Chap. 146.—An ACT to authorize the rector and visitors of the unive
Virginia to issue new bonds, secured by deed of trust, for the pur
retiring certain bonds now outstanding and secured in like manner.

Approved March 10, 1906.

Whereas under and by virtue of an act of the general assembly |
«inia, entitled “an act to enable the rector and visitors of the uni
of Virginia to repair the loss sustained by that institution by the
Uctober twenty-seventh, eighteen hundred and ninety-five.” ap
January twenty-third, cighteen hundred and ninety-six, and said
and visitors issued bonds for the purposes named in said act
amount of two hundred thousand dollars, which matured in forts
and were non-taxable and bore interest at the rate of five per cent
annum, and were secured by a deed of trust upon the property, re
personal, of said university, executed to the Virginia trust com)
trustee, and bearing date on the first day of May, eighteen hundr
ninety-six, which deed of trust was duly recorded in the clerk’s ¢
the county court of Albemarle county; and

Whereas by the terms of said act, the sum of ten thousand doll
annum was appropriated to meet the interest upon said bonds at
vide a sinking fund for the payment of the principal thereof, whi
sum is inadequate for both of these purposes, but would be sutti
said bonds carried a lower rate of interest ; and

Whereas according to the terms of the said bonds and deed 0
the said rector and visitors have the right to call in and pay off tl
after ten vears from the date thereof, ‘and it is deemed advisable
to said rector and visitors authoritv to negotiate a new Joan it
thereof, bearing a lower rate of intcrest and secured by a new «
trust, but without interfering with the purpose of the general a:
as declared in said act of appropriating the annual amount afore
account of the interest and sinking fund; therefore,
1. Be it enacted by the general assembly of Virginia, ‘That the rector
and visitors of the university of Virginia be, and they are hereby, an-
thorized, at any meeting at which a majority of said visitors shall be
present, to issue and authorize the issue of bonds to an amount not
exceeding two hundred thousand dollars, either registered or with coupons
for interest, or in part of one class and in part of the other, and con-
vertible from one class into the other at the pleasure of the holder, in
sums of one hundred dollars each, or any multiple thereof, and bearing
interest at the rate of four per centum per annum, which said bonds, or
their proceeds, shall be used to retire the bonds of the university now
outstanding under the act aforesaid, and may be exchanged, dollar for
dollar, for the bonds now outstanding, or, may be sold at not less than
par value and the proceeds used in paying off said bonds now outstanding.

2. For the purpose of securing payment of the said bonds, the said
rector and visitors are hereby authorized to convey, by deed of trust, any
or all the property belonging to or held by the said university; and the
said bonds shall be payable, as specified in the said act of January
twenty-third, eighteen hundred and ninety-six, and shall be subject to
all the immunities and exemptions specified in said act with respect to
the bonds issued thereunder.

3. In case, however, the holders of the said bonds now outstanding are
willing to accept interest at the rate of four per centum per annum
thereon, the said rector and visitors may, in their discretion, cause such
bonds, with the coupons annexed, to be so stamped or marked as to show
that they bear interest at the rate of four instead of five per centum per
annum, in which case no new bonds will be issued.