§ 1752. Bonds; issuance Debt may be incurred and bonds issued under this subchapter for any improvement, but no bonds shall be issued for the purpose of providing funds for ordinary expenses of any municipal corporation, except as otherwise provided.
§ 1752a. Privately owned municipality-supported libraries By a majority vote of those present and voting at an annual or special meeting warned for the purpose, a municipality may issue municipal bonds under this chapter for the cost of capital improvements to any privately owned municipality-supported library situated within the municipality for use of residents of […]
§ 1753. Use of bond proceeds (a) If after bonds have been issued and no expenditure of the proceeds has been made for the purpose or purposes for which the debt was incurred, or if a balance remains after the completion of the project or projects for which the debt was authorized, a municipal corporation […]
§ 1754. Validation All outstanding bonds and notes of a municipal corporation issued prior to June 1, 1935, are hereby declared legal and binding obligations in accordance with the terms thereof.
§ 1755. Submission to voters (a)(1) On a petition signed by at least ten percent of the voters of a municipal corporation the proposition of incurring a bonded debt to pay for public improvements shall be submitted to the qualified voters thereof at any annual or special meeting to be held for that purpose, or, […]
§ 1756. Notice of meeting; authorization (a)(1) The clerk of the municipal corporation shall cause notice of such meeting to be published in a newspaper of known circulation in such municipality once a week for three consecutive weeks on the same day of the week, the last publication to be not less than five nor […]
§ 1757. Validation (a) Whenever the qualified voters of a municipal corporation, as defined in this subchapter, have voted by the requisite majority to authorize issuance of bonds to pay for any public improvement, and such proceedings are defective because of failure to comply with any of the statutory requirements therefor, although the required length […]
§ 1757a. Validation of consolidated water or sewer districts and bonds voted for construction (a) No action shall be brought directly or indirectly attacking, questioning, or in any manner contesting the legality of the formation, or the existence as a body corporate and politic, of any consolidated water or sewer district created pursuant to chapter […]
§ 1758. Conduct of meetings (a) Meetings of voters in municipal corporations under this subchapter shall be conducted in the same manner as the annual city and town meetings are conducted. The qualifications of voters at such meetings shall be the same as the qualifications of voters at annual city and town meetings. The vote […]
§ 1759. Denominations; payments; interest (a)(1) Any bond issued under this subchapter shall draw interest at a rate not to exceed the rate approved by the voters of the municipal corporation in accordance with section 1758 of this title, or if no rate is specified in the vote under that section, at a rate approved […]
§ 1760. Bonds validated—Over five percent Notwithstanding the interest rate limitation set forth in section 1759 of this title prior to April 14, 1969, if any municipal corporation has prior to that date authorized bonds to bear interest at a rate of interest in excess of five percent, but not more than six percent, the […]
§ 1761. Higher rates If any municipal corporation has authorized bonds to bear interest at a rate of interest not in excess of six percent prior to March 5, 1970, and any of such bonds remain unsold on that date, the legislative branch of the municipal corporation may approve an increase in the rate of […]
§ 1762. Limits (a) A municipal corporation shall not incur an indebtedness for public improvements which, with its previously contracted indebtedness, shall, in the aggregate, exceed ten times the amount of the last grand list of such municipal corporation. Bonds or obligations given or created in excess of the limit authorized by this subchapter and […]
§ 1763. Specifications The legislative branch shall determine the rate of interest or the manner of determining the same, the date, the denominations, the time and place of payment, and the form of bonds and notes to be used by the municipal corporation. The legislative branch may provide that the bonds be sold on bids […]
§ 1764. Taxes to meet interest and payments At the time of assessing the general tax levy, in addition to all other taxes, the legislative branch shall provide annually for the assessment and collection each year, until such bonds are paid, of a tax sufficient to pay the interest on such bonds and such part […]
§ 1765. Advertisement (a)(1) Except as provided in section 4650 of this title, bonds issued under this subchapter shall be sold at par, premium, or discount, and accrued interest, after being advertised at least once not less than five nor more than 30 days before the date of sale in a newspaper published in the […]
§ 1766. Bonds; by whom signed Such bonds shall be signed by the mayor and treasurer of an incorporated city, by the treasurer and selectboard or trustees, as the case may be, of a town or village, by the treasurer and trustees or prudential committee, as the case may be, of an incorporated school district, […]
§ 1767. Computation of amount (a)(1) In determining the amount of municipal indebtedness permitted by this subchapter, obligations created for current expenses, for a water supply or for electric lights, and temporary loans created in anticipation of the collection of taxes and necessary for meeting current expenses shall not be taken into account. (2) Sinking […]
§ 1768. Form of bond and coupon The form of bond issued under this subchapter shall be substantially as follows: FORM OF BOND The (insert name of municipal corporation) in the county of _____ _____ and of Vermont promises to pay to the bearer hereof on the ________ day of ________ the sum of ______ […]
§ 1771. Refunding bonds; authorization A municipal corporation that has outstanding and unpaid orders, notes, bonds, or coupons, lawfully issued, may issue other negotiable notes or bonds to pay or retire the same. Such bonds shall be signed, sold, made payable, and mature in the same manner as an original issue of bonds of a […]
