Chap. 786.—An ACT to enable the rector and the board of visitors of the
Virginia agricultural and mechanical college and polytechnic institute to
provide needed accommodations and equipment for students, and to appro-
priate money for interest and a sinking fund.

Approved March 65, 1900.

Whereas the Virginia agricultural and mechanical college and poly-
technic institute is now seriously overcrowded with students, and has
not shop, laboratory, or dormitory room, or the machinery and apparatus
sufficient for their proper accommodation and instruction; now there-
fore, in order to furnish the buildings and appliances needed, and to
enable it to receive all applicants seeking admission to its halls,

1. Be it enacted by the general assembly of Virginia, That the
rector and board of visitors of the Virginia agricultural and mechanical
college and polytechnic institute, 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
one hundred 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 nineteen hundred, payable forty years after date, with in-
terest from date, at a rate not exceeding five per centum 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, said bonds not to be sold or negotiated for
less than their par value.

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, citv,
town, or other corporation exercising powers of taxation under the au-
thority 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 by the said Virginia agricultural and
mechanical college and polytechnic institute, subject to any previous
pledge thereof which has been made.

4. The sum of six thousand ($6,000) dollars per annum, in addition to
the appropriation allowed the institution by the general assembly, shall
be paid to the rector and board of visitors of the Virginia agricultural
and mechanical college and polytechnic institute in equal semi-annual
instalments at such times as they may fix. The said sum of six thou-
sand ($6,000) dollars per annum shall be used by the 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
sinking fund for the payment of the principal thereof.

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