 | Legislative history of the University of Virginia as set forth in the Acts of the General Assembly of Virginia, 1802-1927 |  |
1906.
Chapter 129. An ACT to make further appropriations of the
public revenues for the two fiscal years ending February 28, 1907,
and February 29, 1908, for the following purposes, to-wit,
buildings and improvements at the University of Virginia, * * ,
and for other purposes. Approved March 10, 1906.
"1. Be it enacted by the general assembly of Virginia, That the
following named sums of money be, and the same are hereby appropriated
out of any moneys in the treasury, not otherwise appropriated,
for the following purposes and subject to the following
restrictions and conditions, to-wit:
5. $85,000.00 to the University of Virginia for buildings and
improvement; provided, that not more than $40,000 shall be paid
out of the treasury during the fiscal year ending March first, 1907."
Acts 1906. p. 209.
Chapter 146. An ACT to authorize the rector and visitors of
the University of Virginia to issue new bonds, secured by deed of
secured in like manner. Approved March 10, 1906.
"Whereas, under and by virtue of an act of the general assembly
of Virginia, entitled `an act to enable the rector and visitors of the
University of Virginia to repair the loss sustained by that institution
in the fire of October 27th, 1895', approved January 23rd, 1896,
and said rector and visitors issued bonds for the purposes named in
said act to the amount of $200,000.00, which matured in forty
years and were non-taxable and bore interest at the rate of five
per centum per annum, and were secured by a deed of trust upon the
property, real and personal, of said university, executed to the Virginia
trust company as trustee, and bearing date on the first of May,
1896, which deed of trust was duly recorded in the clerk's office
of the county court of Albemarle county; and Whereas, by the
terms of said act the sum of $10,000 per annum was appropriated
to meet the interest of said bonds and provide a sinking fund for
the payment of the principal thereof, which said sum is inadequate
for both of these purposes, but would be sufficient if said bonds
carried a lower rate of interest; and
Whereas according to the terms of the said bonds and deed of
trust, the said rector and visitors have the right to call in and pay
off the same after ten years from the date thereof, and it is deemed
advisable to give the said rector and visitors authority to negotiate
a new loan in place thereof, bearing a lower rate of interest and
secured by a new deed of trust, but without interfering with the
purpose of the general assembly as declared in said act of appropriating
the annual amount aforesaid on account of the interest
and sinking fund; therefore,
1. Be it enacted by the general assembly of Virginia, That the
rector and 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 and authorize the issue of bonds to an
amount not exceeding $200,000, either registered or with coupons
for interest, or in part of one class and in part of the other, and
convertible from one class into the other at the pleasure of the
holder, in sums of $100 each, or any multiple thereof, and bearing
interest at the rate of four per centum per annum, which said bonds,
or their proceeds, shall be used to retire the bonds of the university,
now outstanding under the act aforesaid, and may be exchanged,
at not less than par value and the proceeds used in paying off said
bonds now outstanding.
2. For the purpose of securing payment of the said bonds, the
said rector and visitors are hereby authorized to convey, by deed of
trust, any or all the property belonging to or held by the said university,
and the said bonds shall be payable, as specified in the said
act of January 23rd, 1896, and shall be subject to all the immunities
and exemptions specified in said act with respect to the
bonds issued thereunder.
3. In case, however, the holders of the said bonds now outstanding
are willing to accept interest at the rate of four per centum
per annum thereon, the said rector and visitors may, in their discretion;
cause such bonds, with the coupons annexed, to be so
stamped or marked as to show that they bear interest at the rate
of four instead of five per centum per annum, in which case no
new bonds will be issued." Acts 1906, p. 229.
Chapter 307. An ACT to make the superintendent of public
instruction ex-officio a member of the board of visitors of the University
of Virginia. Approved March 17, 1906.
"1. Be it enacted by the general assembly of Virginia, That the
superintendent of public instruction for the State shall be ex-officio
a member of the board of visitors of the University of Virginia.
He shall constitute a member of such board in addition to the nine
other members thereof, which the governor of Virginia is authorized
to appoint by and with the advice of the senate in pursuance
of section 1542 of the Code of Virginia, so as to make the number
of members of the said board ten in place of nine; and he shall have
all powers, duties, and responsibilities that are invested in and imposed
upon the other members of the board by the said Code of
Virginia." Acts 1906, p. 539.
| Legislative history of the University of Virginia as set forth in the Acts of the General Assembly of Virginia, 1802-1927 | |