Amount of loan. Rate of interest. and redemption of Commencement. Loan to be made fund to the rector university. CHAP. 29.-An ACT authorizing the visitors of the university of Virginia to borrow money for finishing the buildings thereof.* (Passed February 24th, 1820.) 1. Be it enacted by the general assembly, That the visitors of the university of Virginia shall be, and they are hereby authorized, for the purpose of finishing the buildings thereof, to borrow from any of the banks of this commonwealth, or from any other person, body politic or corporate, any sum of money not exceeeding sixty thousand dollars, at a rate of interest not exceeding six per centum per annum, and to pledge for the payment of the interest, and redemption of the principal, of the money so borrowed, any part of the annual appropriation of fifteen thousand dollars heretofore made by law to the said university: Provided, That the aforesaid pledge shall not extend to the commonwealth, or beyond the aforesaid annual appropriation of fifteen thousand dollars. 2. This act shall commence and be in force from and after the passing thereof. CHAP. 30.-An ACT concerning the university of Virginia.t (Passed February 24th, 1821.) 1. Be it enacted by the general assembly, That out of such mofrom the literary ney as shall hereafter be received by the president and directors of and visitors of the the literary fund, from the government of the United States, or out of such other money as may be at the disposal of the said president and directors, and not otherwise appropriated by law, there shall be loaned by the said president and directors, to the rector and visitors of the university of Virginia, for the purpose of completing the buildings and making the necessary preparations for putting the said university into operation, any sum which may be required by the said rector and visitors, not exceeding sixty thousand dollars, at an interest of six per centum per annum, to be paid out of the annual appropriation heretofore made by law for the endowment of Appropriations for the said university: Provided, always, That nothing herein conprimary schools, tained shall be so construed as to affect the appropriations made, or not to be hereby affected. intended to be made, for the support of primary schools. Rate of interest. Provision in case of deficiency in li terary fund for this object. Rector and visitors may borrow from any person, body politic or corpo rate. Rate of interest. tion of principal. Pledge for redemp 2. Be it further enacted, That if there shall not be sufficient funds at the disposal of the said president and directors, to make the loan hereby authorized, it shall be lawful for the said rector and visitors to borrow, within the limit aforesaid, from any person, body politic or corporate, for the purpose aforesaid, any sum which they may deem expedient, at an interest not exceeding six per centum per annum, payable out of the appropriation aforesaid, and to pledge, for the redemption of the principal of such loan, the surplus of the said appropriation, over and above what may be necessary to pay the interest upon loans negotiated by them. And it shall be lawful for any of the banks within this commonwealth to lend to the said rector and visitors, upon the terms and conditions herein prescribed, the whole, or any part of the money which they are hereby authorized to borrow: Provided, That the said rector and ceed sixty thou- visitors shall not be authorized, in virtue of this act, to borrow more than the aforesaid sum of sixty thousand dollars. Banks authorized to lend. Loan not to ex sand dollars. *Acts 1819-20, ch. 13, p. 14. Vid. post. ch. 31, § 1. Acts 1823-4, ch. 7, p. 10. + Acts 1820-21, ch. 11, pp. 15, 16. Vid. acts 1823-4, ch. 9, § 1, p. 10, and post. ch. 33. loaned from the be deferred. 3. Be it further enacted, That the payment of the principal Payment of prinsum of money heretofore loaned by the president and directors of cipal heretofore the literary fund, to the rector and visitors of the university, shall literary fund, may be deferred, if the said rector and visitors require it, until the same shall become payable pursuant to the provisions of this act: Pro- Interest thereon vided, however, That the interest thereon shall be annually paid out to be paid. of the appropriation aforesaid. appropriation to what purposes. 4. Be it further enacted, That the surplus of the said annual Surplus of annual appropriation made for the endowment of the university, over and the university above what may be necessary for payment of the interest on loans pledged, and for already made to them, and the loan or loans that may be negotiated under this act, shall be, and the same are hereby pledged, for the redemption of the principal sums loaned and to be loaned as aforesaid, after the following manner, that is to say: first, for the redemption of the principal sum or sums which may be borrowed of any person, body politic or corporate, other than the president and directors of the literary fund, in such manner as shall have been agreed upon between the lender and the said rector and visitors; and next, for the redemption of the principal sum borrowed and to be borrowed of the said president and directors, in such manner as the legislature may hereafter prescribe: Provided, That no- Proviso. thing in this act contained, shall be so construed as to pledge the faith of this state to the payment of any sum or sums of money, other than the fifteen thousand dollars annually appropriated to the university.(a) 6. All acts and parts of acts, coming within the purview of this Repealing clause. act, shall be, and the same are hereby repealed. 7. This act shall commence and be in force from and after the Commencement. passing thereof. CHAP. 31.-An ACT to require all annual reports to be made to the legislature on the first day of the session, and for other purposes.