§ 4679. Additional accounts
§ 4679. Additional accounts The Bank may establish additional reserves or other funds or accounts as may be, in its discretion, necessary, desirable, or convenient to further the accomplishment of its purposes or to comply with the provisions of any of its agreements or resolutions. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March […]
§ 4653. Bond anticipation notes
§ 4653. Bond anticipation notes Notwithstanding any law applicable to any governmental unit as to the period for temporary financing of any public improvement or purpose by issuance of its notes in anticipation of the issuance of permanent bonds or as to the renewal of bond anticipation notes, the Bank may purchase and the governmental […]
§ 4654. Marketability; certification
§ 4654. Marketability; certification All municipal bonds, revenue bonds, or other investments of monies of the Bank provided for under this chapter must at all times be purchased in negotiable form, subject to provision for any registration in the name of the Bank or for issuance in book entry form pursuant to section 1881 of […]
§ 4655. Presumption of validity
§ 4655. Presumption of validity After issuance, all bonds or notes of the Bank shall be conclusively presumed to be fully authorized and issued by all the laws of this State, and any person or governmental unit shall be stopped from questioning their authorization, sale, issuance, execution, or delivery by the Bank. (Added 1969, No. […]
§ 4671. Reserve fund
§ 4671. Reserve fund (a) The Bank shall establish and maintain a special fund called the “Vermont Municipal Bond Bank Reserve Fund” in which there shall be deposited: (1) All monies appropriated by the State for the purpose of the Fund; (2) All proceeds of bonds required to be deposited therein by terms of any […]
§ 4672. Withdrawal or transfer
§ 4672. Withdrawal or transfer Monies in the Reserve Fund or the Revenue Bond Reserve Fund at any time in excess of such fund’s required debt service reserve, whether by reason of investment or otherwise, may, subject to the terms of any contract between the Bank and its bondholders or any resolution of the Bank, […]
§ 4673. Investment
§ 4673. Investment (a) Monies at any time in the Reserve Fund may be invested in the same manner as permitted for investment of funds belonging to the State or held in the Treasury. (b) For purposes of valuation, investments in the Reserve Fund shall be valued at par if purchased at par or at […]
§ 4674. Relation to bond sales
§ 4674. Relation to bond sales Notwithstanding any other provision of this chapter, bonds shall not be issued by the Bank unless there is in the Reserve Fund or Revenue Bond Reserve Fund, as applicable to such bonds, the required debt service reserve for all bonds then issued and outstanding and the bonds to be […]
§ 4650. Interest rates
§ 4650. Interest rates Notwithstanding section 1759 of this title, or any other law applicable to or constituting any limitation on the maximum rate of interest per annum payable on bonds or notes, or as to annual interest cost to maturity of money borrowed or received upon issuance of bonds or notes, or purporting to […]
§ 4651. Exchange of coupon bonds
§ 4651. Exchange of coupon bonds The governing body of the governmental unit may provide for the exchange of coupon bonds for fully registered bonds and of fully registered bonds for coupon bonds and for the exchange of the bonds after issuance for bonds of larger or smaller denominations, all according to the proceedings authorizing […]