CHAPTER 425

An Act to authorize the Rector and Visitors of the University of Virginia
to borrow funds to erect certain dormitories, and to prescribe the
conditions in connection therewith.

(S 128]

Approved March 31, 1960

Be it enacted by the General Assembly of Virginia:
1. § 1. The Rector and Visitors of the University of Virginia are hereby
authorized to borrow funds from the United States or any agency thereof
or from any other source for the purpose of building not exceeding seven
dormitories to house one hundred twenty students each at a total cost not
to exceed three million dollars and to issue revenue bonds for the repay-
ment of said loan which bonds shall be solely payable from the revenue
derived from rentals received from students occupying such dormitories;
provided, however, that the Commonwealth of Virginia shall not at any
time be required to provide funds for the operation or maintenance of said
dormitories. ,

The full faith and credit of the State shall not be pledged to secure 1n
any way any such bonds.

The construction shall be in accordance with the Manual for the
Planning and Execution of Capital Outlays, Commonwealth of Virginia.

Priority in the assignment of these rooms shall be given to residents
of Virginia.

Chapter 3 of Title 23 of the Code of Virginia, as now or hereafter
amended, shall be complied with in all other respects in such transactions.