* 3. Be it further enacted, That when soever any visitor of the Regulation concerning visitors said university shall have failed to perform the duties of his office failing to perform for twelve months, it shall be the duty of the board, at their next duties of office. meeting after the expiration of the said twelve months, to enter such failure in the minutes of their proceedings; and if no sufficient cause for such failure be shewn to the board, they shall cause it to be certified to the executive, that the seat of such visitor is vacated, in order that the vacancy may be supplied: But if sufficient cause for such failure be shewn to the said board, at any time before they shall have certified the same to the executive as aforesaid, the seat of such visitor shall not thereby be vacated. If, however, so many of the said visitors shall, at any time, fail to perform the duty for one whole year, as not to leave a quorum to form a board without them, it shall be the duty of the rector to certify such failure to the exe (a) Section 5 omitted, and inserted under the title LITERARY FUND, relating to primary schools, colleges and academies, and not to the university. Vid. ante. ch. 17. Preceding sections inserted under the title REPORTS TO LEGISLATUre. Ante, ch. 14. See also section 2d of same chapter, requiring reports of the rector and visitors of the university to be made to the board of the literary fund, to be laid before the legislature at the commencement of each session. Acts 1822-3, ch. 10, pp. 12, 13. Commencement. Preamble. Loan directed to part of the literary fund. cutive; and thereupon the seats of such visitors shall be vacated, and the executive shall proceed to fill the vacancies. 4. This act shall commence and be in force from the passing thereof. CHAP. 32.-An ACT concerning the university of Virginia, and for other purposes." (Passed February 5th, 1823.) Whereas it is represented to the general assembly, by the rector and visitors of the university of Virginia, that the sums of money heretofore appropriated for the buildings of the said university, have been found insufficient for that object, and that it is highly expedient that the said buildings should be completed before the institution is put into operation: 1. Be it enacted by 'the general assembly, That out of the uninthe university, of vested capital, now lying in the literary fund, there shall be loaned by the president and directors of the said fund, to the rector and visitors of the university of Virginia, for the purpose of completing the buildings, and making the necessary preparations for putting the said university into operation, any sum which may be required by the said rector and visitors, not exceeding sixty thousand dollars, at an interest of six per centum per annum, to be paid out of the annual appropriation heretofore made by law for the endowment of the said university. Rate of interest. Provision for redemption of principal. Repealing clause. Commencement. Preamble. leased from pay ment of interest on certain loans. 2. Be it further enacted, That the surplus of the said annual appropriation made for the endowment of the university, over and above what may be necessary for the payment of the interest on loans already made to them, and the loan or loans which may be negotiated under this act, shall be, and the same is hereby pledged for the redemption of the principal sums loaned, and to be loaned as aforesaid, in such manner as the legislature may hereafter prescribe.(a) 8. All acts and parts of acts, coming within the purview of this act, shall be and the same is hereby repealed. 9. This act shall commence and be in force from and after the passage thereof. CHAP. 33.-An ACT concerning the university of Virginia.t (Passed January 27th, 1824.) Whereas it is represented to this general assembly, by the rector and visitors of the university of Virginia, that, were its funds liberated from their present incumbrances, the institution might go into operation at the close of the year eighteen hundred and twentyfour; and it is deemed expedient to adopt the necessary measures for effecting so desirable an object: The university re- 1. Be it therefore enacted, That the annual appropriation of fifteen thousand dollars, made by law to the said university, shall be, and the same is hereby discharged from the payment of interest on the several loans made by virtue of the several acts following, to wit: one act, passed February the twenty-fourth, eighteen hundred See acts of 1819, and twenty, entitled, "an act authorizing the visitors of the uni ch. 13; acts of 1820, ch. 11; and acts of 1822, ch. 11. 10. *Acts 1822-3, ch. 11, p. 13. Vid. post. ch. 33. Acts 1823-4, ch. 7, § 1, p. (a) Remaining sections inserted under the title LITERARY FUND. Ante, ch. 21. Acts 1823-4, ch. 7, pp. 9, 10. 66 to redeem the versity of Virginia to borrow money for finishing the buildings thereof;" one other act, passed February the twenty-fourth, eighteen hundred and twenty-one, entitled, an act concerning the university of Virginia;" and one other act, passed February the fifth, eighteen hundred and twenty-three, entitled, an act concerning the university of Virginia, and for other purposes;" and, also, from all liability Also, from liability for the redemption of the pledge or pledges contained in all or any pledges made by of the acts aforesaid: Provided always, That nothing in this act acts authorizing contained shall be so construed as to prevent the general assembly Proviso. of this commonwealth, at any future session thereof, from directing the funds hereby liberated, to be again applied to the payment of the debts created by authority of the several acts herein referred to, if, in their discretion, such a measure shall be deemed proper. (a) those loans. be paid out of fund. 2. Be it further enacted, That the aforesaid interest upon the Such interest to said loans shall be paid, in conformity to the terms thereof, out of surplus revenue, any surplus revenue, or uninvested income, belonging to the