Indebtedness; Sinking Fund; Bonds and Notes for Improvements

V.S.A. tit. 24 Appendix, ch. 5, subch. 11

in effect

24 App. V.S.A. ch. 5, § 1101 Powers

1101. Powers The City may issue bonds or notes for any improvement authorized by general or special law, including this charter. The word “improvement,” as used in this subchapter, shall have the meaning ascribed to it by the general laws of the State and shall include the acquisition and construction of facilities for the production and delivery of heat and of devices, facilities, and other measures to conserve energy or promote efficient energy use, and the acquisition or construction of any other work or improvement for which municipalities of the State may now or hereafter be authorized to incur debt. Amended 2011, No. M-6, § 4, eff. May 6, 2011; 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014.

24 App. V.S.A. ch. 5, § 1102 Submission to voters; public improvements

1102. Submission to voters; public improvements (a) When the City Council shall determine that the public necessity or interest demands improvements, and that the cost of the same will be too great to be paid out of the ordinary revenue of the City, the Council may by vote of two-thirds of its members order the submission of a proposition to make such improvements and incur debt to pay for the same to the voters of the City at an annual or special meeting warned and held for that purpose. (b) The City Council shall, on receipt of a petition signed by ten percent of the voters, promptly order the submission of a proposition to make such improvements and incur debt to pay for them to the voters of the City at an annual or special meeting warned and held for that purpose. Amended 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014; 2017, No. M-18 (Adj. Sess.), § 2, eff. May 21, 2018.

24 App. V.S.A. ch. 5, § 1104 Warning

1104. Warning The warning calling such meeting shall state the object and purpose for which the indebtedness is proposed to be incurred, the estimated cost of the improvements, and the maximum amount of debt to be incurred therefore and shall fix the place where and the date on which such meeting shall be held and the hours of opening and closing of polls.

24 App. V.S.A. ch. 5, § 1105 Notice of meeting

1105. Notice of meeting The City Clerk shall cause the warning of such meeting to be published as provided by the general laws of the State. Amended 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014.

24 App. V.S.A. ch. 5, § 1106 Authorization

1106. Authorization When a majority of all the voters voting on such proposition at an annual meeting or special City meeting shall vote to authorize such improvements and the incurring of debt to pay for the same, the City Council shall be authorized to make such improvements. Amended 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014; 2017, No. M-18 (Adj. Sess.), § 2, eff. May 21, 2018.

24 App. V.S.A. ch. 5, § 1107 Conduct of meetings

1107. Conduct of meetings The qualifications of voters at all such City meetings shall be the same as the qualifications of voters at annual City meetings, and such meetings shall be conducted in the same manner as City meetings are conducted. The vote on the question of making the improvements and incurring a debt shall be by Australian ballot in the form provided by the general law of the State. Amended 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014.

24 App. V.S.A. ch. 5, § 1108 City Council action

1108. City Council action When the incurring of a debt has been authorized by the voters in the manner provided in this subchapter, the City Council shall determine by resolution whether notes or bonds are to be issued and the terms thereof. Amended 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014.

24 App. V.S.A. ch. 5, § 1109 Bonds; maturities

1109. Bonds; maturities All bonds issued under this subchapter shall be payable serially, the first payment to be deferred not more than five years after date of issue and subsequent payments to be continued annually in equal or diminishing amounts so that the entire debt will be paid in not more than 25 years from the date of issue or as may be otherwise permitted by law. Amended 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014.

24 App. V.S.A. ch. 5, § 1110 Debt limits

1110. Debt limits The City’s debt limits shall be calculated as provided by general laws of the State. Amended 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014.

24 App. V.S.A. ch. 5, § 1111 Specifications

1111. Specifications The City Council shall approve the rate of interest, the date, the denominations, the time and place of payment, and the form of such bonds or notes. The City Council may provide that the bonds or notes be sold on a competitive bid basis or by negotiated sale. Amended 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014.

24 App. V.S.A. ch. 5, § 1112 Taxes to meet interest and payments

1112. Taxes to meet interest and payments At the time of voting a general tax levy, the City shall provide annually for the assessment and collection each year, until such bonds or notes are paid, of a tax sufficient to pay the interest on such bonds or notes and the part of the principal as shall become due prior to the time the taxes are due in the next following year. Amended 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014.

24 App. V.S.A. ch. 5, § 1113 Advertisement

1113. Advertisement Bond of the City shall be advertised for sale as provided by the general laws of the State. Amended 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014.

