 152.—An ACT authorizing the Virginia Military Institute to Borrow
Money, and to Secure the Payment of the Same.

Approved June 27, 1870.

Whereas, the library, apparatus, and most of the buildings
of the Virginia military institute were destroyed by fire in the
year eighteen hundred and sixty-four; and whereas, the au-
thorities of said institute, for the purpose of restoring said
loss, have contracted a debt which will soon become payable;
and whereas, it is desirable, so as not to impede the operations
of the said institute, that the payment of the said debt should
be deferred: therefore,

1. Be it enacted by the general assembly, That said Vir-
ginia military institute, by its board of visitors, is hereby au-
thorized to borrow, from time to time, such sums of money as
may be necessary to pay off the whole of said indebtedness:
provided, however, that the whole amount so borrowed shall
not exceed the sum of sixty thousand dollars; and for the
sums so borrowed, it shall be lawful for the said institute, by
its board of visitors, to issue certificates of indebtedness, signed
by the superintendent and countersigned by the treasurer, in
sums of one hundred dollars, or any multiple thereof, payable
to bearer, not exceeding fifteen years from date, and bearing
interest at the rate of six per centum per annum, payable semi-
annually, with interest coupons attached.

2. The title to all property now held by the commonwealth,
for the purposes of the said Virginia military institute, shall
be and is hereby vested in the corporation known as The Vir-
ginia Military Institute, for the purposes only of this act.

3. For the purpose of securing the payment of the bonds
herein authorized to be issued, it shall be lawful for the said
Virginia military institute to convey by trust deed, mortgage,
or in such other manner as the board of visitors may pre-
scribe, all the real estate held by or vested in said corporation.

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