University of Virginia Library

1870-71.

Chapter 208. An Act to authorize the Rector and Board of
Visitors of the University of Virginia to issue bonds to Pay Off and
Discharge Their Floating Debt and Maturing Obligations. Approved
March 28, 1871.

"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, and empowered, at any meeting at
which a majority of said visitors shall be present, to issue bonds in
the names of the rector and board of visitors of the University of
Virginia, for a sum not exceeding in the aggregate $30,000—,
and to sell the same, and with the proceeds of sale to pay off and
discharge a corresponding amount of the floating debt and maturing
obligations of the said University of Virginia.

2. That the bonds issued in pursuance of this act shall be made
payable within not less than five nor more than ten years from the
date thereof, and shall bear interest, payable annually, at a rate not
exceeding ten per centum per annum; and for the payment of these
bonds, not only the current revenue of the University of Virginia,
but also the property now held by the commonwealth for the purposes
of the said University of Virginia, shall be held responsible.

3. This act shall be in force from its passage. Acts 1870-71,
p. 298.