18 REPORT OF THE

president and Board of Visitors, until they shall have in-
vited bids, upon specifications furnished, and entered into
a contract with responsible parties, for the construction of
said buildings, which contract shall have been approved
by the Board of Public Works.

The Board of Visitors having satisfied the Board of
Public Works, that they had invited bids, upon specifica-
tions furnished, and entered into a contract with responsi-
ble parties, for the construction of said buildings, and the
contract having been, with the advice of the Attorney
General, approved by the Board of Public Works, the
Treasurer has agreed with said Board of Visitors, to issue
the said bonds, as they may be required, to the said Board
of Visitors, at their par value, free from any expense to
the State for the cost of preparation and printing said
bonds.

The buildings have accordingly been commenced, and
are in course of construction under the contract.

OVERDUE AND MATURING STATE BONDS.

The Act of 1870, chapter 275, provides for the renewal
of the bonds and certificates of indebtedness of the State,
due and to become due in the present year, and authorizes
the Treasurer "to issue new bonds or certificates of debt,
countersigned by the Comptroller, of like amount, and
bearing the same rate of interest, as the bonds for which
they may be respectively substituted, with coupons for the
semi-annual interest thereon, and redeemable in not less
than ten nor more than fifteen years, which said new bonds
shall be numbered and lettered to correspond with the
bonds for which they are substituted," &c In compliance
with this Act, the Treasurer has had the new bonds pre-
pared and a large number have, since the close of the
fiscal year, been exchanged for the old issue, which latter
have been cancelled as directed by said Act.