§ 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 […]
§ 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 […]