Chap. 3.—An ACT to amend and re-enact Section 17, as amended, of an act entitled
‘““An act to incorporate the town of Franklin, Southampton County.”, approved
March 15, 1876, and to amend said act by adding a new section numbered
17-a, relating to borrowing money, issuing bonds, and levying and collecting
taxes. [H B 17]

Approved February 7, 1946

Be it enacted by the General Assembly of Virginia:

1. That section seventeen, as amended, of an act entitled “An act
to incorporate the Town of Franklin, Southampton County.”, approved
March fifteen, eighteen hundred seventy-six, be amended and re-
enacted, and that said act be amended by adding a new section, num-
bered seventeen-a, which amended section and new section are as follows:

Section 17. The council may also borrow money in anticipation
of the collection of taxes and revenues of the town, in any amount or
amounts not exceeding twenty-five thousand dollars at any one time.
The council may issue negotiable notes or other evidences of debt for all
money borrowed under this section. Such notes or other evidences of
debt may be renewed from time to time, but all such notes or other evi-
dences of debt shall mature within twelve months. No money shall be
borrowed under this section at a rate of interest exceeding six per cent
per annum. The council may levy such taxes on all taxable property
of the town as may be necessary for the payment of principal of and in-
terest on notes or other evidences of debt issued under this section, not-
withstanding any limitation on the rate of taxation in the town, or may
use such revenue of the town as it deems expedient for payment of prin-
cipal of and interest on said notes or other evidences of debt.

Section 17-a. In addition to the emergency borrowing power
granted under section seventeen, the council may borrow money and
issue bonds of the town for the purposes and in the manner prescribed
by the Constitution and the general laws of Virginia. For the payment
of principal of and interest on said bonds the council may levy such taxes
as may be necessary upon all taxable property of the town, notwith-
standing any limitation on the rate of taxation in the town.

2. An emergency exists, and this act is in force from its passage.