An Act authorizing the Visitors of the University of Virginia to borrow money for finishing the buildings thereof.
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 exceeding 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.
This act shall commence and be in force from and after the passing thereof.
Passed the House of Delegates & the Senate Feb: 24. 1820.