CHAPTER 214
AN ACT to amend the Code of 1950 by adding a section numbered
2-291.1 to provide for the refinancing in whole or in part of

certain obligations of State institutions.
[S 175]
Approved March 15, 1950

Be it enacted by the General Assembly of Virginia:
1. That the Code of 1950 be amended by adding a section num.
bered 2-291.1, as follows:

§ 2-291.1. Refinancing obligations of State institutions.—The
governing board of any State institution is authorized whenever
it deems proper to provide for the refinancing and consolidation of
the obligations of such institutions in which General Sinking Fund
moneys are invested, and the Treasury Board may arrange therefor
on application of any such governing board. Such refinancing and
consolidation may be with respect to all or any part of the obliga-
tions of such institution so held. The obligations replacing those
so held by the Treasury Board shall bear such interest rate, run
for such term and contain such conditions as the Treasury Board
and the governing board -of the institution, respectively, agree to.

In refinancing and consolidating any such obligations, the
Treasury Board shall receive the cost to it of such obligations so
refinanced or consolidated.