Chap. 83.—An ACT to validate the issuance and sale of eighty-five thousand
dollars street and school improvement bonds of the town of Franklin, and
to provide for the payment thereof. {[S B 264]

Approved February 25, 1922.

Be it enacted by the general assembly of Virginia as follows:

1. That an issue of eighty-five thousand dollars street and school
improvement bonds of the town of Franklin in the county of South-
ampton, authorized to ‘be issued by the vote of a majority of the
qualified voters of said town voting at an election held therein on
the twelfth day of April, nineteen hundred and twenty-one, payable
thirty years after the date thereof, and bearing interest at the rate
of six per centum per annum, payable semi-annually, and all proceed-
ings heretofore taken for the issuance and sale of said bonds, includ-
ing all sales heretofore made are hereby validated, approved and
confirmed.

2. While said bonds or any of them remain oustanding and un-
paid, there shall annually be levied by the council of said town of
Franklin upon all of the taxable property of said town, in the manner
prescribed by general law, a tax sufficient to pay the ‘semi-annual
interest on said bonds, and to provide a sinking fund sufficient to pay
the principal thereof at maturity, and all moneys so raised, and all
moneys received as the purchase price of said bonds or any of them,
shall be deposited in a depository or depositories to be designated or
appointed by the said council, which may require such security as
it deems necessary, and disbursed or invested in the manner provided
by law.

3. An emergency existing this act shall be in force from its
passage.