literary &c. of literary fund: Provided always, That if any portion of the income of the Proviso. literary fund, derived or to be derived from escheats, confiscations, forfeitures, derelict personal property, fines, and pecuniary penalties, shall be used by virtue of the provisions in this act contained, and the calamities of war should at any future time render it proper for the legislature to withdraw from the literary fund any part of the capital thereof, remaining vested therein under the authority of the tenth section of the act passed March the third, eighteen hun- See R. Code of dred and nineteen, entitled, an act to reduce into one act the seve- 84. ral acts concerning the literary fund," such portion of the said capital shall be exempted from the operation of the act authorizing the same to be withdrawn, as may be sufficient to leave in the said fund a sum equal to the amount, with interest, arising from escheats, confiscations, forfeitures, derelict personal property, fines and pecuniary penalties, which may have been used as aforesaid, by virtue of the provisions of this act: And provided, also, That nothing in Farther proviso. this act contained shall be so construed as to affect the appropria tion made for the support of the primary schools. 1819, vol. 1, p. 3. This act shall commence and be in force from and after the Commencement. passage thereof. CHAP. 34.-An ACT for extending the charter of the farmers' bank of Vir ginia. to the university of Virginia. 3. The aforesaid sum of fifty thousand dollars, or such part Loan authorized thereof as shall be required, shall be loaned by the president and directors of the board of public works, if the said board think it expedient, to the rector and visitors of the university of Virginia, (for the purposes herein after mentioned,) for a period not exceeding one year: Provided, That satisfactory assurance can be given Proviso. to the board of public works, that the sum so loaned can be reim (a) Vid. ante. ch. 29, 30, § 2-4, ch. 32, § 2. These sections are extracted from the act extending the charter of the farmers' bank. The second section of the act requires a bonus from the bank of fifty thousand dollars in consideration of the extension of its charter, and this is the sum by the 3d section authorized to be loaned to the university. Acts 1823-4, ch. 8, § 3, 4, 5, p. 11. The amount appropriated by the 4th section was paid to the institution in 1825.-Governor's message, journal house of delegates, 1825-6, p. 8. Part of the debt from the govern ment of the United States, be stowed upon the university; and pledged for payment of the loan. Books and appa versity, to be purchased. bursed to them, with lawful interest, out of the fund herein appropriated to that purpose. 4. Be it further enacted, That the rector and visitors shall be entitled to receive, out of the first monies which shall be paid by the government of the United States, for the balance of the debt due to this commonwealth, on account of advances and expenditures during the late war, a sum not exceeding fifty thousand dollars, and so much more as will be sufficient to pay the interest on the loan aforesaid: and the monies so received by the rector and visitors, out of the debt due from the government of the United States, are hereby pledged for the re-payment of the money so to be loaned by the board of public works. 5. The money so borrowed by the rector and visitors, or, if none ratus for the uni- be borrowed by them, the money so received from the government of the United States, shall be applied to the purchase of such books and apparatus for the university, as the said rector and visitors shall think proper. Visitors of the uni versity authorized to borrow money CHAP. 35.-An ACT altering the stated meetings of the visitors of the university, and for other purposes.* [Passed March 7th, 1827.] 1. Be it enacted by the general assembly, That the visitors of the university of Virginia be, and they are hereby authorized, for the to pay debts of the purpose of paying the debts of the said university, to borrow from university. the banks of this commonwealth, or from any person, body politic or corporate, any sum of money not exceeding twenty-five thousand dollars, at a rate of interest not exceeding six per centum per Fund pledged for annum, and to pledge for the payment of the interest, and redempredemption of the tion of the principal of the money so borrowed, any part of the annual appropriation of fifteen thousand dollars heretofore made by law to the university, and any part of its other income which has not been otherwise applied: Provided, That the aforesaid pledge shall not in any manner bind the commonwealth. loan. Proviso. Meeting of visitors when to be held. Commencement. Executive to loan the university. 2. Be it further enacted, That instead of the stated meetings of the university on the first Mondays in April and October, as heretofore prescribed by law, the stated meetings shall be held at such times not less than once in each year, as the visitors shall from time to time prescribe.(a) 3. This act shall be in force from and after the passage thereof. CHAP. 36.-An ACT concerning the armory, and for other purposes.t (Passed March 8th, 1827.) 9. Be it further enacted, That the executive be, and they are arms for the use of hereby authorized to loan to any person who may be authorized by the visitors of the university of Virginia, to open a school of military instruction at the university, a number of muskets not exceeding one hundred: Provided, The said person shall give bond and security for the preservation and return of the said arms, when required by the executive; the arms to be hereby loaned to be of the smallest calibre. *Acts 1826-7, ch 5, p. 9. (a) Heretofore prescribed, 1 Rev. Code 1819, ch. 34, § 7, p. 91. † Acts 1826-7, ch. 6, § 9, p. 11. The remaining sections relate to the armory and the public arms and are inserted in their appropriate place. |