§ 4705. Notice on default
§ 4705. Notice on default Before declaring the principal of notes or bonds due and payable, the trustee must first give 30 days’ notice in writing to the Governor, the Bank, the State Treasurer, and the Attorney General of the State. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
§ 4706. Personal liability
§ 4706. Personal liability Neither the members of the Bank nor any person executing bonds or notes issued under this chapter are liable personally on the bonds or notes. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)
§ 4707. Exemption from execution and sale
§ 4707. Exemption from execution and sale All property of the Bank is exempt from levy and sale by virtue of an execution and no execution or other judicial process may issue against it nor may any judgment against the Bank be a charge or lien upon its property, but nothing herein contained shall apply […]
§ 4708. Pledge of revenues; lien thereof
§ 4708. Pledge of revenues; lien thereof Any pledge of revenues or other monies made by the Bank is binding from the time when the pledge is made. Revenues or other monies so pledged and thereafter received by the Bank shall immediately be subject to the lien of the pledge without any physical delivery thereof […]
§ 4680. Application of funds; excess
§ 4680. Application of funds; excess Money or investments in any fund or account of the Bank established or held for any bonds, notes, indebtedness, or liability to be paid, funded, or refunded by issuance of bonds or notes shall, unless the resolution authorizing the bonds or notes provides otherwise, be applied to the payment […]
§ 4681. Revenue Bond Reserve Fund
§ 4681. Revenue Bond Reserve Fund (a) The Bank shall establish and maintain a special fund called the “Vermont Municipal Bond Bank Revenue Bond Reserve Fund” in which there shall be deposited: (1) all monies appropriated by the State for the purpose of such Fund; (2) all proceeds of bonds required to be deposited therein […]
§ 4682. Investment of Revenue Bond Reserve Fund
§ 4682. Investment of Revenue Bond Reserve Fund (a) Monies at any time in the Revenue Bond 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 Revenue Bond Reserve Fund shall be […]
§ 4683. Revenue Fund
§ 4683. Revenue Fund (a) The Bank shall establish and maintain a fund called the “Revenue Fund” in which there shall be deposited: (1) fees received or charges made by the Bank for use of its services or facilities; (2) any monies that the Bank shall transfer thereto pursuant to section 4672 of this title […]
§ 4684. Revenue Fund operating expenses
§ 4684. Revenue Fund operating expenses No amount may be paid out of the Revenue Fund or from any account therein, which account the Bank may establish therein for the purpose of payment of its operating expenses, for operating expenses of the Bank in any year in excess of the amount provided for the operating […]
§ 4685. Special accounts in Revenue Fund
§ 4685. Special accounts in Revenue Fund The Bank may establish in the Revenue Fund accounts, subaccounts, or special accounts which in its opinion are necessary, desirable, or convenient for its purposes. (Added 1987, No. 55, § 29, eff. May 15, 1987.)