Chap. 221.—An ACT to amend and re-enact Sections 1 and 2 of an act en-
titled “An act to authorize the governing boards of the University of
Virginia, the Virginia Polytechnic Institute, the Virginia Normal and In-
dustrial Institute and the State Teachers Colleges at Farmville and Harrison-
burg to issue and sell, through the commissioners of the sinking fund,
certificates of indebtedness in the name and on behalf of their institutions,
respectively, to raise funds for dormitory construction purposes and for the
construction of a power and heating plant at the Virginia Polytechnic
Institute, subject to the conditions and limitations contained in this act;
to provide for the payment of the interest thereon and the principal thereof
at maturity; to authorize and require the State Board of Education to sell
any State bonds held as a part of the literary fund, when so directed by
the Governor, and to invest the proceeds derived from the sale of such
bonds in the certificates of indebtedness issued under the provisions of this
act and to authorize and require the State Board of Education, when so
directed by the Governor, to invest any uninvested portion of the literary
fund in the certificates of indebtedness issued under the provisions of this
act: which follows the plan of the Noell Act, Chapter 489, Acts of 1926,
adopted in the budget”, approved February 28, 1928, as heretofore amended,
so as to authorize the governing body of the State Teachers College at
Farmville to issue and sell in accordance with the provisions of the said
act certificates of indebtedness in an additional amount not to aot Ty

B 13

Approved March 26, 1938

1. Be it enacted by the General Assembly of Virginia, That sec-
tions one and two of an act entitled “an act to authorize the governing
boards of the University of Virginia, the Virginia Polytechnic Insti-
tute, the Virginia Normal and Industrial Institute and the State
Teachers Colleges at Farmville and Harrisonburg to issue and sell,
through the commissioners of the sinking fund, certificates of indebted-
ness in the name and on behalf of their institutions, respectively, to
raise funds for dormitory construction purposes and for the construc-
tion of a power and heating plant at the Virginia Polytechnic Inst1-
tute, subject to the conditions and limitations contained in this act;
to provide for the payment of the interest thereon and the principal
thereof at maturity; to authorize and require the State Board of Edu-
cation to sell any State bonds held as a part of the literary fund, when
so directed by the Governor, and to invest the proceeds derived from
the sale of such bonds in the certificates of indebtedness issued under
the provisions of this act and to authorize and require the State Board
of Education, when so directed by the Governor, to invest any unin-
vested portion of the literary fund in the certificates of indebtedness
issued under the provisions of this act; which follows the plan of the
Noell Act, chapter four hundred and eighty-nine, Acts of nineteen
hundred and twenty-six, adopted in the budget”, approved February
twenty-eighth, nineteen hundred and twenty-eight, as heretofore
amended, be amended and re-enacted so as to read as follows:

Section 1. The governing boards of the University of Virginia at
Charlottesville, the Virginia Polytechnic Institute at Blacksburg, the
Virginia Normal and Industrial Institute at Petersburg, the State
Teachers College at Farmville, and the State Teachers College at
Harrisonburg, are hereby severally authorized, through the commis-
sioners of the sinking fund, to issue and sell certificates of indebtedness
in the names and on behalf of the institutions, respectively, to raise
funds for the construction and equipment of dormitories, subject to
the conditions and limitations hereinafter set out; and the governing
board of the Virginia Polytechnic Institute at Blacksburg is hereby
authorized, through the commissioners of the sinking fund, to issue
and sell certificates of indebtedness in the name and on behalf of that
institution to raise funds for the construction, equipment and comple-
tion of a power and heating plant, subject to the conditions and limi-
tations hereinafter set out, and the governing board of the Medical
College of Virginia at Richmond is hereby authorized, through the
commissioners of the sinking fund, to issue and sell certificates of
indebtedness in the name and on behalf of that institution to raise
funds for the payment of its outstanding indebtedness now due or
to become due, subject to the conditions and limitations hereinafter
set out. All buildings constructed with funds, derived from such cer-
tificates of indebtedness shall be as nearly fireproof as is possible and,
except in the case of the two hundred and fifty thousand dollars
($250,000.00) to be borrowed by the Virginia Polytechnic Institute,
and the two hundred and fifty thousand dollars ($250,000.00) to be
borrowed by the Medical College of Virginia, all the money made
available by this act to the institutions named in this act shall be used
only for the construction and equipment of dormitories.

Section 2. The amount of certificates of indebtedness, which may
be issued on behalf of each of the institutions herein named, shall
be as follows:

For the construction and equipment of dormitories: The Uni-
versity of Virginia at Charlottesville an amount not exceeding five
hundred thousand dollars ($500,000.00) ;

The Virginia Polytechnic Institute at Blacksburg an amount not
exceeding one hundred and fifty thousand dollars ($150,000.00) ;

The Virginia Normal and Industrial Institute at Petersburg an
amount not exceeding one hundred and thirty-three thousand, three
hundred and thirty-five dollars ($133,335.00) ;

The State Teachers College at Farmville an amount not exceeding
two hundred and thirty-four thousand dollars ($234,000.00) ;

The State Teachers College at Harrisonburg an amount not ex-
ceeding one hundred thousand dollars ($100,000.00) ;

For the construction, equipment and completion of a necessary
power and heating plant: The Virginia Polytechnic Institute at Blacks-
burg an amount not exceeding two hundred and fifty thousand dollars
($250,000.00).

For the payment of its outstanding indebtedness now due or to
become due: The Medical College of Virginia at Richmond an amount
not exceeding two hundred and fifty thousand dollars ($250,000.00).