The bonds herein provided for shall be for the following purposes: for the improvement, construction, or extension of streets, sidewalks, bridges, sewers, drains, and water-works within the limits of the Town of Franklin as set out in section one of this act, and for no other purposes; and the Town Council of the Town are hereby authorized, empowered, and directed to use, in their discretion, the pro rata portion of the sum or sums realized from the sale of the bonds as the taxable values within the present limits of the Town bear to the taxable values of the extended territory included herein, and to apportion the same to the public improvements in respective areas according to the ratio or pro rata portion: Provided, that neither the polls, real or personal property now outside the corporate limits of the Town of Franklin and proposed to be included within the limits as set out in Section one of this charter, shall ever be taxed to pay any part of the interest or principal of the present indebtedness of the Town of Franklin, bonded or otherwise. (Pr. Laws 1915, C. 189, Sec. 7; Am. Ord. 2017-006, adopted 5-15-17)