Chap. 9.—An ACT to authorize the Virginia Military Institute to bor-
row money, and to secure the same ‘by creating a lien on its real es-
tate.

‘
Approved December 19, 1874.

1. Be it enacted by the general assembly of Virginia, That
the board of visitors of the Virginia military institute be,
and they are hereby authorized to borrow a sum not exceed-
ing sixty thousand dollars, and issue certificates of indebted-
ness therefor; said certificates being in sums of ofie hundred
dollars, or any multiple thereof, payable to bearer, redeema-
ble in twenty years, or in not less than five years, at the
pleasure of the board of visitors, and bearing interest not
exceeding eight per centum per annum: provided, that the
amount realized from said bonds be used and appropriated
solely to the reduction of the existing debt, which has been
contracted in pursuance of law, of the Virginia military in-
stitute.

2. 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, mort-
gage, or such other manner as the board of visitors may pre-
scribe, all the real estate held by or vested in said corpora-
tion.

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