Chap. 66.—An ACT to amend and re-enact section 11 of an act entitled an act to
incorporate the town of Franklin, Southampton county. Virginia, approved
March To. VS76, as amended by an act approved December 19, T8891, and to
amend and re-enact section TP? of the charter of the said town, as amended by
an act approved February 19, 180, and to create a sinking fund.

Approved February 17, 1903.

1. Be it enacted by the general assembly of Virginia, That section
eleven of an act entitled “an act to incorporate the town of Franklin,
Southampton county, Virgimia approved March fifteen, eighteen hundred
andl seventy-six, ax amended by an act approved December nineteen, cigh-
teen hundred and ninety-one, be, and the same is here bv, amended and re-
ena a soas to read as follows:

Sit. The said council shall have power to levy such taxes as they may
deem necessary for the purposes of the said town: provided, that all taxes
upon the real and personal property in the said town for town purposes
shall not exceed the amount of sixty-five cents per annum upon the one
hundred dollars assessed value thereof,

. Beat further enacted, That ee seventeen of the charter of the

sid town, as enacted by act approved February nineteen, eighteen hundred

and ninety, be, and the same is hereby, amended and re-enacted so as to
read as follows:

$17. The counei of the said town shall have power to borrow money
from time to time to an amount not exeeeding in the agereeate fifteen
thousand dollars, and for this purpose they may issue, or cause to be
issued, bonds of the town in such amounts as they may decm expedient,
bearing interest at such rate per anmum, not exceeding six per contum
perannumyas they may deen best, which interest may be payable annually
or semi-annually, as they may pre fer: and such bonds shall be pavable at
such time or times, not exceeding twenty vears from their date, as said
council may prescribe: and they may be sold by said council at not less
than par value, and, in the discretion of the council, may contain a pro-
Vision permitting the town at any time after five vears from their date,
and before the maturity of said bends, to redecm and: pay any of them
by paving, on any date at which the interest falls due, the principal and
accrued interest and five per centum premium on the par value of the said
bonds. Said bonds shall not be taxable by the said town.
3. Be it further enacted, That there shall be set apart annually, from
the accruing revenues of the town, a sum at least one per centum of the
town debt now existing, or as hereafter created. The fund thus set apart
shall be called a sinking fund, and shall be applied to the payment or
redemption “ the principal of the town debt. If no part of said debt be
redecmable, then the committer. or town officials having charge of said
sinking fund under the authority of the town couneil, “shall invest the
funds of the sinking fund, when sufficently large, in bends of the State
of Virginia or of the United States, and apply the proceeds of said bonds
to the payment of the town debt as it shall become redeemable in accord-
ance with the provisions of section two. Such committee or town officials
shall make to the town council semi-annually detailed statements of all
the transactions of the said committee or town officials, setting forth the
amount and character of their assets. investments, transfers, issues, ex-
changes, or other business of whatever character, Including the statement
of what. if anv. be due by the town.

This act shall be in force from its passage.