University of Virginia Library

—I.—

Whereas, the General Assembly of Virginia at its session
of 1895-'6 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 the
fire of October 27th, 1895" which act was approved January 23rd,
1896, and provided for the issue of bonds by the said Rector and
Visitors to the amount of $200,000. with interest at not exceeding
six per centum payable in forty and redeemable in ten years
from their date, and secured by a deed of trust upon the property
of the said University. Said act further provided that said bonds
were to be exempt from taxation in any manner by the State or by
any county, city, town or other corporation exercising powers of
taxation under authority of the State, and by said act the sum
of ten thousand dollars per annum was appropriated to pay the
interest on said bonds and establish a sinking fund for the redemption

of the principal thereof; and under the said act
bonds to the amount of $200,000 were issued as of May 1st,
1896, and secured by deed of trust on the property of the
University to the said Trust Company as trustee, bearing the
same date and recorded in the County Clerk's Office of Albemarle
County.