University of Virginia Library

I.

Whereas, the General Assembly of Virginia at its regular
session of 1895-6 enacted and passed an act, entitled,
"An act to enable the Rector and Visitors of the University
of Virginia to repair the loss sustained by that institution
by fire of October 27th, 1895." which is in words and figures
as follows, to-wit:

Whereas, the principal buildings of the University of
Virginia were nearly destroyed, and many thousand volumes of
its library, together with much valuable furniture, apparatus,
and other of its property totally destroyed by the fire of
October twenty seventh eighteen hundred and ninety five; now,
therefore, for the purpose of restoring the University to its
original efficiency by repairing the old buildings, or erecting
new, and by providing necessary books, apparatus and furniture:
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 borrow money, and
to issue bonds therefor, to an amount not exceeding two hundred
thousand dollars, 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 One hundred dollars, or any multiple
thereof, bearing date on some day in the year Eighteen hundred
and ninety six, payable forty years after date, with interest
from date at a rate not exceeding six per centum per annum;
but containing on their face the reservation of the right to
the said Rector and Visitors to pay the whole or any part of
said bonds at any time after ten years from their date.

2. The bonds authorized hereby to be issued shall be exempt
from taxation in any manner by the State of Virginia, or by
any county, city, town or other corporation exercising powers
of taxation under the authority of this Commonwealth.

3. For the purpose of securing payment of said bonds, the
said Rector and Visitors are hereby authorized to convey by
deed of trust all the property belonging to or held to the
said University, subject to any previous pledge therof which
has heretofore been made.

4. The sum of ten thousand dollars per annum, in addition
to the forty thousand dollars provided for by section fifteen
hundred and fifty four of the Code of Virginia, shall be paid
to the Rector and Visitors of the University of Virginia, in
equal semi-annual instalments, at such times as they may fix.
The said sum of ten thousand dollars per annum shall be used
by the said Rector and Visitors for the sole purpose, and no

other, of paying the interest as it shall accrue on the bonds
authorized by this Act to be issued, and of providing a sinking
fund for the payment of the principal thereof.

5. This Act shall be in force from its passage.

Which said Act was duly approved by the Governor of the State
on the 23d day of January, 1896.