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 15, 1876, as amended by an act approved December 19, 1891, and to
amend and re-enact section 17 of the charter of the said town, as amended by
an act approved February 19, 1890, and to create a sinking fund.

Approved February 17, 1903.

1. Be it enacted bv the general assembly of Virginia, That section
deven af an act entitled “an act to incorporate the town of Franklin,
Southampton county, Virginia,” approved March fifteen, eighteen hundred
and seventy-six, as amended by an act approved December nineteen, cigh-
ten hundred and ninety-one, be, and the same is hereby, amended and re-
ehacted so as to read as follows:

$11. The said council shall have power to levy such taxes as they may
een 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
taki not exceed the amount of sixty-five cents per annum upon the one
lundred dollars assessed value thereof,

2. Be it further enacted, That section seventeen of the charter of the
sd town, as enacted by act approved February nineteen, eighteen hundred
ead ninety, be, and the same is hereby, amended and re-enacted so as to
radas follows: .

$11. The council of the said town shall have power to borrow money
frau time to time to an amount not exceeding in the aggregate fifteen
thousand dollars, and for this purpose they may issue, or cause to be
sued, bonds of the town in such amounts as they may dec expedient,
‘earing interest at such rate per annum, not excceding six per centum
j*fannum, as they may deem best, which interest may be payable annually
“f stii-annually, as they may prefer; and such bonds shall be payable at
sack time or times, not exceeding twenty years from their date, as said
cunel may prescribe; and they may be sold by said council at not less
taan par value, and, in the discretion of the council, may contain a pro-
sion permitting the town at any time after five years from their date,
atd tefore the maturity of said bonds, to redeem and pay any of them
iY paving, on any date at which the interest falls due, the principal and
«cerned interest and five per centum premium on the par value of the said
lands, 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 revenucs 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 of the principal of the town debt. If no part of said debt be
redeemable, then the committee. or town officials having charge of said
sinking fund under the authority of the town council, shall invest the
funds of the sinking fund, when sufficiently large, in bonds 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 any, be due by the town,

4, This act shall be in force from its passage.