Form of Bonds, Notes, and Certificates

V.S.A. tit. 24, ch. 53, subch. 4

in effect

24 V.S.A. § 1881 Form of bonds, notes, and certificates

1881. Form of bonds, notes, and certificates Notwithstanding any general or special law or charter provision to the contrary, a municipal corporation may issue bonds, notes, or certificates in coupon form payable to the bearer, in registered form without coupons, or in book entry form. Added 1983, No. 24, § 1, eff. April 6, 1983.

24 V.S.A. § 1882 Signature

1882. Signature Bonds, notes, or certificates other than those in book entry form shall be signed by the manual or facsimile signature of the treasurer of the municipal corporation or his or her deputy and countersigned by the manual or facsimile signature of the clerk of the municipal corporation or his or her deputy or in such other manner as the legislative branch of the municipal corporation shall determine, and the interest coupons thereon, if any, shall bear the facsimile signature of the treasurer of the municipal corporation. The date of issuance, place of payment, rate of interest, time of maturity, provisions with respect to redemption prior to maturity, at par or at a premium, and other particulars as to the form of such bonds, notes, or certificates within the limitations mentioned herein shall be determined by the legislative branch of the municipal corporation as it may deem for the best interest of the municipal corporation. Added 1983, No. 24, § 1, eff. April 6, 1983.

24 V.S.A. § 1883 Transfer agent

1883. Transfer agent (a)(1) The treasurer of the municipal corporation shall act as transfer agent or registrar for the exchange or transfer of registered bonds, notes, or certificates or maintain the records so that bonds or notes in book entry form may be effected or contract with or otherwise designate a bank, trust company, or other person to act as transfer agent or registrar for the bonds, notes, or certificates, or maintain the records so that bonds or notes in book entry form may be effected. (2) Such bank, trust company, or other person, which may include the federal government or any of its agencies or instrumentalities, or any officer, agency, or instrumentality of the State, may be located or have its principal office inside or outside the State; provided, however, that any such transfer agent or registrar (other than the federal government or any of its agencies or instrumentalities) not domiciled in the State or having its principal business in the State, shall qualify and be authorized to do business in the State, or shall otherwise render itself amenable to personal service of process in the State and shall submit itself to personal jurisdiction in the courts of the State. (b) Bonds, notes, or certificates in book entry form shall be effected by means of entries on the records of the treasurer of the municipal corporation or his or her designee which shall reflect the description of the issue, the principal amount, the interest rate, the maturity date, and the owner of the bonds, notes, or certificates and such other information as is deemed appropriate. (c) The treasurer of the municipal corporation or other designated person may effect conversion between book entry bonds, notes, or certificates and registered bonds, notes, or certificates for owners of bonds, notes, or certificates who request such a change. The treasurer of the municipal corporation or other designated transfer agent or registrar shall issue a confirmation of the transaction in the form of a written advice. Added 1983, No. 24, § 1, eff. April 6, 1983.

24 V.S.A. § 1885 Application

1885. Application The provisions of this subchapter shall be effective with respect to bonds, notes, or certificates which have heretofore been approved by referendum authorizing bonds in coupon and registered form, or in coupon form only, and such bonds, notes, or certificates need not be resubmitted for a further vote or referendum for the purpose of authorizing the bonds, notes, or certificates in registered form or book entry form only. Added 1983, No. 24, § 1, eff. April 6, 1983.

24 V.S.A. § 1886 Additional powers

1886. Additional powers The treasurer of the municipal corporation or his or her designee shall have such additional powers as are necessary to effectuate the purposes of this act. This act supersedes any existing general or special law or charter provision with respect to the matters contained herein as they apply to the issuance of bonds, notes, or certificates but shall not diminish or restrict any powers heretofore granted by law. Added 1983, No. 24, § 1, eff. April 6, 1983.

24 V.S.A. § 1887 Short title

1887. Short title The provisions of this subchapter shall be known as the “Vermont Municipal Bond Registration Act.” Added 1983, No. 24, § 1, eff. April 6, 1983.

Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/chapter/24/053Fetched: 10/21/2026