The Town Council of the Town of Franklin shall be and they are hereby authorized, empowered, and directed to issue bonds of their Town to be styled “Public Improvement Bonds of the Town of Franklin” to an amount which in the discretion of the Town Council will meet with the necessary public improvements authorized herein, and of the denomination and of the proportion as the Town Council shall deem advisable; the bonds to be signed by the Mayor of the Town of Franklin and countersigned by the Clerk of the Town Council of the town, and to be of the form and tenor and transferable in the way and the principal thereof payable or redeemable at the time or times, not exceeding 40 years from the date thereof, at the place or places as the Town Council of the Town of Franklin may determine; that none of the bonds may be disposed of at a less price than their par value, and the bonds may be issued at the time or times and in the amount or amounts as may be deemed best by the Town Council of the town to meet the expenditures contemplated by this Act and provided for herein. The bonds shall bear interest from the date of issuing thereof at a rate not to exceed 6% per annum, with interest coupons attached, payable annually or semiannually as the Council may determine, and at the time or times and at the place or places as may be deemed advisable by the Town Council: Provided, that the bonds so issued as provided for herein shall not exceed in the aggregate the sum of $30,000. (Pr. Laws 1915, C. 189, Sec. 3; Am. Ord. 2017-006, adopted 5-15-17)