Chap. 136.—An ACT to enable the rector and visitors of the University of

Virginia to repair the loss sustained by that institution by the fire of Octo-
ber 27, 1895.

Approved January 23, 1896.

Whereas the principal buildings of the University of Virginia
were nearly destroyed, and many thousand volumes of its library,
together with much valuable furniture, apparatus, and other of its
property totally destroyed, by the fire of October twenty-seventh,
eighteen hundred and ninety-five; now, therefore, for the purpose of
restoring the university to its original efficiency by repairing the
old buildings or erecting new, and by providing necessary books,
apparatus, and furniture:

1. Be it enacted by the general assembly of Virginia, That the
rector and visitorsof the University of Virginia be, and they are
hereby, authorized at any meeting at which a majority of said visi-
tors shall be present, to borrow money, and to issue bonds therefor,
to an amount not exceeding two hundred thousand dollars, either
registered or with coupons for interest, or in part of one elass and
in part of the other, and convertible from one class into the other at
the pleasure of the holder, in sums of one hundred dollars, or any
multiple thereof, bearing.date on some day in the year eighteen
hundred and ninety-six, payable forty years after date, with interest
from date at a rate not exceeding six per centum per annum; but
containing on their face the reservation of right to the said rector
and visitors to pay the whole or any part of said bonds at any time
after ten years from their date.

2. The bonds authorized hereby to be issued shall be exempt from
taxation in any manner by the state of Virginia, or by any county,
city, town, or other corporation exercising powers of taxation under
the authority of this commonwealth.

3. For the purpose of securing payment of said bonds, the said
rector and visitors are hereby authorized to convey by deed of trust
all the property belonging to or held to the said university, subject
to any previous pledge thereof which has heretofore been made.

4. The sum of ten thousand dollars per annum, in addition to the
forty thousand dollars provided for by section fifteen hundred and
fifty-four of the code of Virginia, shall be paid to the rector and visi-
tors of the University of Virginia, in equal semi-annual installments,
at such times as they may fix. The saidsum of ten thousand dollars
per annum shaJl be used by the said rector and visitors for the sole
purpose, and no other, of paying the interest as it shall accrue on
the bonds authorized by this act to be issued, and of providing a
sinking fund for the payment of the principal thereof.

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