24 App. V.S.A. ch. 5, § 1114 Execution

1114. Execution All bonds and notes issued under this subchapter shall be signed by the Mayor and Treasurer of the City and in addition bonds shall bear the Seal of the City. The bonds or notes shall contain a statement that they were issued for the purposes mentioned in and in conformity with the provisions of this charter or applicable provisions of the general laws, and such statement shall be conclusive evidence of the same and of the liability of the City to pay the bonds or notes and the interest thereon in an action by a person who in good faith holds such bonds or notes. Amended 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014.

24 App. V.S.A. ch. 5, § 1115 Record by Treasurer

1115. Record by Treasurer The City Treasurer shall keep a record of every bond or note issued under this subchapter, stating the number and denomination of each bond or note, when issued, and the rate of interest. The Treasurer shall also keep a record of payments of interest or principal. Amended 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014.

24 App. V.S.A. ch. 5, § 1117 Use of unexpended bond proceeds

1117. Use of unexpended bond proceeds (a) The proceeds of all bonds or notes shall be used for the purpose for which they were authorized. However, any unexpended balance remaining after carrying out the purpose for which they were authorized may, by vote of any annual or special City meeting duly warned and held for that purpose, be authorized for any purpose for which bonds may be issued, in accordance with general law, or transferred to a sinking fund established by the Council. (b) [Repealed.] Amended 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014; 2017, No. M-18 (Adj. Sess.), § 2, eff. May 21, 2018.

24 App. V.S.A. ch. 5, § 1118 Bonds or notes for refunding; authorization; procedure

1118. Bonds or notes for refunding; authorization; procedure The City may issue bonds or notes to refund the principal and interest of bonds or notes then outstanding and for any other purpose authorized by the general laws of the State. Such refunding bonds or notes shall be authorized and issued as provided by law. Amended 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014.

24 App. V.S.A. ch. 5, § 1119 Temporary loans in anticipation of taxes and for current expenses

1119. Temporary loans in anticipation of taxes and for current expenses The City Council shall have the authority to borrow in anticipation of the receipt of taxes and other revenue, in anticipation of the receipt of grants, in anticipation of the issuance of bonds, and for current expenses as provided by the general law, including 24 V.S.A. §§ 1773 and 1786, as may be amended from time to time. Amended 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014.

24 App. V.S.A. ch. 5, § 1121 Limitations

1121. Limitations The credit of the City shall not be pledged, except in the manner herein provided, and the City Council shall not expend in any year a sum of money in excess of the revenues of the City for that year or increase the indebtedness of the City, except as provided by this charter or to meet obligations imposed by law. Amended 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014.

24 App. V.S.A. ch. 5, § 1122 Special indebtedness for water purposes, sewage disposal, and heat improvements

1122. Special indebtedness for water purposes, sewage disposal, and heat improvements For the purpose of owning, operating, improving, and managing its public water works system, a public sewage disposal system, heat facilities and devices, facilities, and other measures intended to conserve energy use, promote efficient energy use, or any combination thereof, the City may pledge all or any part of the net revenues of such enterprises in the manner provided by general laws of the State. Amended 2011, No. M-6, § 4, eff. May 6, 2011; 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014.

24 App. V.S.A. ch. 5, § 1123 Powers of the City not limited

1123. Powers of the City not limited The powers granted in this subchapter shall not be construed in limitation, diminution, or in substitution for, but in addition to, power provided by law for municipalities generally in authorizing and incurring indebtedness for public improvements or otherwise, all of which general powers shall inure to and be exercisable by the City. Amended 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014.

24 App. V.S.A. ch. 5, § 1124 City finances

1124. City finances Except as hereinafter provided, the money raised by taxation from fines and penalties and from other lawful sources shall constitute the entire sum for which appropriations and payments are to be made by authority of the City Council, except that money raised by bonds or notes as hereinafter authorized shall be appropriated and paid out in the manner set forth in this charter. Amended 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014.

24 App. V.S.A. ch. 5, § 1125 Budget surplus and deficit

1125. Budget surplus and deficit Unless otherwise disposed of in the manner provided by law or set in reserve by the City Council, any surplus existing at the end of the fiscal year shall be carried forward as revenue in the General Fund for the next ensuing fiscal year. Any deficit existing at the end of the fiscal year shall be liquidated in the manner provided by law. Added 2013, No. M-19 (Adj. Sess.), § 2, eff. May 20, 2014; amended 2017, No. M-18 (Adj. Sess.), § 2, eff. May 21, 2018.

Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/chapter/24APPENDIX/005Fetched: 10/21/2026