Chap. 657.—An ACT to enable the rector and board of visitors of Virginia
agricultural and mechanical college to procure a supply of water, and to
construct and maintain a system of water works, and to appropriate money
therefor, as a sinking fund.

Approved March 3, 1896.

Whereas the Virginia agricultural and mechanical college and the
agricultural experiment station, a department thereof, are greatly
hindered and hampered in their work and growth by a totally insuf-
ficient supply of water, which also leaves them without any protec-
tion whatever in the event of an outbreak of fire; now, therefore,
for the purpose of providing a sufficient supply of water and of
maintaining a system of water works for the uses of the said college
and station, and as a safeguard against fire—

1. Be it enacted by the general assembly of Virginia, That the
rector and visitors of the Virginia agricultural and mechanical col-
lege be, and they are hereby, authorized at any meeting at which a
majority of said visitors shall be present, to borrow money and to
issue bonds therefor to an amount not exceeding fifteen thousand
dollars, either registered or with coupons for interest, or in part of
one class and in part of the other, and convertible from the one class
to 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 contum
per annum, but containing on their face the reservation of right to
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
any 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 Virginia agricul-
tural and mechanical college, subject to any previous pledge thereof
which has heretofore been made.

4, The sum of seven hundred and fifty dollars per annum shall
be paid to the rector and visitors of the Virginia agricultural and
mechanical college in equal semi-annual installments out of such
money in the treasury as is not otherwise appropriated at such times
as they may fix. The said sum of seven hundred and fifty dollars
per annum shall 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.