General Provisions

V.S.A. tit. 24, ch. 119, subch. 1

in effect

24 V.S.A. § 4551 Definitions

4551. Definitions As used in this chapter: (1) “Bank” means the Vermont Bond Bank established by section 4571 of this title. (2) “Bonds” means bonds of the Bank issued under this chapter. (3) “County” means any county of the State. (4) “General Fund” means the fund established under section 4676 of this title. (5) “Governmental unit” means any county, municipality, or public body. (6) “Issue,” when used in reference to bonds or notes, means the physical delivery thereof or the effectuation thereof in book entry form, in each case against payment therefor. (7) “Municipal bond” means a bond or note or evidence of debt or financing arrangement of a governmental unit, including a bond, note, or evidence of debt, constituting a general obligation of a governmental unit, but does not include any bond or note or evidence of debt issued by any other state or any public body or municipal corporation thereof. (8) “Municipality” means any city, town, village, town school district, incorporated school district, union school district, or other school district, fire district, consolidated sewer district, consolidated water district, or solid waste district organized under the laws of the State, and also includes every municipal corporation identified in subdivision 1751(1) of this title. (9) “Notes” means any notes of the Bank issued under this chapter. (10) “Public body” means any public body corporate and politic or any political subdivision of the State established under any law of the State. (11) “Reserve Fund” means the Vermont Bond Bank Reserve fund established under section 4671 of this title. (12) “Revenues” means all fees, charges, monies, profits, payments of principal of or interest on municipal bonds and revenue bonds and other investments, gifts, grants, contributions, appropriations, and all other income derived or to be derived by the Bank under this chapter. (13) “Revenue bond” means a bond or note or evidence of debt constituting an obligation or financing arrangement of a governmental unit authorized under laws of the State and payable solely from revenues derived from the financed asset, enterprise funds, or other specified revenues and the earnings thereon. (14) “Revenue Bond Reserve Fund” means the Vermont Bond Bank Revenue Bond Reserve Fund established under section 4681 of this title. (15) “Revenue Fund” means the Vermont Bond Bank Revenue Fund established under section 4683 of this title. Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1971, No. 148 (Adj. Sess.), § 4, Feb. 14, 1972; 1983, No. 12, § 1, eff. March 29, 1983; 1985, No. 127 (Adj. Sess.), § 1, eff. April 21, 1986; 1987, No. 55, §§ 1-4, eff. May 15, 1987; 1987, No. 75, § 3; 1989, No. 111, § 4, eff. June 22, 1989; 2023, No. 72, § 24, eff. June 19, 2023.

24 V.S.A. § 4552 Law governing

4552. Law governing It is the intent of the General Assembly that in the event of any conflict or inconsistency in the provisions of this chapter and any other laws pertaining to matters established in this chapter or provided for or in any rules adopted under this chapter or other laws, to the extent of such conflict or inconsistency, the provisions of this chapter shall be enforced and the provisions of the other laws and rules adopted pursuant to this chapter shall be of no effect. Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.

24 V.S.A. § 4553 Liberal construction

4553. Liberal construction This chapter shall be construed liberally to effectuate the legislative intent and the purposes of the chapter as complete and independent authority for the performance of each and every act and thing authorized by this chapter and all powers granted by this chapter shall be broadly interpreted to effectuate that intent and purposes and not as a limitation of powers. Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.

24 V.S.A. § 4554 Administration expenses

4554. Administration expenses All expenses incurred in carrying out this chapter are payable solely from revenues or funds provided under this chapter and nothing in this chapter authorizes the Bank to incur any indebtedness or liability on behalf of or payable by the State. Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.

24 V.S.A. § 4555 Duties of State Treasurer

4555. Duties of State Treasurer (a) The State Treasurer may receive from the United States of America or any department or agency thereof any amounts of money as and when appropriated, allocated, granted, turned over, or in any way provided for the purposes of the Bank or this chapter, and the amounts shall be credited to and deposited in the Reserve Fund or Revenue Bond Reserve Funds, as appropriate, and be available to the Bank. (b) Any monies in the custody of the State Treasurer whether made available by reason of any grant, allocation, or appropriation by the United States of America or the State or agencies thereof to assist any governmental unit in payment of its municipal bonds or revenue bonds acquired or held by the Bank, or required by the terms of any other law to be paid to holders or owners of municipal bonds or revenue bonds of a governmental unit upon failure or default of a governmental unit to pay the principal of or interest on its municipal bonds or revenue bonds when due and payable, shall, to the extent that those funds or monies are applicable to municipal bonds or revenue bonds of a particular governmental unit and that are then acquired or held by the Bank and as to which that governmental unit has defaulted on payment of principal or interest when due, be paid and deposited by the State Treasurer in the applicable reserve fund or funds and made available to the Bank. (c) Upon receipt by the State Treasurer of written notice from the Bank, or the corporate trustee exercising rights on behalf of the holders of bonds issued by the Bank, that a governmental unit is in default on the payment of principal or interest on a municipal bond or revenue bond acquired or held by the Bank, the State Treasurer shall immediately withhold all further payment to the governmental unit of any or all funds appropriated and payable by the State to the governmental unit, until the default is cured. During the default period, the State Treasurer shall make direct payment of all, or as much as is necessary, of the withheld amounts to the Bank, or at the Bank’s direction, to the trustee or paying agent for the bonds, so as to cure, or cure insofar as possible, the default as to the bond or the interest on the bond. (d) Any payments described in subsection (c) of this section made by the State Treasurer to the Bank, or the Bank’s trustee or paying agent for the bond, shall be credited as if made directly by the governmental unit. The payment shall be offset against any appropriation otherwise payable to the governmental unit by the State during each fiscal year. Upon receipt of the payment, the Bank, or the Bank’s trustee or paying agent, shall provide written notice of the payment to the governmental unit. (e) Nothing in this section shall be construed: (1) to limit, impair, or impede the rights or remedies granted to the holders of bonds issued by the Bank and the governmental units; (2) to require the State to continue the payment of State aid or assistance to any governmental unit; (3) to limit or prohibit the State from repealing or amending any law relating to State aid or assistance, including the manner and time of payment or apportionment, or the amount of aid or assistance; (4) to create any obligation on the part of the State Treasurer or the State to make any payment on behalf of a defaulting governmental unit other than from funds appropriated and payable to a defaulting governmental unit by the State. Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 5, eff. May 15, 1987; 2015, No. 77 (Adj. Sess.), § 1.

24 V.S.A. § 4556 Cooperation by government agencies; cost

4556. Cooperation by government agencies; cost All officers, departments, boards, agencies, divisions, and commissions of the State must render any services to the Bank as are within the area of their respective governmental functions as fixed by law and as may be requested by the Bank and must comply promptly with any reasonable request by the Bank as to the making of any study or review as to desirability, need, cost, or expense with respect to any public project, purpose or improvement, or the financial feasibility thereof or the financial or fiscal responsibility or ability in connection therewith of any governmental unit making application for loan to the Bank and for the purchase by the Bank of municipal bonds or revenue bonds to be issued by that governmental unit. The cost and expense of any services requested by the Bank shall, at the request of the officer, department, board, agency, division, or commission rendering the service, be paid for by the Bank. Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1987, No. 55, § 6, eff. May 15, 1987.

Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/chapter/24/119Fetched: 10/21/2026