Chap. 84.—An ACT to validate the issuance and sale of one hundred and sixteen
thousand dollars water and light bonds of the town of Franklin, and to
provide for payment thereof. ([S B 265]

Approved February 25, 1922.

Whereas, on the twelfth day of April, nineteen hundred and twenty-
one, the qualified voters of the town of Franklin in the county of
Southampton, voting at an election authorized the issuance of one
hundred and sixteen thousand dollars water and light bonds of the
town of Franklin, maturing thirty years from their date and bearing
interest at a rate not exceeding six per centum per annum, payable
semi-annually, for the purpose of completing the water and sewerage
system, including filtering plant, and completing the electric light
plant, all of which plants are, or will be, revenue producing properties ;
both principal and interest of said bonds being payable exclusively
from the receipts of said water and sewerage system, including the
filtering plant and the electric light plant, and

Whereas, said bonds have been sold at not less than the par value
thereof, together with accrued interest to date of delivery; therefore,

1. Be it enacted by the General Assembly of Virginia, That said
one hundred and sixteen thousand dollars water and light bonds of
the town of Franklin in the county of Southampton, and all proceed-
ings heretofore taken for the issuance and sale of said bonds are
hereby ratified, approved and confirmed, and said bonds, when de-
livered to the purchaser, will constitute valid and legally binding
obligations of the town of Franklin, payable exclusively from the
receipts of said water and sewerage system, including the filtering
plant, and the electric light plant of the town of Franklin.

2.. The’ council of the town of Franklin shall annually set aside
out of the gross revenues of the water and sewerage system of the
town, including the filtering plant, and out of the gross revenue of
the electric light plant, sufficient sums annually to provide for the
payment of the semi-annual interest on such bonds, and to provide a
sinking fund sufficient to pay the principal thereof at maturity, and
all moneys so set aside, as well as all funds received as the purchase
price of such bonds 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. =
1. Beit enacted by the general assembly of Virginia, That sectior
thirty-two (32) of an act entitled an act to provide a charter for the
town of Lexington, approved April twenty-eight, eighteen hundred
and seventy-four, be amended and re-enacted so as to read as follows:

32. The levy so made, may be laid on all male and female persons
who are residents of said town, and over twenty-one years of age, and
all personal and real estate within said town, except such persons,
personal and real estate, as are exempt from taxation under the law
of the State; and, also upon all other subjects within said town, as
may at the time be assessed with State taxes, the taxation of which
by cities and towns is not forbidden by general law.

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