Chap. 344.—An ACT for the retirement of bonds held by schools
and coll , and the issuing of registered certificates therefor,
and prov ding for the payment of interest thereon.

Approved February 28, 1892.

Whereas, the friends of education have voluntarily con-
‘(ributed many millions of dollars for the establishment of
schools and colleges in different parts of the state of Vir-
yinia, a large portion of which has been expended in the
purchase of lands and the erection of suitable buildings
thereon, and the residue held as permanent endowments,
about two millions of which are in state bonds; and

Whereas, it appears from acts passed by the general as-
sembly in eighteen hundred and sixty-seven, and at va-
rious other times since then, to be the settled policy of
the state to encourage these efforts for the education of
her citizens, and to co-operate with the generous donors of
her bonds, by paying full interest thereon so long as they
shall be held as endowments for educational purposes; and

Whereas, it is proper that all obligations of the state
held by schools and colleges be of the same character, and
on the same footing; therefore,

1. Be it enacted by the general assembly of Virginia,
That the schools, colleges, and other educational organiza-
tions hereinafter named, shall, through their duly author-
ized officers or agents, on or before the first day of July,
eighteen hundred and ninety-two, surrender to the second
auditor all evidences of the state’s indebtedness which
they hold as endowments for educational purposes.

2. That said auditor shall make and keep a record of
all bonds and other evidences of the state’s indebtedness
so surrendered to him, and shall, in the presence of the
auditor of public accounts and treasurer, cancel all such
evidences of debt, and issue to those by whom they have
been surrendered registered certificates of debt for the re-
spective amounts of the bonds and other evidences of debt
surrendered by them.

3. That these certificates shall be non-transferable and
redeemable at the pleasure of the state, and shall set forth
that the state of Virginia is due the respective schools,
colleges, and other educational organizations of learning
to which they are issued the sums named therein, and that
interest thereon shall be paid semi-annually at the rates
and for the amounts now paid by the commonwealth, as
set forth in the report of the second auditor for the fiscal
year ending September thirtieth, eighteen hundred and
ninety-one, including in addition thereto interest on the
amount herein named held by the Randolph-Macon
woman’s college, at the rates set forth in the bonds it
holds, so long as they are held as endowments for educa-
tional purposes.

4. That the second auditor shall, upon the first day of
January and July of each year, draw his warrant upon the
auditor of public accounts in favor of the following hold-
ers of the said certificates for the respective amounts due
them at the aforesaid rate of interest upon the following
sums, to-wit:

Washington and Lee University, upon the sum of two
hundred and thirty-six thousand seven hundred and fifty-
eight dollars and twenty-three cents.

The Virginia Military Institute, upon the sum of twenty
thousand dollars.

Emory and Henry college, upon the sum of six hundred
dollars.

Leesburg academy, upon the sum of two thousand and
five hundred dollars.

New London academy, upon the sum of six thousand
and five hundred dollars.

Randolph Macon college, upon the sum of nineteen
thousand seven hundred and eight dollars.

University of Virginia, upon the sum of one hundred
and forty-eight thousand and six hundred dollars.

Richmond college, upon the sum of forty-four thousand
and seventeen dollars and nineteen cents.

‘Hall’s free school, upon the sum of four thousand and
eight hundred dollars.

Seminary and high school, Alexandria, Virginia, upon
the sum of fifty-nine thousand and nine hundred dollars.

William and Mary college, upon the sum of thirty-five
thousand and nine hundred dollars.

School commissioners of Prince William county, upon
the sum of one thousand and four hundred dollars.

Hampden Sidney college, upon the sum of ninety-six
thousand and three hundred and fifty-three dollars and
thirty-three cents.

Union theological seminary, upon the sum of one hun-
dred and thirty-seven thousand and six hundred and
ninety-five dollars.

Miller manual labor school, of Albemarle, upon the sum
of one million and forty-four thousand and eight hundred
and sixty-eight dollars and forty-nine cents.

Virginia agricultural and mechanical) college, upon the
sum of three hundred and forty-four thousand and three
hundred and twelve dollars.

Hampton normal and agricultural institute, upon the
sum of one hundred and seventy-two thousand and one
hundred and fifty-six dollars.

Randolph Macon woman’s college, upon the sum of
forty-nine thousand and six hundred dollars.
The Dawson fund, thirty-four thousand one hundred
and eighty-seven dollars and sixty-one cents.
5. This act shall be in force from its passage.