Turning a Subversion Directory into a Repository?

I have a subversion repository, we'll call "experiments".. Inside that
directory I manage alot of various source code, and one piece of code in
particular has "grown up" and I want to manage it as it's own repository,
but I want to preserve what little history already exists. So essentially,
is there any way I can turn a subdirectory within a repository into a new
repository & maintain history?

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Randall Hand
Visualization Scientist
ERDC MSRC-ITL