 | Legislative history of the University of Virginia as set forth in the Acts of the General Assembly of Virginia, 1802-1927 |  |
1874-5.
An act to prohibit the Condemnation of Lands belonging to
Lunatic Asylums, the Institution for the Deaf, Dumb, and Blind,
or to any University, College or Seminary of Learning. Approved
Jan. 19, 1875.
"1. Be it enacted by the general assembly of Virginia, That it
shall not be lawful for any company incorporated for any work of
internal improvement, or for any county, city, town, or other corporation,
the proper authorities, for any purpose whatever, any lands belonging
to any lunatic asylum of the state, to the institution for the
deaf, dumb and blind, or to any incorporated university, college,
or seminary of learning: Provided said lands are attached to and
used for the purposes of said asylum, institution, university, college,
or other seminary of learning; and provided, that the consent of the
general assembly be had in any case in valuing the lands of any
institution belonging to the state.
2. This act shall be in force from its passage." Acts 1874-5,
p. 42.
Chapter 234. An Act to Consolidate the Existing Debt of the
University of Virginia. Approved March 25, 1873.
"1. Be it enacted by the general assembly of Virginia, That the
rector and board of visitors of the University of Virginia, be and
they are hereby authorized, at any meeting at which a majority of
said visitors shall be present, to issue bonds of the said corporation,
either registered or with coupons, for interest, or in part of the
one class and in part of the other, convertible from one class into
the other at the pleasure of the holder, in sums of $100—, or any
multiple thereof, to run not more than 30 years, bearing interest at
a rate not exceeding eight per centum per annum, such interest to
be payable at such place as the board of visitors shall designate.
2. The amount of the loan hereby contemplated shall not
exceed the sum of $95,000—, and the proceeds thereof shall be
applied exclusively to the redemption of the existing debt of the
University.
3. For the purpose of securing the payment of the said bonds
the rector and board of visitors of the University are hereby authorized
to convey, by deed of trust, all the real estate belonging
to, or held for the said University, and also by said deed to pledge
the annual appropriations made to the University, subject to any
previous pledge of said appropriations which has been heretofore
made. This act shall be in force from its passage." Acts 1874-5,
pp. 275-6.
| Legislative history of the University of Virginia as set forth in the Acts of the General Assembly of Virginia, 1802-1927 | |