Private Acts of 1970 Chapter 271

SECTION 1. That Franklin Special School District, Williamson County, Tennessee,
created by Chapter 563 of the 1949 Private Acts of Tennessee, is hereby authorized to borrow
money and issue its negotiable bonds therefor in the aggregate principal amount of not exceeding
one million, five hundred thousand and no/100 dollars ($1,500,000.00) for the purpose of
constructing, improving and equipping school buildings and additions thereto for said school
district, together with the purchase of necessary sites in connection therewith. Said bonds shall
bear interest at a rate or rates not exceeding the legal rate of interest for written contracts,
payable annually or semi-annually, and shall mature serially or otherwise in not exceeding thirty
(30) years after date thereof as may be provided by resolution of the Board of Education of said
school district. Said bonds shall be in such form and of such denominations, may be made
subject to redemption prior to maturity with or without premium, and shall be sold as a whole or
in part from time to time in such manner as the Board of Education may provide by resolution,
but in no event shall such bonds be sold for less than 98% of par value, plus accrued interest.
The Board of Education is authorized and empowered to do and perform all acts which may be
necessary or desirable in connection with the issuance and sale of said bonds. No election shall
be necessary for the authorization of said bonds, and the provisions of Section 9 of Chapter 563
of the 1949 Private Acts of Tennessee shall not be applicable to bonds issued hereunder. Said
bonds shall be signed by the Chairman of the Board of Education and attested by the Secretary of
said board, and the coupons attached thereto shall be signed with the facsimile signatures of said
officials.

SECTION 2. That for the purpose of paying the principal of and interest on the school
bonds herein authorized there is hereby levied a continuing annual tax of seventy-five cents (75¢)
on each One Hundred Dollars ($100.00) worth of taxable property in said Franklin Special
School District, beginning with the year 1970 and continuing until said bonds shall have been
paid in full as to both principal and interest. Said taxes shall be annually extended and collected
by the county officials of Williamson County in the manner provided by the general law for the
extension and collection of county taxes and shall constitute a lien on the property against which
they are levied with like force and effect as do county taxes. The proceeds of said taxes, as
collected, shall be placed in a special funds and shall be used solely for the purpose of paying
principal of and interest and redemption premiums on the school bonds herein authorized.

SECTION 3. That the bonds herein authorized shall be exempt from all state, county and
municipal taxation in the State of Tennessee.

SECTION 4. That if any one or more provisions of this Act or the application thereof to
any person or circumstance shall ever be held by any court of competent jurisdiction to be
invalid the remaining provisions hereof and the application thereof to persons or circumstances
other than those to which it is held to be invalid shall not be affected thereby and to this end the
provisions of this act are declared to be severable.

SECTION 5. This Act shall take effect upon becoming a law, the public welfare
requiring it.

COMPILER'S NOTE: The Private Acts of 1970, Chapter 207, appears to include the same
language as the act above, except in Section 5 it provides for local approval by the Quarterly
County Court.

Passed: February 18, 1970.