University of Virginia Library

1891-92.

Chapter 344. An ACT for the retirement of bonds held by
schools and colleges, and issuing of registered certificates therefor,
and providing for the payment of interest thereon. Approved February
23, 1892.

"Whereas, the friends of education have voluntarily contributed
many millions of dollars for the establishment of schools and colleges
in different parts of the state of Virginia, a large portion of
which has been expended in the purchase of lands and the erection
of suitable buildings thereon, and the residue held as permanent
endowment, about two millions of which are in state bonds: and

Whereas, it appears from acts passed by the general assembly in
1867, and at various other times since then, to be the settled policy

of the State to encourage these efforts for the education of her
citizens, and to co-operate with the generous donors of her bonds,
by paying full interest thereon so long as they shall be held as
endowments, for educational purposes; and

Whereas, it is proper that all obligations of the State held by
schools and colleges be of the same character, and on the same
footing; therefore,

1. Be it enacted by the general assembly of Virginia, That the
schools, colleges, and other educational organizations hereinafter
named, shall, through their duly authorized officers or agents, on
or before the first day of July, 1892, surrender to the second
auditor all evidences of the state's indebtedness which they hold
as endowments for educational purposes.

2. That said auditor shall make and keep a record of all bonds
and other evidences of the state's indebtedness so surrendered to
him, and shall, in the presence of the auditor of public accounts
and treasurer, cancel all such evidences of debt, and issue to those
by whom they have been surrendered registered certificates of debt
for the respective amounts of the bonds and other evidences of debt
surrendered by them.

3. That these certificates shall be non-transferable and redeemable
at the pleasure of the state, and shall set forth that the state
of Virginia is due the respective schools, colleges, and other educational
organizations of learning to which they are issued, the sums
named therein, and that interest thereon shall be paid semi-annually
at the rates and for the amounts now paid by the commonwealth,
as set forth in the report of the second auditor for the fiscal year
ending September thirteenth, 1891, including in addition thereto
interest on the amount herein named held by the Randolph-Macon
Woman's College, at the rate set forth in the bonds it holds, so
long as they are held as endowments for educational purposes.

4. That the second auditor shall, on the first day of January
and July of each year draw his warrant upon the auditor of public
accounts in favor of the following holders of the said certificates
for the respective amounts due them at the aforesaid rate of interest
upon the following sums, to-wit:

University of Virginia, upon the sum of one hundred and forty-eight
thousand and six hundred dollars.

The Dawson fund, thirty-four thousand one hundred and eighty-seven
dollars and sixty-one cents.

5. This act shall be in force from its passage." Acts 1891-2,
p. 573.

Chapter 46. An ACT to authorize the rector and board of
visitors of the University of Virginia to commute the legacy to said
University under the will of Arthur W. Austin. Approved January
11, 1892.

"1. Be it enacted by the general assembly of Virginia, That the
rector and board of visitors of the University of Virginia may, by
arbitration, suit or otherwise, settle, adjust or commute into money,
upon such terms as they may think best, the legacy left to said
University by the will of Arthur W. Austin.

2. This act shall be in force from its passage." Acts 1891-2,
p. 76.

Chapter 159. An ACT to grant to George B. Marshall and his
successors and assigns a right of way through the property of the
University of Virginia for certain purposes. Approved February 4,
1892.

"1. Be it enacted by the general assembly of Virginia, That
George B. Marshall be, and he is hereby, granted a right of way
through the lands of the University of Virginia from a point where
the land of said Marshalls joins those of the University along the
road now in use around the Observatory mountain to where it
enters the road leading from the Observatory to the University,
which right of way shall operate as a continuous easement for the
purpose of ingress and egress for ordinary farm purposes to the
farm of about 197 acres, lying west of said Observatory mountain,
and owned by said Marshall, while said farm is in possession of
said Marshall or of any subsequent owner of the same; provided,
however, that it shall be the duty of said Marshall or the subsequent
owner or owners of said farm of 197 acres, to keep the said road in
good order and to use the same only for ordinary farm purposes,
and upon the failure of any owner of said farm to keep the said road
in good order, or upon its use other than ordinary farm purposes,
the board of visitors of the University of Virginia may give written
notice to said owner to cause said road to be properly repaired, or
to cease the use of the same for other purposes than those herein

specified; and if such owner shall continue in default in either of
these respects thirty days after such written notice is given him, the
said board of visitors shall have the power, if it so elect, to close
said road.

2. This act shall be in force from its passage." Acts 1891-2,
p. 248.