Chap. 208.—An ACT to Authorize the Rector and Board of Visitors of the
University of Virginia to Issue Bonds to Pay Off and Discharge Their
Floating Debt and Maturing Obligations.

Approved March 28, 1871.

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 and empowered, at any
meeting at which a majority of said visitors shall be present,
to issue bonds, in the name of the rector and board of visitors
of the University of Virginia, for a sum not exceeding ia the
aggregate thirty thousand dollars, and to sell the same, and
with the proceeds of sale to pay off and discharge a corre-
sponding amount of the floating debt and maturing obligations
of the said University of Virginia.

2. That the bonds issned in pursuance of this act shall be
made payable within not less than five nor more than ten years
from the date thereof, and shall bear interest, payable annually,
at a rate not exceeding ten per centum per annum; and for the
payment of these bonds, not only the current revenue of the
University of Virginia, but also the property now held by the
commonwealth for the purposes of the said University of Vir-
ginia, shall be held responsible.

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