Chap. 427.—An ACT for the relief of the Virginia Military Institute.
Approved March 15, 1884.

Whereas the buildings, apparatus, library, and furniture of
the Virginia Military institute were destroyed by fire by
order of General David Hunter, United States army, on the
twelfth of June, eighteen hundred and sixty-four; and whereas
through the efforts of the superintendent and faculty, and
board of visitors of said institute, the property destroyed has
been restored and largely added to, at a cost, according to the
memorial of the board of visitors of said institution presented
to this general assembly, largely exceeding three hundred
thousand dollars, including interest; and whereas the authori-
ties of said institution bave, in affecting this work of restora-
tion, found it necessary to contract a debt, of which about
one hundred and fifty thousand dollars remains unpaid, of
which debt eighty thousand dollars consists of bonds issued
under the acts of June twenty-seventh, cighteen hundred
and seventy, and December nineteenth, eighteen hundred and
seventy-fuur; twenty thousand dollars of past due interest
on said bonds now remaining unpaid, and fifty thousand dol-
lars of the floating and unfunded debt of said school; and
whereas it is represented to the general assembly that the
authorities of said institution will be able to refund the
bonded debt at a much lower rate of interest than it bears at
present, if the arrearages of interest upon the existing bonds
are paid, and due provision is made for promptly paying the
interest upon the new bonds; and that the school is unable
from its resources to pay this interest and its floating debt;
that its officers and faculty are greatly embarrassed, and the
usefulness of the school seriously impaired by the existence
of this large floating debt; and whereas the property repre-
sented and created by this debt and by the other expendi-
tures made in the restoration of the school, its buildings and
apparatus, is in fact the property of the state, has cost a sum
and represents values to the commonwealth, greatly in excess
of the present indebtedness of the school, and it is proper
that the institution should be relieved of the burden and
embarrassment occasioned by the said unpaid indebtedness;
therefore,

1. Be it enacted by the general assembly of Virginia, That
the sum of twenty thousand dollars, to be paid in the year
eighteen hundred and eighty-four, and the further sum of
twenty thousand dollars, to be paid in the year eighteen bun-
dred and eighty-five, be, and they are hereby appropriated
to the Virginia Military institute out of any moneys in the
treasury not otherwise appropriated, for which sums the
auditor of public accounts will draw bis warrants upon the
treasury at the dates specified.

2. The said annuity will, when paid, be applied under the
direction of the board of visitors, as follows: Five thousand
dollars thereof annually for two years, to the payment of
the past due interest upon the bonds of said institute, and
fifteen thousand dollars thereot’ annually for two years, to the
payment of the existing floating debt of the same, and to no
other purpose.

3. The board of visitors of the Virginia Military institute
are hereby authorized and empowered to issue new bonds of

said institute, not to exceed the amount of eighty thousand
dollars, said bonds not to bear more than five per centum
interest per annum, to run of twenty years, but to be redeem-
able at the pleasure of said institute, and to substitute said
bonds for the bonds now outstanding avainst said institute;
and the said board of visitors are authorized to secure the
payment of the principal and interest of said bonds authorized
to be issued by this act, by a mortgave or deed of trust upon
all the real estate, lands, and buildings of the Virginia Mili-
tary institute, which deed of trust or mortgage the said board
are hereby authorized to make and create, ‘and to classify said
bonds to be issued under this act, and to provide security for
the payment of the same in the order of the respective
priorities of the liens of the deeds of trust by which these new
bonds are to be substituted are now respectively secured, the
state hereby agreeing to postpone tbe lien and security
ereated under the provisions of the act approved March
seventeenth, cighteen hundred and seventy-six, to the liens
and security authorized to be created by this act.

4. The board of visitors shall set apart out of the annuity
of thirty thousand dollars per annum, payable to said institute,
at least the sum of cight thousand dollars per annum, to be
used and applied exclusively to the payment of the semi-
annual interest upon the bonds hereby authorized to be issued,
and to the creation of a sinking fund for the extinguishment
of the principal of said bonds, until all of said bonds shall
be paid. The board of visitors are prohibited from contract-
ing any debt for or on behalf of the Virginia Military instituto,
except as expressly authorized by this act.

5. The board of visitors shall cause a full report to be made
to the governor, to be by him laid before the next regular
session of the general assembly, of all their transactions under
this act, showing specifically the disposition made of the
money hereby appropriated and the bonds hereby authorized
to be issued.

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