Chap. 209.—An ACT Authorizing the Rivanna Navigation Company to
Borrow Money.

Approved July 9, 1870.

1. Be it enacted by the general assembly of Virginia, That
the Rivanna Navigation Company be and are hereby author-
ized to borrow, on the credit of their works now existing and
hereafter to be constructed, and the net revenues now on hand
or due and unpaid, and that may hereafter accrue therefrom, a
sum or sums of money sufficient to improve the navigation of
the Rivanna river up to Hydraulic Mills, on the South fork,
and Ferneyhough’s mill, on the North fork, the amount thus
borrowed not to exceed thirty-five thousand dollars; and they
are hereby authorized to issue their bonds or certificates of
debt, payable in a period of not less than twelve nor more
than thirty years from the issuing and date thereof, unless the
company shall think proper to pay at an earlier time. Such
bonds or certificates of debt shall bear interest at a rate not
exceeding ten per centum per annum. .

2. The Rivanna Navigation Company are authorized and
empowered to give a mortgage on their said works on and
rights in the said Rivanna Navigation Company, including the
works hereafter to be constructed, and upon their net reve-
nues now due or in hand, and which may hereafter accrue from
the said works, for the purpose of securing the payment of
the interest and the ultimate redemption of the principal of
said bonds or certificates of debt. Any liens or prior claims
that the state may hold on said works and revenues are
hereby suspended in favor of such parties as may loan money
to said company for the purposes of this act, or become the
holders of said bonds or certificates of debt, until such loan or
loans, with the accruing interest thereon, have been fully paid
and discharged: provided, however, when the debt, with its
accruing interest, which is herein authorized to be contracted,
shall have been fully paid and discharged, the state shall be
reinstated to all the rights, privileges, and priorities to which
she was entitled previous to the passage of this act.

3. The money herein authorized to be raised, shall be used
and employed in the improvements of said Rivanna river up
to Hydraulic Mills, on the South fork, and Ferneyhough’s mills,
on the North fork, and for no other purpose whatever, and
shall not be liable in any way for any claim or demand now
existing against said Rivanna Navigation Company.

4, This act shall be in force from and after the date of its
passage: provided, that the legislature hereby reserves the
right at any time to modify, amend, or repeal the powers and
privileges hereby conferred; but the right of parties and their
assignees who may loan money under the provisions of this
act shall not be affected or impaired by any such amendment,
modification, or repeal.